1998 (4) TMI 113

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.....---At the instance of the assessee, the following question is referred for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the capital gains liable to be taxed in this case should be of short-term capital gains?" The brief facts of the case are as follows : The assessee entered into an agreement of....

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....te Assistant Commissioner of Income-tax confirmed the said finding. On further appeal to the Tribunal, the Tribunal held that it is a short-term capital gain. Hence, the assessee is before us in this reference case. The question for consideration is whether the Tribunal is right in holding that the capital gains that arise are short-term capital gains. To consider whether the capital gain is a ....

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....s, charges and demands whatsoever. Now, this deed witnessed that in pursuance of the aforesaid agreement of sale and in consideration of Rs. 3,800 (rupees three thousand and eight hundred only) having been fully and truly paid by the vendee to the vendor at the time of agreement of sale by way of cash the vendor does hereby admit, accept and acknowledge the receipt of full payment. The vendo....