Land Beyond 8km from Municipal Limits Excluded from "Capital Asset" Definition per Section 2(14)(iii)(b) of Income Tax Act.

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....Capital asset u/s 2(14)(iii)(b) - land in question which was located beyond 8 kms from the Municipal Limits as on 6-01-1994 when the notification was published in the official gazette, the same would fall under the exclusion clause of the term 'capital asset' as per provisions of 2(14)(iii)(b) of the Act. - AT....