TMI Blog2011 (9) TMI 1057X X X X Extracts X X X X X X X X Extracts X X X X ..... h the appeals of the Revenue are directed against the orders passed by learned CIT (A) Rajahmundry in the respective hands of the assessees herein and they relate to the assessment year 2008-09. Since issue urged in these two appeals are identical in nature, they were heard together and are being disposed of by this common order. 2. All the grounds raised by the revenue give rise to a solitary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued by the Central Government for the purposes of sec. 2(14)(iii) of the Act. However, the Assessing Officer held that the impugned lands are to be categorized as capital asset, since they are located within 8 kms from the limits of enlarged Greater Visakhapatnam Municipal Corporation. Accordingly he assessed the capital gains arising on sale of impugned lands in the hands of the assessees her ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olidated order dt. 29.10.2010 in the case of Jasti Vayunandana Rao and others held as follows: Having heard the rival submissions and from a careful perusal of the record, we find that undisputedly the impugned land was initially situated beyond the 8 kms from the Municipality limit of Visakhapatnam Municipal Corporation. But later on, on incorporation of Greater Visakhapatnam Municipal Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above appeals. Thus, respectfully following the Hon'ble ITAT s order, I hold that the land in question is a rural agricultural land and doesn t come within the purview of capital asset as envisaged in section 2(14)(iii) of I.T. Act. Hence, the sale proceeds of the above land do not come under the purview of capital gains. With these comments, I direct the Assessing Officer to delete the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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