https://www.taxtmi.com/caselaws?id=205231 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the addition of capital gains on the sale of land. The Tribunal found that the land did not fall within the definition of 'capital asset' under the Income Tax Act as it was situated approximately 6.5 kms from the municipal limit, exceeding the 5 km requirement. The Tribunal dismissed the Revenue's appeal, ruling that the capital gains arising from the land sale were not taxable. en-us Tue, 16 Nov 2010 00:00:00 +0530 Fri, 29 Jul 2011 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205231 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the addition of capital gains on the sale of land. The Tribunal found that the land did not fall within the definition of 'capital asset' under the Income Tax Act as it was situated approximately 6.5 kms from the municipal limit, exceeding the 5 km requirement. The Tribunal dismissed the Revenue's appeal, ruling that the capital gains arising from the land sale were not taxable. Case-Laws Income Tax Tue, 16 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205231