Agricultural Land Sold 10 km Beyond Municipal Limits: ITAT Orders Verification to Determine Capital Asset Status u/s 2(14)(iii)

The ITAT has ordered verification to determine the capital asset status of agricultural land sold beyond municipal limits. This decision highlights the importance of properly classifying land transactions for tax purposes. The ITAT's order emphasizes the need for thorough investigation and verification in such cases. This ruling clarifies the criteria for determining whether land qualifies as a capital asset. The decision is relevant to landowners and those involved in real estate transactions.