2007 (12) TMI 468

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....V JAVALI, ADV. JUDGMENT This appeal is by the revenue challenging the order passed by the Income Tax Appellate Tribunal, Bangalore Bench in ITA No. 536 (Bang)/2000 for the assessment year 1998-99 raising the following substantial question of law. (i) Whether the Tribunal was justified in holding the capital gains arising out of sale of residential house of the respondent-assessee as a lon....

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....quisition of the property over a taxable capital gains on Rs. 9,89,212/- by holding that the capital gains earned by the assessee has to be treated as a long term capital gain. The case of the assessee rejected by the Assessing officer holding that the case of the assessee does not fall under definition of long term capital gains and the same was treated as short term capital gains. 4. The orde....

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....ffected by him on 8.5.1997 and therefore it cannot be treated as a long term capital gains. 7. Having heard the counsel for the parties, the following facts are not in dispute:- It is not in dispute that the lease-cum-sale deed was executed by the BDA on 19.6.1992. The assessee was put in possession of the property on 19.6.1992. He was enjoying the property as an absolute owner except ....

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....der the part performance of the agreement as contemplated under Sec. 53A of the Transfer of Property Act, the person who is in possession in such capacity has to be treated as a owner from the date on which he was put in possession. If the same is taken into account, When the B.D.A. has allotted the site and out the possession of the property, if the property is sold on 8.5.1997 it has to be treat....