https://www.taxtmi.com/caselaws?id=181075 The ITAT dismissed the Revenue's appeals, affirming that the agricultural lands sold by the assessees do not qualify as capital assets under section 2(14)(iii) of the Act. The lands, located beyond 8 Kms from the Visakhapatnam Municipal Corporation limits, were deemed rural agricultural land and did not meet the criteria for classification as capital assets without the necessary notification from the Central Government. en-us Fri, 09 Sep 2011 00:00:00 +0530 Wed, 06 Apr 2016 18:15:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181075 The ITAT dismissed the Revenue's appeals, affirming that the agricultural lands sold by the assessees do not qualify as capital assets under section 2(14)(iii) of the Act. The lands, located beyond 8 Kms from the Visakhapatnam Municipal Corporation limits, were deemed rural agricultural land and did not meet the criteria for classification as capital assets without the necessary notification from the Central Government. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181075