Land sold not subject to Long-Term Capital Gains tax due to municipal limits expansion. Assessee's appeal allowed.

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....The Appellate Tribunal addressed the issue of Long-Term Capital Gains (LTCG) on the sale of agricultural land, focusing on the property's location in relation to municipal limits u/s 2(14). The Tribunal considered the distance of the land from a specific landmark as confirmed by Income-tax Department inspectors and Tehsildar. The assessee argued that the distance should be calculated based on the municipal limits in place before a certain date, emphasizing the lack of subsequent notifications expanding the limits. Consequently, the Tribunal allowed the assessee's appeal, ruling that the land in question did not qualify as a capital asset for tax purposes.....