https://www.taxtmi.com/caselaws?id=403240 The ITAT held that agricultural land situated outside 8 KM of municipal limits is not considered a capital asset and thus is not subject to Section 56(2)(vii)(b) of the Income Tax Act, 1961. The ITAT directed the Assessing Officer to delete the additions made under the aforementioned section, thereby allowing the appeals of the assessees in ITA No. 300/JP/2019 for A.Y. 2015-16, and in ITA Nos. 301/JP/2019 and 302/JP/2019 for A.Y. 2015-16 and 2016-17 respectively. en-us Mon, 18 Jan 2021 00:00:00 +0530 Wed, 08 Jul 2026 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403240 The ITAT held that agricultural land situated outside 8 KM of municipal limits is not considered a capital asset and thus is not subject to Section 56(2)(vii)(b) of the Income Tax Act, 1961. The ITAT directed the Assessing Officer to delete the additions made under the aforementioned section, thereby allowing the appeals of the assessees in ITA No. 300/JP/2019 for A.Y. 2015-16, and in ITA Nos. 301/JP/2019 and 302/JP/2019 for A.Y. 2015-16 and 2016-17 respectively. Case-Laws Income Tax Mon, 18 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403240