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TMI Blog2012 (8) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... peal under Section 260A of the Income tax Act, 1961 [for short, 'the Act'] the revenue has questioned the correctness of the order of the Income Tax Appellate Tribunal, Bangalore "C Bench, Bangalore passed on 27.02.2009 in ITA/No. 1043(Bang)/2008. 2. The assessee is a Hindu undivided family and the assessment year is 2005-06. The question is as to whether the agricultural land belonging to the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e limits the land was located was less than 10,000 and therefore opined that the subject land cannot be considered as one coming within the definition of capital asset under Section 2(14)(iii)(a) & (b) of the Act. 5. Aggrieved by this order of the Tribunal, the present appeal by the revenue. 6. Sri. K.V. Aravind, learned standing counsel appearing for the appellants revenue has vehemently urged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) of the Act, Section 2(14) (iii) (a) of the Act covers a situation where the subject agricultural land is located within the limits of municipal corporation, notified area committee, town area committee, town committee, or cantonment committee and which has a population of not less than 10,000. 10. Section 2(14)(m)(b) of the Act covers the situation where the subject land is not only located ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , it cannot be looked in as a capital asset within the meaning of Section 2(14)(iii)(b) of the Act also and therefore though the Tribunal may not have spelt out the reason as to why the subject land cannot be considered as a 'capital asset' be giving this very reason, we find the conclusion arrived at by the Tribunal is nevertheless the correct conclusion. 13. Therefore, we find no need to interf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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