2005 (2) TMI 837

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....on 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') for opinion to this Court: "Whether on the facts and in the circumstances of the case, the ITAT was legally correct in upholding the order of the AAC that because the land was situated beyond 8 kms., of municipal limit and being agricultural land no capital gains tax was eligible while all the facts of the case w....

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....ultural land and also situated outside the municipal limits and it was not covered by the notification of Government of India issued under section 2(14)(iii)( b) of the Income-tax Act, 1961 and, therefore, no capital gains were exigible. However, the assessing authority did not accept the plea as the land was under regulated area of Saharanpur for which the Additional District Magistrate had fixed....

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....apital gains. 4. Feeling aggrieved the Revenue filed appeal before the Tribunal and the Tribunal has considered the report dated 19-6-1987 filed by the Income-tax Officer and upheld the conclusion drawn by the Appellate Assistant Commissioner that the land in question was situate beyond the municipal limits and agricultural operations were carried on till the date of transfer of the land. There....