1980 (3) TMI 163

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....be treated as long term capital gains as against the ITO's assessment of the same as short term capital gains under s. 143(3) r/w s. 144B(1) of the IT Act, 1961, for the asst. yr. 1975-76. 2. The assessee, Shri R. Perumal, is the proprietor of Shri Rajarajeswari Transports, Kallakurichi. During the year he sold certain buses along with the route permits. The route value of Rs. 40,000 was treate....

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....He found that there was no material for holding that the capital gains are of short term duration. It is under these circumstances, that he gave direction to assessee the same as long term capital gains. The Department has come up in appeal against the said order. 3. The learned Departmental Representative urged the grounds stated in the grounds of appeal. It is stated that the assessee could n....

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....its. 4. We have carefully considered the records as well as the arguments. We are of the view that the capital gains are clearly assessable as long term capital gains because it was held for more than 60 months immediately preceding the date of transfer within the meaning of s. 2(42A) of the Act. This information is a matter of record. This is the fact found in the appellate order and there is ....

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.... Court in Ramanlal Kamdar's case(1), was dealing with the matter where one of the partners of the firm had agreed to rectification proposing correction of the interest to be charged under s. 139. As pointed out by the High Court, "the notice expressly referred to the tax effect which would result as consequence of the rectification. A partner of the assessee-firm had appeared before the ITO and st....