https://www.taxtmi.com/caselaws?id=469285 Land sold in the vicinity of a newly notified municipality was treated as outside the capital asset definition where no valid notification extended the municipal limits to that area. The Tribunal noted that the relevant CBDT notification covered specified areas in Haryana and land within the notified distance from Kalka, but there was no separate notification for Pinjore municipality or its surrounding land. On that basis, and following coordinate bench decisions, land in the nearby area of a newly notified municipality could not be taxed as a capital asset under section 2(14)(iii) without a valid notification covering it, making the capital gains addition unsustainable. en-us Tue, 04 Mar 2025 00:00:00 +0530 Sat, 13 Jun 2026 08:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469285 Land sold in the vicinity of a newly notified municipality was treated as outside the capital asset definition where no valid notification extended the municipal limits to that area. The Tribunal noted that the relevant CBDT notification covered specified areas in Haryana and land within the notified distance from Kalka, but there was no separate notification for Pinjore municipality or its surrounding land. On that basis, and following coordinate bench decisions, land in the nearby area of a newly notified municipality could not be taxed as a capital asset under section 2(14)(iii) without a valid notification covering it, making the capital gains addition unsustainable. Case-Laws Income Tax Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469285