https://www.taxtmi.com/caselaws?id=756569 ITAT Chandigarh held that agricultural land sold by assessee was not a capital asset under section 2(14)(iii) of the Income Tax Act. The tribunal found that the agricultural land at Village Raipur Khurd was not within municipal limits of Mohali and the village population was only 907 persons, below the prescribed threshold of 10,000. Since both conditions were satisfied, the land qualified for exclusion from capital asset definition. Consequently, long-term capital gains on sale of agricultural land could not be taxed, and the addition made by AO was deleted. Appeal allowed in favor of assessee. en-us Fri, 26 Apr 2024 00:00:00 +0530 Mon, 05 Aug 2024 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756569 ITAT Chandigarh held that agricultural land sold by assessee was not a capital asset under section 2(14)(iii) of the Income Tax Act. The tribunal found that the agricultural land at Village Raipur Khurd was not within municipal limits of Mohali and the village population was only 907 persons, below the prescribed threshold of 10,000. Since both conditions were satisfied, the land qualified for exclusion from capital asset definition. Consequently, long-term capital gains on sale of agricultural land could not be taxed, and the addition made by AO was deleted. Appeal allowed in favor of assessee. Case-Laws Income Tax Fri, 26 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756569