Capital Gains Taxable Despite Gram Panchayat Certificate When Land Is Within 8 km of Municipality

Manjit Kaur Kamboj Vs ITO (ITAT Chandigarh) The appeal before the Income Tax Appellate Tribunal, Chandigarh was filed by the assessee against the order dated 21.03.2024 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, relating to Assessment Year 2012-13. The assessee challenged the reopening of assessment and the addition of ₹59,68,800/- made by the Assessing Officer by treating the sale of land as giving rise to taxable capital gains. The primary contention was that the land sold was rural agricultural land and therefore not a “capital asset” u...