2000 (7) TMI 255

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....learned CIT(A) is not justified in holding that the gain derived by the assessee on transfer of property was a longterm capital gain. 2. Shri G.G. Kawale, father of the assessee purchased a plot measuring 6089 sq.ft. in 1966 for Rs. 4,000. The said plot was reserved by the State Government for School from 1966 to 1981 and for Garden from 1982 to February, 1987. Shri G.G. Kawale sold this plot t....

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....inced him about the non-requirement of 'NOC' under section 26 of ULC Act, 1976. Finally, the document was registered on 8-1-1988. Thereafter, the assessee entered into agreement for sale with Bhosale Construction Co. for total consideration of Rs. 9,74,240 on 27-4-1990. But, as subsequently Bhosale Construction Co. became noninterested with the plot, the assessee finally entered into agreement to ....

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....n of the Gujarat High Court in the case of Arundhati Balkrishna v. CIT [1982] 138 ITR 245 and decision of the Special Bench of the ITAT in C. Vedachala Mudaliar v. ITO [1992] 198 ITR (AT) 18. Aggrieved by the order of the learned CIT(A), the Revenue is in appeal before this Tribunal. 4. Shri Adhir Jha, the learned D.R. strongly supported the order of the Assessing Officer. He submitted that the....