Law:

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[2010] 192 Taxman 306 (Punjab & Haryana)/[2008] 308 ITR 27 (Punjab & Haryana) [2010] 192 TAXMAN 306 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax v. A.S. Aulakh* M.M. KUMAR AND RAJESH BINDAL, JJ. IT REFERENCE NO. 3 OF 1990â-  JANUARY 17, 2007 Section 2(42B) of the Income-tax Act, 1961 - Capital gains - Short term capital gains - Assessment year 1983-84 - Assessee purchased a plot in 1970 and executed some construction work on it - During year under consideration, he sold said plot with structures on it and claimed that gain arising on such sale was long-term capital gain - Assessing Officer held that since assessee obtained loan for construction in August 1980, he must have constructed building in August, 1980 or thereafter and said asset having been sold in June 1982, resulting gain would be short-term capital gain - On appeal, Commissioner (Appeals) upheld order of Assessing Officer, but on second appeal, Tribunal held that capital gains arising out of sale of building that was created by assessee during three years immediately preceding sale should be considered to be short-term capital gains while gains on remaining assets, i.e., plot of land, were to be considered as long-term capital gains - Whether, on facts, Tribunal had taken a balanced view and no question of law did arise therefrom - Held, yes S.K. Garg Narwana for the Applicant. JUDGMENT M.M. Kumar, J. - On the application filed by the revenue before the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh ("the ITAT"), being R. A. No. 432/Chd./88 in I.T.A. No. 245/Chd./87, in respect of the assessment year 1983-84, the Income-tax Appellate Tribunal was persuaded to refer the following question of law for the opinion of this Court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in bifurcating the profit or gain arising from the sale of incomplete house in June, 1982, into long-term capital gain with reference to the acquisition of the plot and short-term capital gain with reference to the construction of a superstructure made on the plot when the asset sold was one,i.e., incomplete…

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