TMI Blog1998 (4) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... ng question is referred for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the capital gains liable to be taxed in this case should be of short-term capital gains?" The brief facts of the case are as follows : The assessee entered into an agreement of sale dated May 1, 1962, with Sri B. Vardha Reddy a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said finding. On further appeal to the Tribunal, the Tribunal held that it is a short-term capital gain. Hence, the assessee is before us in this reference case. The question for consideration is whether the Tribunal is right in holding that the capital gains that arise are short-term capital gains. To consider whether the capital gain is a short-term capital gain or a long-term capital gain, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tnessed that in pursuance of the aforesaid agreement of sale and in consideration of Rs. 3,800 (rupees three thousand and eight hundred only) having been fully and truly paid by the vendee to the vendor at the time of agreement of sale by way of cash the vendor does hereby admit, accept and acknowledge the receipt of full payment. The vendor had already given possession of the agricultural land ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property with effect from May 1, 1962, the capital gains cannot be said to be short-term capital gains as the assessee has already held the property for more than thirty-six (36) months. In our view, therefore, the view expressed by the Tribunal that the capital gains are short-term capital gains is not correct. In the light of the above, we answer the question in the negative and in favour o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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