PKF Finance Ltd 158/2002 dated 13-05-2013
Supreme Court decision in case of ICDS Ltd. vs. CIT 2013 3 SCC 541 followed:
Supreme Court decision in case of ICDS Ltd. vs. CIT 2013 3 SCC 541 followed:
Sunday 26 May 2013
Land although outside the specified distance from limits of one municipality but with in limits other municiplality is capital asset u/s 2(14)
CIT vs Smt Anjana Sehgal ITA 276/2004 decided on 01-03-2011
CIT vs Smt Neeru Aggarwal ITA 209/2012 decided on 29-04-2013
The followings factors are irrelevant to determine whether land is capital asset or not:
i) Land is situated in some other state while municipality is situated in some other state (As per Anajna Sehgal)
ii) Land is boyond specified limit from municipality in whose revenue records land appears while the land is in municipal limits or with in specidied distance from another municipality (whose revenue records do not cover that land in quastion) (As per Neeru Aggarwal)
CIT vs Smt Neeru Aggarwal ITA 209/2012 decided on 29-04-2013
The followings factors are irrelevant to determine whether land is capital asset or not:
i) Land is situated in some other state while municipality is situated in some other state (As per Anajna Sehgal)
ii) Land is boyond specified limit from municipality in whose revenue records land appears while the land is in municipal limits or with in specidied distance from another municipality (whose revenue records do not cover that land in quastion) (As per Neeru Aggarwal)
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