2013 (7) TMI 1184

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..... gment and order of the learned Tribunal dated 12.12.2012 and is sought to be admitted on the following suggested questions of law: (i) In the facts and circumstances of the case, whether the Hon ble Tribunal (ITAT) is correct in law in holding that the land sold by the respondent-assessee do not come within the meaning of Capital Asset under Section 2(14)(iii) of the Act and the sale of the s .....

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..... . Further, it was held on fact that the Hyderabad Airport Development Authority(HADA) is not a local body. It was further held that the land in question was not a capital asset as defined under Section 2(14)(iii) of the Act. Section 2(14) (iii)(a) and (b) reads as follows: (iii) agricultural land in India not being, land situate__ (a) In any area, which is comprised within the jurisdicti .....

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..... e, not a Body within the meaning of Clauses (a) and (b) of the said Section. Therefore, the learned Tribunal has held that the proceeds of sale of agricultural land do not form capital gain, as they do not relate to capital asset. We are of the view that the Tribunal has come to the correct conclusion. There is no element of law involved in this appeal, for which, decision of this Court is require .....

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