https://www.taxtmi.com/caselaws?id=219265 The ITAT upheld the revenue's appeal, emphasizing the interpretation of the definition of a capital asset under the IT Act and the significance of proximity to municipal limits in determining tax liability on capital gains from the sale of land. The ITAT held that the land transferred by the assessee constituted a capital asset and was liable for capital gains tax, overturning the CIT(A)'s decision to delete the addition made towards long-term capital gains. en-us Wed, 06 Jun 2012 00:00:00 +0530 Sun, 09 Dec 2012 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219265 The ITAT upheld the revenue's appeal, emphasizing the interpretation of the definition of a capital asset under the IT Act and the significance of proximity to municipal limits in determining tax liability on capital gains from the sale of land. The ITAT held that the land transferred by the assessee constituted a capital asset and was liable for capital gains tax, overturning the CIT(A)'s decision to delete the addition made towards long-term capital gains. Case-Laws Income Tax Wed, 06 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219265