https://www.taxtmi.com/caselaws?id=292942 The Tribunal held that the land sold by the appellant, which was located outside a Municipality and 2.5 KM away from its limits, did not qualify as a "capital asset" under section 2(14) of the Income Tax Act. Consequently, the appellant was not liable to pay capital gains tax on the sale transaction. The Tribunal affirmed the CIT(A)'s decision to delete the addition made by the AO for long term capital gains, dismissing the Revenue's appeal. en-us Mon, 23 Dec 2013 00:00:00 +0530 Sat, 04 Dec 2021 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292942 The Tribunal held that the land sold by the appellant, which was located outside a Municipality and 2.5 KM away from its limits, did not qualify as a "capital asset" under section 2(14) of the Income Tax Act. Consequently, the appellant was not liable to pay capital gains tax on the sale transaction. The Tribunal affirmed the CIT(A)'s decision to delete the addition made by the AO for long term capital gains, dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 23 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292942