https://www.taxtmi.com/caselaws?id=384544 The court held that the lands in question were within a town panchayat, not a municipality, and the distance for determining capital gains must be measured from the nearest municipality, Nagercoil. Despite being in Padmanabhapuram Division, Nagercoil Municipality was deemed the jurisdictional municipality for distance calculation. The court dismissed the writ petition, upholding the assessment order's validity, without awarding costs. This case from the Madras High Court clarifies the interpretation of the Income Tax Act's provisions on capital assets and jurisdictional municipalities for capital gains calculation. en-us Tue, 09 Jul 2019 00:00:00 +0530 Fri, 16 Aug 2019 07:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384544 The court held that the lands in question were within a town panchayat, not a municipality, and the distance for determining capital gains must be measured from the nearest municipality, Nagercoil. Despite being in Padmanabhapuram Division, Nagercoil Municipality was deemed the jurisdictional municipality for distance calculation. The court dismissed the writ petition, upholding the assessment order's validity, without awarding costs. This case from the Madras High Court clarifies the interpretation of the Income Tax Act's provisions on capital assets and jurisdictional municipalities for capital gains calculation. Case-Laws Income Tax Tue, 09 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384544