https://www.taxtmi.com/caselaws?id=765966 ITAT held that agricultural land located 8.5 kilometres from municipal limits was not a capital asset under section 2(14)(iii), as it exceeded the 8-kilometre threshold based on shortest road distance per CBDT Circular 17/2015. Consequently, LTCG addition was deleted and section 50C provisions were inapplicable. However, regarding unexplained cash deposits of Rs. 12,01,000, ITAT partially allowed the appeal, treating Rs. 4,00,000 as explained while upholding addition of Rs. 8,89,500 due to insufficient supporting evidence despite regular bank withdrawals and declared agricultural income. en-us Tue, 11 Feb 2025 00:00:00 +0530 Thu, 13 Feb 2025 08:36:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765966 ITAT held that agricultural land located 8.5 kilometres from municipal limits was not a capital asset under section 2(14)(iii), as it exceeded the 8-kilometre threshold based on shortest road distance per CBDT Circular 17/2015. Consequently, LTCG addition was deleted and section 50C provisions were inapplicable. However, regarding unexplained cash deposits of Rs. 12,01,000, ITAT partially allowed the appeal, treating Rs. 4,00,000 as explained while upholding addition of Rs. 8,89,500 due to insufficient supporting evidence despite regular bank withdrawals and declared agricultural income. Case-Laws Income Tax Tue, 11 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765966