1984 (2) TMI 105

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....ng term capital gains. The assessee was an owner of a certain plot which was acquired on partition from an HUF. In 1965 he constructed some sheds thereon and the sheds along with the lands were sold for a total consideration of Rs. 1,51,997. The total cost of land plus cost of construction worked out to Rs. 71,564. The ITO determined the capital gains at Rs. 44,333. and taxed the same as short ter....

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....ed out that in the immediately preceding year the assessee has sold similar property with sheds and for which the long term capital gains were determined at Rs. 15,000 and short term capital gains at Rs. 2,817. On parity of reasoning it was claimed that the allocation of capital gains LTCG and STCG should be 15 : 3 or 5 : 1. In other words according to Shri Shah LTCG should be five times to the ST....