Case Law Details
Case Name : Dy. CIT Vs Capital Local Area Bank Ltd. (ITAT Amritsar)
Related Assessment Year :
Courts :
All ITAT ITAT Amritsar
RELEVANT PARAGRAPHS:
60. Consider that what sections 2(14)(iii)(a) and (b) of the Income tax Act obviously envisage is one single municipality and not two. When the land under consideration admittedly falls outside the Phagwara municipality, as notified by the Central Govt. in accordance with section 2(14)(iii)(b) of the Act. There is no question of it being considered within the limits of the Jalandhar City municipality, as was done by the A.O. It is note-worthy that upto the assessment year 1969-70, the exclusion from ‘capital asset’ in section 2(14)(iii) of the Act was in respec...
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