https://www.taxtmi.com/caselaws?id=754048 ITAT Delhi allowed the assessee's appeal regarding LTCG on agricultural land sale. The tribunal held that for determining whether land falls within municipal limits under section 2(14), the relevant date is when Central Government notification was issued (06.01.1994), not subsequent municipal boundary expansions. Since the land was 8.7 kms from municipal limits as per the 1994 notification, it qualified as agricultural land and was not a capital asset, despite later boundary changes reducing the distance to 5 kms. en-us Thu, 13 Jun 2024 00:00:00 +0530 Sat, 15 Jun 2024 08:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754048 ITAT Delhi allowed the assessee's appeal regarding LTCG on agricultural land sale. The tribunal held that for determining whether land falls within municipal limits under section 2(14), the relevant date is when Central Government notification was issued (06.01.1994), not subsequent municipal boundary expansions. Since the land was 8.7 kms from municipal limits as per the 1994 notification, it qualified as agricultural land and was not a capital asset, despite later boundary changes reducing the distance to 5 kms. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754048