https://www.taxtmi.com/caselaws?id=216092 The ITAT, Hyderabad, held that the land sold by the assessee was a capital asset under S.2(14) of the IT Act, subjecting the capital gains to taxation under S.45. The Revenue's appeal was allowed, remanding the case to the CIT(A) for consideration of other grounds raised by the assessee. This decision clarifies the tax implications of defining "capital asset" in cases involving land sales near municipal limits for the assessment year 2007-08. en-us Fri, 08 Jun 2012 00:00:00 +0530 Sat, 25 Aug 2012 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216092 The ITAT, Hyderabad, held that the land sold by the assessee was a capital asset under S.2(14) of the IT Act, subjecting the capital gains to taxation under S.45. The Revenue's appeal was allowed, remanding the case to the CIT(A) for consideration of other grounds raised by the assessee. This decision clarifies the tax implications of defining "capital asset" in cases involving land sales near municipal limits for the assessment year 2007-08. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216092