https://www.taxtmi.com/caselaws?id=445896 The ITAT Bangalore held that agricultural land sold by the assessee was not liable for capital gains tax. The tribunal determined that gains from agricultural land sales are taxable only when the land is located within municipal jurisdiction. The land in question was situated outside any municipality and did not fall within 8 km of municipal limits as specified under section 2(14)(iii) of the IT Act. Since the land remained classified as agricultural in revenue records without conversion to non-agricultural use, it could not be considered a capital asset. The assessee's appeal was allowed. en-us Thu, 17 Aug 2023 00:00:00 +0530 Wed, 22 Nov 2023 08:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445896 The ITAT Bangalore held that agricultural land sold by the assessee was not liable for capital gains tax. The tribunal determined that gains from agricultural land sales are taxable only when the land is located within municipal jurisdiction. The land in question was situated outside any municipality and did not fall within 8 km of municipal limits as specified under section 2(14)(iii) of the IT Act. Since the land remained classified as agricultural in revenue records without conversion to non-agricultural use, it could not be considered a capital asset. The assessee's appeal was allowed. Case-Laws Income Tax Thu, 17 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445896