https://www.taxtmi.com/caselaws?id=208340 ITAT, Kolkata held that the land sold by Assessee was agricultural land situated 2.5 km beyond the outer limits of Rajarhat Municipality and not within any area notified by the Central Government under s. 2(14)(iii)(b) of the IT Act. As such, it qualified as rural agricultural land excluded from the definition of "capital asset." Consequently, the gains arising from its sale were not chargeable to capital gains tax. The assessment order levying capital gains was quashed for lack of jurisdiction to tax the transaction, and the cross-objection filed by Assessee was allowed. en-us Fri, 12 Aug 2011 00:00:00 +0530 Tue, 02 Dec 2025 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208340 ITAT, Kolkata held that the land sold by Assessee was agricultural land situated 2.5 km beyond the outer limits of Rajarhat Municipality and not within any area notified by the Central Government under s. 2(14)(iii)(b) of the IT Act. As such, it qualified as rural agricultural land excluded from the definition of "capital asset." Consequently, the gains arising from its sale were not chargeable to capital gains tax. The assessment order levying capital gains was quashed for lack of jurisdiction to tax the transaction, and the cross-objection filed by Assessee was allowed. Case-Laws Income Tax Fri, 12 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208340