1981 (6) TMI 1

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..... iew taken by the Income-tax Appellate Tribunal must be confirmed and the reference answered accordingly. The question is as to whether the agricultural land situate within the area specified by the Central Government by an appropriate notification not being more than 8 kilometres from the local limits of any municipality falls within the definition of "capital asset " as embodied in section 2(14) .....

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..... on July 30, 1971. The transaction was, therefore, completed later on July 30, 1971. Till that date, no such notification as is envisaged by section 2(14)(iii)(b) was issued, which was issued after a lapse of about one and half years on February 6, 1973. Since the notification itself was not in existence, it cannot be said that the land so situate would fall within the definition of " capital asset .....

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