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2016 (7) TMI 162 - HC - Income TaxCapital gains on the transfer of plot of land - STCG or LTCG - Held that:- The assessee-appellant ‘held (owned)’ the property only upon the order being passed upon filing of the Consent Terms in Court on 11th March, 1988. The said land was sold on 29th November, 1988. Therefore it falls beyond the scope of long term capital gains and within the province of short term capital gain. Accordingly, we are of the view that the gains resulting from the sale of the said land in November 1988 would be a short term capital gain. - Decided in favour of the Revenue and against the assessee
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