| Case ID |
16093033-fde8-4f41-8d00-bb314f263c19 |
| Body |
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| Case Number |
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| Decision Date |
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| Hearing Date |
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| Decision |
The Tribunal held that the gains arising from the transaction were long-term capital gains as the assessee held the rights to the flat for more than 36 months before the transfer occurred. The assessment was based on the agreements made on December 4, 1978, and April 28, 1983, solidifying the position that the capital gains were indeed long-term. The court found no substantial question of law to warrant further investigation, thus upholding the Tribunal's decision in favor of the revenue. No order as to costs was made. |
| Summary |
This case revolves around the interpretation of capital gains under Section 45 of the Income-tax Act, 1961. The primary issue was whether the capital gains from the transfer of a flat were long-term. The assessee entered into an agreement for the purchase of a flat in 1978 and transferred her rights in 1983. The court ruled that since the rights were held for more than 36 months, the gains were long-term, thereby aligning with existing tax regulations. This decision underscores the importance of understanding capital gains classifications and the implications of property transfers in relation to tax obligations. Keywords: capital gains, Income-tax Act, long-term holdings, property transfer, tax regulation. |
| Court |
Bombay High Court
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| Entities Involved |
Not available
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| Judges |
MRS. SUJATA V. MANOHAR,
DHANUKA, JJ.
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| Lawyers |
G.S. Jetley,
K.C. Sidhwa,
Ms. Manjula Singh,
K. B. Bhujale,
V. H. Patil
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| Petitioners |
Commissioner of Income Tax
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| Respondents |
Vimal Lalchand Mutha
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| Citations |
1991 SLD 1265 = (1991) 187 ITR 613
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| Other Citations |
Not available
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| Laws Involved |
Income-tax Act, 1961
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| Sections |
45
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