2007 (9) TMI 635

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....setting aside the impugned order. 2. The brief facts are stated for the purpose of considering the ledal submissions made on behalf of the revenue and they are as follows: A lease-cum-sale agreement was executed on 28.02.1981 by the BDA in respect of a site in favour of the respondent-assessee. She entered into an agreement of sale with two persons namely Dr. Sushma Chand and Mr. K.C. Gupta wherein the possession of the site was allowed to be enjoyed. On 19.9.1996 an absolute sale deed was executed by the respondent in favour of the above said purchasers. The assessee claimed in the course of the assessment proceedings that there was a transfer by delivery of possession prior to obtaining the absolute sale deed on 19.09.1996 from BDA in f....

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....ken as part performance of contract of the nature referred to under section 53-A of the transfer of property Act. The tribunal, on the basis of the ricla legal contentions urged, referred to its decision in the case of R Satyanarayan disposed of on 12.9.200 inITA No. 536/ Bang/200, wherein it has refers to the definition of 2(47) particularly clause (v) and also considered the decision in Dr. V.V. Modi's case Supra and extracted the definition of 2(42A) 'short term capital asset' and examined the circular issued by the CBDT ans referred the decisions of the Punjab abd Haryana High Court in the cases of CIT Vs Ved Prakash and sons (HUF) reported in (1994) 207 ITR 148 and CIT Vs All India Tea an d trading co. reported 117 ITR 525, wherein it ....