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2015 (2) TMI 500 - HC - Income TaxEntitlement to benefit of capital gains - assessee sold the booking rights - whether assessee entering into the transaction and acquiring a property for ₹ 73,27,000/- (acquisition cost) amounted to his acquiring a capital asset? - Held that:- In the light of the definitions of “capital asset” under Section 2(14) and “transfer” under Section 2(47) as discussed in Gulshan (2014 (3) TMI 474 - DELHI HIGH COURT), this Court has no doubt that the assessee’s contentions were merited. The reference to Suraj Lamps (2011 (10) TMI 8 - SUPREME COURT OF INDIA), in the Court’s opinion, is of no consequence because the Supreme Court, on that occasion had to deal with a property transaction and whether a sale transfer, based upon confirming a GPA, amounted to sale or conveyance. That decision did not consider - rather had no occasion to deal with Sections 2(14) and 2(47) in the context of a claim of acquisition of rights of property and interest in a capital asset, for the purpose of income tax. - Decided against revenue Whether improved cost was deducted - Held that:- This Court has no manner of doubt that the Revenue does not dispute the acquisition of second property at Model Town. Given that the Revenue does not dispute that the second transaction of purchase took place, it has to necessarily follow that the cost of improvement was deductible. No substantial question of law arises on that score too. - Decided against revenue
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