agricultural land sold by
assessee is not an asset u/s 2(14)(iii)(a) or (b) as these provisions
stood then and therefore ... assessee is not an asset with reference to provisions of
section 2(14)(iii)(a) or 2(14)(iii)(b) as these stood then
assessee
during the year were not capital asset U/s 2(14)(iii) of the Act.
4. Aggrieved by the impugned order ... regards the land in question not capital asset U/s 2(14)(iii) of
the Act, the ld. DR has submitted that when the assessee
refer to the
relevant provisions of section 2(14) of the Act:
"2(14) 'capital asset' means property of any kind held ... 2 kms and thereby
the authorities below have treated the land in question as not falling
under the exclusion clause of Section 2(14)(iii
division Amer as per the census of 2001 was 2,94,055. Section
2(14)(iii)(a) mentions the area within the jurisdiction ... section 14 of Section 2 of the Act. Section 2 (14)
of the Act reads as under:-
(iii) AGRICULTURAL LAND IN INDIA, NOT BEING LAND
division Amer as per the census of 2001 was 2,94,055. Section
2(14)(iii)(a) mentions the area within the jurisdiction ... section 14 of Section 2 of the Act. Section 2 (14)
of the Act reads as under:-
(iii) AGRICULTURAL LAND IN INDIA, NOT BEING LAND
meaning of section 2 (14) and as it is not falling in exceptions
given in Section 2 (14) (iii ... meaning of section 2 (14) and as it is not falling in exceptions given in Section 2 (14)
(iii
should be reckoned as per notification dated 6.1.1994 issued under
section 2(14)(iii)(b) and subsequent expansion of municipal limits without fresh
notification ... aerially, therefore, they fell within definition of capital assets
under section 2(14)(iii) - Tribunal noted that, though land was converted, assessee
continued agricultural operations
should be reckoned as per notification dated 6.1.1994 issued under
section 2(14)(iii)(b) and subsequent expansion of municipal limits without fresh
notification ... aerially, therefore, they fell within definition of capital assets
under section 2(14)(iii) - Tribunal noted that, though land was converted, assessee
continued agricultural operations
clause (i) of section 2(14) of the Income Tax Act and submitted
that as per section 2(14)(iii)(b)(i) the distance should ... falling in limb (II) or limb (III) of sub-clause
(b) of clause (iii) of section 2(14) , as the population is below one
lakh
capital gain in view of the exclusion clause of section 2(14)(iii)
of the IT Act, however, the same will not partake the character ... under capital gains tax in view of the provisions of section 2(14)(iii) of
the Act. Thus the gain from sale of rural agricultural
