https://www.taxtmi.com/caselaws?id=329564 The Bombay High Court ruled on an appeal under Section 260A of the Income Tax Act, 1961, regarding the classification of capital gains from a land transfer as short term or long term for Assessment Year 1989-90. The court held that the gains were short term as ownership and possession were acquired only after Consent Terms were filed, not since the original agreement in 1980. Following precedent, the court concluded that the gains should be treated as short term, siding with the Revenue and dismissing the appeal without costs. en-us Wed, 29 Jun 2016 00:00:00 +0530 Thu, 01 Sep 2016 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329564 The Bombay High Court ruled on an appeal under Section 260A of the Income Tax Act, 1961, regarding the classification of capital gains from a land transfer as short term or long term for Assessment Year 1989-90. The court held that the gains were short term as ownership and possession were acquired only after Consent Terms were filed, not since the original agreement in 1980. Following precedent, the court concluded that the gains should be treated as short term, siding with the Revenue and dismissing the appeal without costs. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329564