If a Municipality is not notified by the Central Government, the agricultural land falling therein cannot be treated as capital asset by taking the distance from the limits of other Municipality

 ITAT, HYDERABAD BENCH `B’, HYDERABAD, Srinivas Pandit (HUF) Vs. ITO, APPEAL NO: ITA No. 56/HYD/2007, DECIDED ON April 23, 2010 RELEVANT PARAGRAPH ______ORDER________ Per Shri N.R.S. Ganesan, Judicial Member: This appeal preferred by the assessee is directed against the order passed by the CIT(A)-VI, Hyderabad dated 5.10.2006 and pertains to the assessment year 2003-04. 2. Shri Rama Rao, learned counsel for the assessee submitted that the assessee sold agricultural land to the extent of 2 acres 20 quntas and claimed exemption from payment of capital gain tax. According ...