https://www.taxtmi.com/caselaws?id=783039 ITAT Ahmedabad held that the land sold by the assessee was agricultural land and therefore did not constitute a "capital asset" within the meaning of section 2(14) of the Income-tax Act. Relying on its earlier decision in the case of the co-owner of the same property, the Tribunal found that the land was situated beyond 5 km from the limits of Gandhinagar Municipal Corporation and retained its agricultural character. Consequently, capital gains tax was held to be inapplicable, and the Department's appeal was dismissed. en-us Mon, 11 Aug 2025 00:00:00 +0530 Tue, 09 Dec 2025 08:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783039 ITAT Ahmedabad held that the land sold by the assessee was agricultural land and therefore did not constitute a "capital asset" within the meaning of section 2(14) of the Income-tax Act. Relying on its earlier decision in the case of the co-owner of the same property, the Tribunal found that the land was situated beyond 5 km from the limits of Gandhinagar Municipal Corporation and retained its agricultural character. Consequently, capital gains tax was held to be inapplicable, and the Department's appeal was dismissed. Case-Laws Income Tax Mon, 11 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783039