2001 (5) TMI 810

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....e Revenue and CO by the assessee relating to assessment year 1989-90 are taken up together and being disposed of by this common order for the sake of convenience. 2. The grounds taken in appeal of the Revenue is as under :- "On the facts and in the circumstances of the case, ld. CIT(A) has erred in directing the Assessing Officer to allow deduction under section 48(2) of Income-tax Act and h....

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....s sale was less than one year, the capital gain earned was a short-term gain and the assessee was not entitled to any deduction under section 48(2). 4. The assessee appealed to ld. CIT(A) and pleaded that in this case the assessee filed return declaring income at Rs. 47,130, which was processed under section 143(1). Thereafter, the Assessing Officer issued notice under section 154 to withdraw d....

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....8 and thereafter a draw was made and he was allotted plot No. 81 in Industrial Area, Phase-II. Further it appears that although this plot was allotted to the assessee on 26-1-1980, possession was not given by the EO and the assessee entered into a protracted correspondence with the DC requesting him to expedite the giving of possession to the assessee. Subsequently, the price of the industrial plo....

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....capital gain and the assessee would be entitled to deduction under section 48(2). The assessee relied on the decision in the case of S. Surjit Singh v. ITO reported in [1979] 3 Tax Law Review P.VI-225 (Chd.). He also relied on Board's Circular No. 471, dated 15-10-1986, wherein the question was whether the investment in flat in a self-finance scheme of DDA would be treated as long-term capital ass....