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1 Agricultural
land : Capital Gain : Capital asset : S. 2(14)(iii) of Income-tax Act, 1961 :
A.Y. 2001-02 : Measurement of distance from municipality : To be measured in
terms of the approach by road and not by a straight-line distance on horizontal
plane or as per crow’s flight.
[CIT v. Satinder Pal Singh, 229
CTR 82 (P&H)]
For the purposes of determining
as to whether an agricultural land constitutes a capital asset, the Tribunal
held that the distance from the municipal limits has to be measured as per the
road distance and not as per the straight-line distance on a horizontal plane or
as per crow’s flight.
On appeal by the Revenue, the
Punjab and Haryana High Court upheld the decision of the Tribunal.
