https://www.taxtmi.com/caselaws?id=217626 For section 2(14)(iii)(b) of the Income-tax Act, distance from municipal limits for determining whether agricultural land is a capital asset is to be measured by road and not by straight-line or crow's flight distance. The Tribunal accepted this legal principle and rejected the Assessing Officer's reliance on map-based straight-line measurement. As the land's distance had not been verified on the correct basis, the matter was remanded for fresh determination of the distance by road. This approach aligns the capital asset test with the statutory distance criterion applicable to land near municipal limits. en-us Thu, 12 Jul 2012 00:00:00 +0530 Sat, 20 Oct 2012 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217626 For section 2(14)(iii)(b) of the Income-tax Act, distance from municipal limits for determining whether agricultural land is a capital asset is to be measured by road and not by straight-line or crow's flight distance. The Tribunal accepted this legal principle and rejected the Assessing Officer's reliance on map-based straight-line measurement. As the land's distance had not been verified on the correct basis, the matter was remanded for fresh determination of the distance by road. This approach aligns the capital asset test with the statutory distance criterion applicable to land near municipal limits. Case-Laws Income Tax Thu, 12 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217626