https://www.taxtmi.com/caselaws?id=759821 ITAT Jaipur held that agricultural land sold by the appellant was not a capital asset under section 2(14)(iii). The AO erred in rejecting the appellant's distance certificate without proper verification, while accepting contradictory certificates from the same Tehsildar. The Tribunal found the land was beyond prescribed municipal limits based on authentic Survey of India certificates, making it agricultural land exempt from capital gains tax. Additionally, the Tribunal allowed deductions under sections 54B and 54F, ruling that appellate authorities can consider claims supported by material on record even if not claimed in original returns. en-us Mon, 30 Sep 2024 00:00:00 +0530 Wed, 09 Oct 2024 08:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759821 ITAT Jaipur held that agricultural land sold by the appellant was not a capital asset under section 2(14)(iii). The AO erred in rejecting the appellant's distance certificate without proper verification, while accepting contradictory certificates from the same Tehsildar. The Tribunal found the land was beyond prescribed municipal limits based on authentic Survey of India certificates, making it agricultural land exempt from capital gains tax. Additionally, the Tribunal allowed deductions under sections 54B and 54F, ruling that appellate authorities can consider claims supported by material on record even if not claimed in original returns. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759821