TMI Blog2007 (9) TMI 635X X X X Extracts X X X X X X X X Extracts X X X X ..... f facts are stated for the purpose of considering the ledal submissions made on behalf of the revenue and they are as follows: A lease-cum-sale agreement was executed on 28.02.1981 by the BDA in respect of a site in favour of the respondent-assessee. She entered into an agreement of sale with two persons namely Dr. Sushma Chand and Mr. K.C. Gupta wherein the possession of the site was allowed to be enjoyed. On 19.9.1996 an absolute sale deed was executed by the respondent in favour of the above said purchasers. The assessee claimed in the course of the assessment proceedings that there was a transfer by delivery of possession prior to obtaining the absolute sale deed on 19.09.1996 from BDA in favour of the respondent and therefore, the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nature referred to under section 53-A of the transfer of property Act. The tribunal, on the basis of the ricla legal contentions urged, referred to its decision in the case of R Satyanarayan disposed of on 12.9.200 inITA No. 536/ Bang/200, wherein it has refers to the definition of 2(47) particularly clause (v) and also considered the decision in Dr. V.V. Modi s case Supra and extracted the definition of 2(42A) short term capital asset and examined the circular issued by the CBDT ans referred the decisions of the Punjab abd Haryana High Court in the cases of CIT Vs Ved Prakash and sons (HUF) reported in (1994) 207 ITR 148 and CIT Vs All India Tea an d trading co. reported 117 ITR 525, wherein it has been held that capital gains was a long ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BDA on 19-06-1996 and the subsequent sale made by the assessee in favour of the 3 rd parties on 25.02.1997 would not attract short term capital gains , but should be treated as long term capital gains as the lease-cum- sale agreement with the BDA was executed on 28.02.1981 contrary to the judgement of this Court in 218 ITR 1? 3. We have carefully examined th ectrcted portion of the decision of the Supreme Court , Punjab and Haryana High Court Andhra Pradesh High Court and this court in the cases referred to supra and also the provision c;lause (v) to Section 2(47) of the Income Tax Act, which provision came into force with effect from 1.04.1998. According to us, the decision rendered by the KAT applying the ratio laid down by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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