9911796707
TMI Blog2014 (3) TMI 812X X X X Extracts X X X X X X X X Extracts X X X X ..... J. (Open Court) The revenue claims to be aggrieved by the order dated 17.5.2013 of the Income Tax Appellate Tribunal (ITAT). The revenue's appeal questioning the deletion of Rs.55,72,612/- by the CIT(Appeals) was dismissed. It is urged that the findings of the Tribunal, in effect upholding the assessee's contention that the amount sought to be taxed was in fact a long term capital gain is not ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d before us a brief written synopsis. It has been contended that the Assessing Officer had wrongly treated the capital gain as short-term capital gain and while doing so, had erroneously taken the date of execution of the conveyance deed in favour of the assessee as the relevant date, rather than the date of allotment of the plot to the assessee by HUDA; that undisputedly, the assessee had booked ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n amount of Rs.10,155/-, within thirty days, thereby having paid 25% of the total cost of the plot; that this amount had to be deposited by the assessee in his capacity as the owner of the plot, on allotment, which was done, as evidenced by the receipt of payment; that as per clause 11 of the allotment letter, the right of the assessee in the allotted plot was an absolute right as owner thereof; t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es retrospectively; that in 'Gurbax Singh vs. Kartar Singh', 254 ITR 112 (SC), it has been held that registration of a document would relate back to the date of its execution; that in 'Hamda Amla V. Avadiappa (1991), 1 SCC 715 and 'Syamla Rao vs. CIT', 234 ITR 140 (A), it has been held likewise; that therefore, the Ld.CIT (A) has correctly decided the issue in favour of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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