https://www.taxtmi.com/caselaws?id=68801 The ITAT upheld the CIT(A)'s decision, determining that the income from the sale of the property should be assessed as a long-term capital gain. The Tribunal concluded that the assessees acquired the right to obtain conveyance on 8th Feb., 1988, or by 10th July, 1990, thus classifying it as a long-term capital asset. Consequently, the extinguishment of this right upon the sale constituted a long-term capital gain. All three appeals filed by the Revenue were dismissed, affirming the classification of the income as a long-term capital gain. en-us Tue, 23 Aug 2005 00:00:00 +0530 Thu, 25 Apr 2024 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68801 The ITAT upheld the CIT(A)'s decision, determining that the income from the sale of the property should be assessed as a long-term capital gain. The Tribunal concluded that the assessees acquired the right to obtain conveyance on 8th Feb., 1988, or by 10th July, 1990, thus classifying it as a long-term capital asset. Consequently, the extinguishment of this right upon the sale constituted a long-term capital gain. All three appeals filed by the Revenue were dismissed, affirming the classification of the income as a long-term capital gain. Case-Laws Income Tax Tue, 23 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68801