https://www.taxtmi.com/caselaws?id=764380 ITAT Delhi held that land located in village Garhi Alawalpur, District Rewari, situated within 5 km of Dharuhera Municipality, cannot be treated as capital asset since the municipality was not mentioned in the relevant notification under section 2(14). The coordinate bench determined that sale proceeds from land sold on 21-03-2013 are not taxable as long-term capital gains. Consequently, questions regarding deductions under sections 54F and 54B became academic, and the assessee's appeal was allowed. en-us Thu, 28 Nov 2024 00:00:00 +0530 Thu, 09 Jan 2025 07:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764380 ITAT Delhi held that land located in village Garhi Alawalpur, District Rewari, situated within 5 km of Dharuhera Municipality, cannot be treated as capital asset since the municipality was not mentioned in the relevant notification under section 2(14). The coordinate bench determined that sale proceeds from land sold on 21-03-2013 are not taxable as long-term capital gains. Consequently, questions regarding deductions under sections 54F and 54B became academic, and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764380