Agriculture land situated beyond 8 kms is not Capital Asset & Section 50C not applies

DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad) If an agriculture land is situated beyond 8 kms. from the local limit of any municipal or cantonment area, whose population is more than Rs.10 lakhs, then that would not fall within the ambit of definition ‘capital assets. This demarcation of the geographical situation of the land is to be seen from the boundary notified by the CBDT in its gazette notification. It was brought to the notice of the ld.CIT(A) that the CBDT has notified boundary from where it is to be measured vide notification no.9447 dated 6.1.1994. Thereafter, it has not...