https://www.taxtmi.com/caselaws?id=343969 The Tribunal ruled in favor of the Revenue, overturning the CIT(A)'s decision. It held that for land to be exempt as agricultural and not a capital asset under the Income Tax Act, it must be situated beyond 8 km from any municipality, not just the jurisdictional one. The Tribunal emphasized the significance of proximity to any municipality within 8 km for land to be considered a capital asset, aligning with a High Court decision. en-us Mon, 29 May 2017 00:00:00 +0530 Tue, 06 Jun 2017 07:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343969 The Tribunal ruled in favor of the Revenue, overturning the CIT(A)'s decision. It held that for land to be exempt as agricultural and not a capital asset under the Income Tax Act, it must be situated beyond 8 km from any municipality, not just the jurisdictional one. The Tribunal emphasized the significance of proximity to any municipality within 8 km for land to be considered a capital asset, aligning with a High Court decision. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343969