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of <h1>Court affirms part performance concept in property transaction, dismisses revenue's appeal</h1> <h3>The Commissioner of Income Tax & Deputy Commissioner of Income Tax Versus Smt. C. Shakuntala</h3> The High Court dismissed the revenue's appeal without costs, affirming the tribunal's decision in favor of the assessee on the classification of capital ... - Issues involved: Interpretation of capital gains u/s 2(47) of the Income Tax Act in relation to a lease-cum-sale agreement and subsequent sale deed.Summary:1. The appellant, the revenue, challenged the order of the Appellate Tribunal regarding the classification of capital gains arising from a lease-cum-sale agreement and subsequent sale deed.2. The respondent-assessee claimed that the transfer occurred by delivery of possession before obtaining the absolute sale deed, thus qualifying for long-term capital gains treatment.3. The assessing Officer and the first Appellate Authority rejected the assessee's contention, leading to an appeal to the tribunal.4. The tribunal considered legal contentions, including the definition of 'Transfer' u/s 2(47) and relevant case laws, and held in favor of the assessee based on the concept of part performance under Section 53-A of the Transfer of Property Act.5. The tribunal's decision was upheld by the High Court, which found no reason to interfere with the tribunal's judgment, citing precedents such as Poddar Cement and Mysore Minerals.In conclusion, the High Court dismissed the appeal by the revenue without costs, affirming the tribunal's decision in favor of the assessee regarding the classification of capital gains from the property transaction.
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