ITAT Rules NOIDA is Not a Municipality: Reason Why Agricultural Land Escapes Capital Gains Tax

New Delhi Auto Finance Pvt. Ltd. Vs ACIT (ITAT Delhi) NOIDA is NOT a Municipality – ITAT Blows Up Capital Gain Addition – Taxman Treated It as Urban Land, ITAT Says ‘It’s Pure Agriculture  Assessee’s land was compulsorily acquired by NOIDA. Compensation & interest were deposited by the Land Acquisition Officer, but due to internal disputes between directors, the amount remained in Revenue Deposit.  AO taxed the amount in the hands of Assessee. Litigation travelled to ITAT, which had earlier remanded the matter to CIT(A) to decide two specific issues: Whether the land was a...