Held that in remand report by Assessing Officer clearly showed that said land continued to be mango orchard and there was no sign of any development. The land was situated beyond 8 Kms. limits of the City corporation. Sale proceeds of land were entitled to exemption. (AY. 2011-12)
K.M. Bopanna (HUF) v. Dy. CIT (2023) 290 Taxman 298 (Karn.)(HC)
S. 2(14)(iii) : Capital asset-Agricultural land-Mango, orchard-Situated beyond 8 kms. of City corporation-Sale proceeds of land is entitled to exemption. [S. 45]