1978 (9) TMI 90

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....6, 723 made by the ITO as short term capital gain for the asst. yr. 1974-75. 2. The respondent assessee is an individual deriving income mainly from salary. The assessee and his father Sh. M.S. Khushwaha were allotted plots of land by the Delhi Development Authority in July, 1971 at D-2/28,Pankha Road,New Delhiand No.8, Safdarjang Development Area,New Delhi, respectively. No lease deed was exec....

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....involved as the ownership of the plots vested in the D.D.A. and lease deeds having not been granted by the D.D.A., there was no transfer of the plots between them. The assessee also objected to the valuation estimated by the valuer. The ITO rejected these contentions. He adopted the valuation at Rs. 22,700 and assessed a sum of Rs. 16,723 as capital gain in the hands of the assessee. 3. The ass....

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....2(47) of the Act (Old). The ITO had rightly assessed the amount of Rs. 16,723 as capital gains. On behalf of the assessee, reliance was placed in order of the AAC. 6. In our opinion, there is no force in the Revenue's appeal. It is true that the term "transfer" as defined on s/d 2(47) includes the exchange of an asset or any right therein. But, it has to be a capital asset which is defined in s....