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TMI Blog2019 (8) TMI 733X X X X Extracts X X X X X X X X Extracts X X X X ..... 's counsel, we will have to take note of the qualifying expression namely as referred to in item (a) . It only means that the municipality from which the distance is calculated should have a population of not less than 10 thousand and that it should be a municipality as statutorily understood. It has no other meaning or connotation beyond it. In this view of the matter, I hold that the order impugned in this writ petition is very much sustainable. There is no merit in this writ petition. - WP(MD)No.1658 of 2018 And WMP(MD)No.1758 of 2018 - - - Dated:- 9-7-2019 - Mr. Justice G.R. Swaminathan For the Petitioner : Mr.J.Prasannakumar for for Mr.F.Deepak For the Respondent : Mrs.S.Srimathy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n has been filed. 2.The respondent has filed a counter affidavit in which it has been contended that the authority was justified in taking the distance of the lands in question from Nagercoil Municipality. It has also been contended that the writ petition is not maintainable since the writ petitioner had not filed any appeal before the Commissioner of Income Tax Appeals, Madurai. The respondent has argued that the definition of the term capital asset as found under Section 2(14) of the Income Tax Act was rightly applied in the case on hand. The respondent thus prayed for dismissal of this writ petition. 3.Heard the learned counsel appearing for the writ petitioner and the learned Standing Counsel appearin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 ITR 897 (Mad) and (2010) 39 SOT 350 (Hyd). 5.I carefully considered the rival contentions. It is not in dispute that the lands in question were purchased by the writ petitioner in the year 2006 and 2008 and were sold by him on 19.06.2014. Section 2(14) of the Income Tax Act, 1961 was amended on 01.04.2014. Post amendment, the relevant portion of the provision would read as under : Section 2 (14) : - capital asset means- (a)property of any kind held by an assessee, whether or not connected with his business or profession; (b)any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .We have to go only by the amended provision. Admittedly, the lands in question are located in a town panchayat and not in a Municipality. Therefore, it would not fall under Section 2(14)(iii)(a) of the Income Tax Act. Now, what is to be seen is whether it would fall within one of the three categories referred to in Section 2(14)(iii) (b) of the Act. The stand of the revenue is that admittedly Villukury Village is a village at a distance of less than 6.00 kms from the local limits of Nagercoil Municipality. Going by the 2011 census figures Nagercoil has a population of 2,08,149. It is definitely more than 1 lakh but not exceeding 10 lakh. But, the stand of the petitioner is that the distance should be calculated not from Nagercoil Municipal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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