2012 (12) TMI 1175

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e house property sold during the year, since 1984, subsequently in terms of the scheme framed by the Government, the assessee became owner of the property on 04.03.2003 on payment of Rs. 45,062. Later on, on 31.10.2004, the house property had been sold by the assessee. The assessee computed the gain from the sale as long term capital gain, since it had tenancy rights in respect of the property since 1984. 2.1 The Assessing Officer, however, noted that the assessee had become owner of the property on 04.03.2003 and it was sold within 20 months on 31.10.2004 and therefore, asked the assessee to explain as to why the gain should not be computed as short term capital gain. The assessee conceded that in view of the judgement of Hon'ble High C....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tory provisions of MHADA at a price of Rs. 45,062. Therefore, CIT(A) upheld the cost of acquisition at Rs. 45,062. Thus, the computation of short term capital gain made by the Assessing Officer was upheld aggrieved by which assessee is in appeal before the Tribunal. 4. Before us, the Ld.AR reiterated the submissions made before lower authorities that the cost of acquisition of the house property was the sum total of the market value of tenancy as on 04.03.2003 and the payment of Rs. 45,062. Alternatively, it was also submitted that the market value thereof as on 04.03.2003 could be considered as cost of acquisition. The Ld. Departmental Representative on the other hand supported the orders of the authorities below and placed reliance on ....