Airport Authority isn’t a ‘municipality, Agricultural land situated within its jurisdiction is not a ‘capital asset’

IN THE ITAT HYDERABAD BENCH ‘A’ Smt. T. Urmila Versus Income-tax Officer, Ward-6(2) IT APPEAL NO. 398 (HYD.) OF 2012 [ASSESSMENT YEAR 2008-09] DECEMBER 12, 2012 ORDER Chandra Poojari, Accountant Member  This appeal by the assessee is directed against the order of the CIT(A)-IV, Hyderabad dated 31.1.2012 for assessment year 2008-09. 2. The assessee raised the following grounds of appeal:  1.  The order of the learned CIT(A) is not only perverse but is erroneous on facts and in law and is prejudicial to the appellant.  2.  The learned CIT(A) erred in holding th...