https://www.taxtmi.com/caselaws?id=465114 ITAT Ahmedabad dismissed the Revenue's appeal, upholding CIT(A)'s finding that the land sold by Assessee was agricultural land and not a capital asset under s. 2(14)(iii)(a) of the Income-tax Act. Based on official correspondence from the urban development authority and the relevant State notification, the Tribunal found that the land was situated in Village Adalaj, more than 5 km from the outer limits of Gandhinagar Municipal Corporation, beyond the notified 4 km municipal belt. Consequently, capital gains tax provisions were held inapplicable on the sale consideration. en-us Mon, 17 Jun 2019 00:00:00 +0530 Sat, 06 Dec 2025 10:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465114 ITAT Ahmedabad dismissed the Revenue's appeal, upholding CIT(A)'s finding that the land sold by Assessee was agricultural land and not a capital asset under s. 2(14)(iii)(a) of the Income-tax Act. Based on official correspondence from the urban development authority and the relevant State notification, the Tribunal found that the land was situated in Village Adalaj, more than 5 km from the outer limits of Gandhinagar Municipal Corporation, beyond the notified 4 km municipal belt. Consequently, capital gains tax provisions were held inapplicable on the sale consideration. Case-Laws Income Tax Mon, 17 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465114