24 SOT 1(Del) Baid Credit & Portfolio (P) Ltd. v. ITO

325 ITR 588High Court2010#5506 most cited

What is 24 SOT 1(Del) Baid Credit & Portfolio (P) Ltd. v. ITO authority for?

Surplus arising on the sale of agricultural land is exempt from capital gains tax if it does not fall within the definition of 'capital asset' under section 2(14)(iii) of the Income-tax Act, 1961.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2026.

Also referred to as

Baid Credit & Portfolio (P) Ltd. v. ITO · 24 SOT 1(Del) · 325 ITR 588 · agricultural land · capital asset · section 2(14)(iii) · section 10(1) · capital gains tax · exempt income · sale of agricultural land

Sections most often in play

Section 37(1)Section 132(4)Section 133(6)Section 143(3)Section 147Section 69ASection 131(1A)Section 153A

Issues it is cited on

gaarsection 65(b)section 181section 194qsection 193section 65b(4)section 158bb(1)retraction of statementsection 158bbsection 158b(b)section 65bsection 65

Judgments citing 24 SOT 1(Del) Baid Credit & Portfolio (P) Ltd. v. ITO

Commissioner of Income Tax vs. Sri Vijay Singh Kadan

The appeal is dismissed

ITA/714/2015HC Delhi14 Sept 2015
Section 2(14)Section 2(14)(iii)

…that the distance of the land from the outer limit of the Gurgaon Municipality was 10.4 Kms, the ITAT held that the land owned by the Assessee did not fall within Clauses (a) or (b) of Section 2 (14) (iii). 9. In Commissioner of Income Tax v. Lal Singh 325 ITR 588 (P&H) a report had been given by the Tehsildar measuring the distance of the land, with reference to its khasra number, from the outer limit of the municipality. The Punjab and Haryana High Court was of the view that there was no justification for the AO ignoring the said report of the Tehsildar and going by the Report of the Inspector in wh…