https://www.taxtmi.com/article/detailed?id=6495 The Finance Act, 2013 prescribed aerial measurement of distance for excluding agricultural land from capital asset status, but that amendment applies prospectively; for periods prior to its commencement distance must be measured by the shortest road distance. The Bombay High Court decision adopting the prospective interpretation has been accepted by CBDT in Circular No.17/2015, which directs that departmental appeals on this ground should not be filed and pending appeals should be withdrawn. The circular is silent on assessment-stage remedies, and the author urges rectification and dropping of proceedings initiated on the contrary view. en-us Sat, 24 Oct 2015 07:48:19 +0530 Sat, 24 Oct 2015 07:48:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6495 The Finance Act, 2013 prescribed aerial measurement of distance for excluding agricultural land from capital asset status, but that amendment applies prospectively; for periods prior to its commencement distance must be measured by the shortest road distance. The Bombay High Court decision adopting the prospective interpretation has been accepted by CBDT in Circular No.17/2015, which directs that departmental appeals on this ground should not be filed and pending appeals should be withdrawn. The circular is silent on assessment-stage remedies, and the author urges rectification and dropping of proceedings initiated on the contrary view. Articles Income Tax Sat, 24 Oct 2015 07:48:19 +0530 https://www.taxtmi.com/article/detailed?id=6495