Pradesh in CIT v. Bolla Ramaiah

Krishna Kishore Reddy Manyam, Hyderabad vs. Income Tax Officer, Ward-6(4), Hyderabad

In the result, the appeal filed by the assessee is partly allowed

…followed by the jurisdictional ITAT, Hyderabad in the case of Gousia Begum Vs. Dy. CIT in ITA No.1024/Hyd/2011, dated 16.01.2012. Also, the CIT(A) had drawn support from the judgment of the Hon'ble High Court of Andhra Pradesh in CIT Vs. Bolla Ramaiah (1988) 174 ITR 154 (AP), wherein under similar circumstances, it was held that capital gains arising on the sale of land situated within 8 Kms. of local limits of Hyderabad Municipality is liable for tax, irrespective of the fact whether or not it falls under the limits of Rajendranagar Mandal or otherwise. Accordingly, the CIT(A) based on the aforesaid judicial pr…

Asst. Commissioner of Income Tax, Circle-8(1), Hyderabad vs. Lakshmi Narayana Turairao, Hyderabad

In the result, the appeal of the revenue is dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

…me-tax Act. But, the fact is that this is urban land akin to the Hyderabad Municipality situated within 8 KM from the local limits of Hyderabad Municipal Corporation. In similar circumstances, the jurisdictional High Court in the case of CIT vs. Bola Ramaiah (174 ITR 154) held that the capital gains arising out of sale of land situated within 8 KM of local limits of Hyderabad Municipality, is liable for tax on capital gains irrespective of the fact whether it falls under the limits of Rajendra Nagar Mandal or otherwise. Further, mere fact that the land in question was agricultural land cannot be a ground to claim…

Bojjala Venkata Sudhir Reddy, Hyderabad vs. Income Tax Officer, Ward -6(3), Hyderabad

In the result, appeal of the assessee is dismissed

Bench: Shri K. Narasimha Chary

…-ever to show that the lands in dispute are beyond 8 KMs from the local limits of Hyderabad Municipal Corporation. Learned CIT(A), therefore, placed reliance on the decision of the Hon'ble jurisdictional High Court in the case of CIT vs. Bolla Ramaiah, (1988) 174 ITR 154 (AP), and also the decision of the Hon'ble Punjab and Haryana High Court in the case of CIT vs. Anjana Sehgal (ITA No. 276 of 2004, dated 01/03/2011), reached a conclusion that the lands in question constitute capital asset within the meaning of section 2(14)(iii)(b) of the Act and the learned Assessing Officer was right in computing the Short Te…