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1 - 10 of 11 (0.28 seconds)Section 45 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 54B in The Income Tax Act, 1961 [Entire Act]
Section 139 in The Income Tax Act, 1961 [Entire Act]
Section 54 in The Income Tax Act, 1961 [Entire Act]
Section 48 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Bolla Ramaiah And Ors. on 26 March, 1987
In similar circumstances,
the jurisdictional High Court in the case of CIT vs. Bola Ramaiah
(174 ITR 154) held that the capital gains arising out of sale of
land situated within 8 KM of local limits of Hyderabad
Municipality, is liable for tax on capital gains irrespective of the
fact whether it falls under the limits of Rajendra Nagar Mandal or
otherwise. Further, mere fact that the land in question was
agricultural land cannot be a ground to claim for exemption
under section 2(14) of the Act as the land is situated within the
local limits of Hyderabad Municipal Corporation.
Commissioner Of Income-Tax vs Smt. Anjana Sehgal on 1 March, 2011
Further, it was
held recently by the Hon'ble Punjab & Haryana High Court in the
case of CIT vs. Smt. Anjana Sehgal (supra) that the expression
"from the local limits of any municipality" used in section
2(14)(iii)(b) of the Income-tax Act denotes "any municipality or
municipality of the District in which the land is situated". Further,
capital gains arising from the transfer of agricultural land situated
in municipal or other urban areas or notified adjoining areas will
be liable to income-tax. In this view of the matter, and
considering the facts and the circumstances of the present case,
in our considered view, the lower authorities are justified in
determining the land in question, as capital asset liable for
income-tax."