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[2008] 304 ITR 27 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax v. A. S. Aulakh M.M. KUMAR AND RAJESH BINOAL, JJ. I. T.R. NO. 3 OF 1990 JANUARY 17, 2007 Section 45 of the Income-tax Act, 1961 - Capital gains - Chargeable as Where assessee had purchased a plot in October 1970 and he sold plot with an incomplete structure on it in 1982, gain derived by assessee was rightly bifurcated between short term gain from sale of incomplete house and long term gain from sale of plot [A.Y. 1983-84]. The assessee had purchased a plot in October 1970 and he sold the plot. With a small super-structure on it for a sum of Rs. 2,25,000 in 1982. He claimed the benefit of section 54F. The Assessing Officer disallowed the claim and assessed the gain as short term capital gain. The Tribunal held that the capital gains arising out of the assets created by the assessee during the three years immediately preceding the sale should be considered to be short-term capital gain while gains on the remaining assets were to be considered as long-term capital gain. Held that the Tribunal had taken a balanced view by bifurcating the profit or gain arising out of the sale of incomplete house in June, 1982 into long-term capital gain by keeping in view the date of acquisition of the plot and short-term capital gain by keeping in view the construction of a super structure made on the plot. S. K. Garg Narwana for the Commissioner. 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/Chandi/88 in I-T A. No. 245/Chandi/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 super structure made on the plot when…

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