TaxTMI 
TaxTMI 
2007 (12) TMI 468
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....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 long term capital gains? 2. We have heard the ....
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....ital gains on ₹ 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 order of the Assessing Officer was challenged ....
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....nnot 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 to fulfil the terms and conditions of the lease-cum-sal....