TMI Blog1992 (3) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... ded that the assessee did not raise any claim before the Assessing Authority that the capital gain derived by the assessee on the sale of flat is long-term capital gain. In view of the judgment of Hon'ble Supreme Court in Addl. CIT vs. Gurjargravures P. Ltd. (1978) CTR (SC) 1 : (1978) 111 ITR 1 (SC), he submitted that no such claim can be raised for the first time before the CIT(A). The CIT(A) has, therefore, erred in entertaining the said ground. As regards merits, he submitted that the assessee had booked the flat in November, 1978 by paying a deposit of Rs. 1,000 only. When all the flats were completely booked by the builders, the prospective buyers formed a housing cooperative society and got their society registered in March, 1979 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to acquire the said flat was acquired in the month of November, 1978 which was followed by an agreement executed in March, 1979, the gain derived from the sale of such flat is a long term capital gain. As regards the submission of the Departmental Representative that no such claim was made before the ITO, the learned counsel invited our attention towards the cross-objection submitted by the assessee. In the return, the assessee disclosed the said income as under : "Profit on transfer of flat @R1 = Rs. 16,675" The ITO asked for necessary details vide letter dt. 3rd March, 1987. The assessee submitted reply vide letter dt. 9th March, 1987 in which all necessary details were furnished indicating that the profit was a long-term capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1981 and the possession of the flat was received by the assessee in the month of February, 1981. The flat in question was transferred by the assessee to her mother on 1st Nov., 1983 as per the certificate issued by the Secretary of the housing society. Similarly 10 shares in the said cooperative society were also transferred in favour of the assessee's mother which was approved by the Managing Committee of the said society on 14th Oct., 1983. What was transferred is the bundle of rights relating to the said flat which originally were acquired by the assessee at the time when she had booked the said flat in the month of November, 1978. The right in any immovable property which has already been constructed or is yet to be constructed is a c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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