https://www.taxtmi.com/caselaws?id=299039 The Court dismissed the appeal regarding the classification of land as a capital asset under Section 2(14)(iii) of the Act. It was found that the land retained its agricultural character at the time of transfer and that the Hyderabad Airport Development Authority (HADA) is not a local body. As the land did not meet the criteria outlined in the relevant section, it was not considered a capital asset, and the proceeds from its sale were not classified as capital gains. The Court upheld the Tribunal's decision, concluding no further legal issue warranted consideration. en-us Wed, 17 Jul 2013 00:00:00 +0530 Wed, 01 Dec 2021 17:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299039 The Court dismissed the appeal regarding the classification of land as a capital asset under Section 2(14)(iii) of the Act. It was found that the land retained its agricultural character at the time of transfer and that the Hyderabad Airport Development Authority (HADA) is not a local body. As the land did not meet the criteria outlined in the relevant section, it was not considered a capital asset, and the proceeds from its sale were not classified as capital gains. The Court upheld the Tribunal's decision, concluding no further legal issue warranted consideration. Case-Laws Income Tax Wed, 17 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299039