https://www.taxtmi.com/caselaws?id=238994 The tribunal dismissed the appeals and stay petitions, upholding the disallowance of the cost of improvement for computation of capital gains. It also confirmed the classification of the land as a capital asset subject to capital gains tax, rejecting the argument that the land was agricultural and exempt from taxation. The assessees failed to prove the execution of development work and the urban nature of the land within 8 KM of a municipal corporation rendered it subject to capital gains tax. en-us Thu, 31 Jan 2013 00:00:00 +0530 Mon, 21 Oct 2013 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238994 The tribunal dismissed the appeals and stay petitions, upholding the disallowance of the cost of improvement for computation of capital gains. It also confirmed the classification of the land as a capital asset subject to capital gains tax, rejecting the argument that the land was agricultural and exempt from taxation. The assessees failed to prove the execution of development work and the urban nature of the land within 8 KM of a municipal corporation rendered it subject to capital gains tax. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238994