9911796707
TMI Blog2017 (6) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal of the Revenue is allowed. - ITA No. 3095/Del/2011 - - - Dated:- 29-5-2017 - Sh. H.S. Sidhu, Judicial Member And Sh. O.P. Kant, Accountant Member Appellant by Sh. Umesh Chand Dubey, Sr.DR Respondent by S/sh. Rohit Jain Tejaswani, Advocates ORDER Per O. P. Kant, A. M. This appeal by the Revenue is directed against the order dated 28/03/2011 of learned Commissioner of Income-tax (Appeals)-XXVIII, New Delhi, for assessment year 2006-07, raising following ground: i. On the facts and circumstances of the case the learned Commissioner of Income Tax (Appeals) erred in deleting the addition of ₹ 4,02,08,850/- made on account of Long Term Capital Gain arising on transferring of land which was a capital ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A), the assessee raised contention that land in question was used for agriculture purpose and sold to an educational and charitable society engaged in the provision of education was not relevant for section 2(14)(iii) of the Act. It was also contended that land is beyond 8 km from the municipal limit of Sonepat, which is the jurisdictional municipality. The Ld. CIT-A accepted the first contention of the assessee. Regarding the second contention, the learned CIT-A followed the decision of the Tribunal, Amritsar bench in the case of DCIT Vs. Capital Local Area Bank (2009) TTJ 918(ASR), and allowed the contention of the assessee. 4. Before us, the learned Senior DR relied on the decision of the Tribunal, F Bench, Delhi in the case of AC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh. 7. The fact that land in question was situated within 8 kms from local limits of Municipal Corporation of Delhi has not been disputed by the assessee. The contention of the assessee is that land is situated beyond 8 km from the local limits of municipal Corporation of Sonepat, which is the jurisdictional municipality. 7. We find that the Tribunal F Bench, Delhi, in the case of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statute should be assigned meaning do not support the contention of the assessee, including the land in dispute in capital asset does not ignore any word in the definition as assumed by the learned counsel. The speech of the Finance Minister also does not help the assessee. The relevant extract thereof is as under (see [1970] 75 ITR (St.) 17, 69): Sub-clause (a) seeks to amend clause (14) of section 2 of the Income-tax Act which defines the term 'capital asset'. The amendment seeks to bring within the term 'capital asset' agricultural land situated within the limits of any municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee or by any oth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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