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TMI Blog2012 (8) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... l therefore, Clause (a) to section 2(14)(iii) of the Act is not attracted - it cannot be looked in as a capital asset within the meaning of Section 2(14)(iii)(b) of the Act also – In favor of assessee - IT Appeal NO. 396 OF 2009 - - - Dated:- 29-3-2012 - D.V. SHYLENDRA KUMAR AND K. GOVINDARAJULU, JJ. K.V. Aravind for the Appellant. P. Dinesh and S. Parthasarathy for the Respondent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of 8 kms, from any notified municipality or urban area. 4. This was the bone of contention between the assessee and the revenue and while the revenue took a stand that the subjected land was located within 8 kms,, of Dasarahalli City Municipal Council, The Tribunal chose to accept the version of the assessee placing reliance on the certificate issued by Dasanapura Gram Panchayath to the eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 2(14)(iii)(b) of the Act. 8. Mr. Arvind, learned counsel for the appellants places reliance on Section 2(14)(iii)(a) of the Act to contend that proposed Dasarahalli City Municipal Council is covered under Clause (a) of the Act i.e. , lands within the limits of 8 kmts., from the boundary of the city municipal council etc. 9. An agricultural land in India is not a capital asset but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to render the land as a "Capital Asset. 11. In the present case, it is not in dispute that the subject land is not located within the limits of Dasarahalli City Municipal Council therefore, Clause (a) to section 2(14][iii] of the Act is not attracted. 12. However, though it is contended that it is located within 8 knits,, within the municipal limits of Dasarahalli City Municipal Council in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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