https://www.taxtmi.com/caselaws?id=226165 The Tribunal ruled that the agricultural land sold did not qualify as a capital asset under Section 2(14)(iii)(b) of the Income Tax Act as it was situated beyond 8 km from the municipal limits when measured by the approach road. Consequently, the sale consideration from the land was not treated as business income or subject to capital gains tax. The decision aligned with previous rulings emphasizing the measurement of distance by the approach road rather than the straight-line method. As a result, the appeals of both assessees were allowed. en-us Wed, 10 Apr 2013 00:00:00 +0530 Thu, 18 Apr 2013 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=226165 The Tribunal ruled that the agricultural land sold did not qualify as a capital asset under Section 2(14)(iii)(b) of the Income Tax Act as it was situated beyond 8 km from the municipal limits when measured by the approach road. Consequently, the sale consideration from the land was not treated as business income or subject to capital gains tax. The decision aligned with previous rulings emphasizing the measurement of distance by the approach road rather than the straight-line method. As a result, the appeals of both assessees were allowed. Case-Laws Income Tax Wed, 10 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=226165