Agricultural Land is not Capital Asset if not within notified area & no capital gain on transfer of such land

Advertisement IN THE ITAT KOLKATA BENCH ‘C’ Deputy Commissioner of Income-tax versus Arijit Mitra IT APPEAL NO. 1679(KOL.) OF 2010 AND C.O. NO. 184 (KOL.) OF 2010 [ASSESSMENT YEAR 2007-08] AUGUST 12, 2011 ORDER Mahavir Singh, Judicial Member The appeal by revenue and Cross Objection by assessee are arising out of order of CIT (A)-VIII, Kolkata in Appeal No. 283/CIT(A)-VIII/Kol/09-10 dated 29.06.2010. Assessment was framed by DCIT, Circle-8, Kolkata for Assessment Year 2007-08 u/s. 143(3) Income Tax Act, 1961 (hereinafter referred to as “the Act”) vide his order dat...