* IN THE HIGH COURT OF DELHI AT NEW DELHI
Reserved on: 18.02.2014
Pronounced on: 14.03.2014
+ ITA 55/2014, C.M. APPL. 2383/2014 & 2384/2014 SH. GULSHAN MALIK .....Appellant Through: Sh. Prakash Kumar and Sh. Sheel
Vardhan, Advocates.
Versus
COMMISSIONER OF INCOME TAX .....Respondents Through: Sh. Rohit Madan, Sr. Standing Counsel.
CORAM:
HON'BLE MR. JUSTICE S. RAVINDRA BHAT
HON'BLE MR. JUSTICE R.V. EASWAR
MR. JUSTICE S. RAVINDRA BHAT
%
1. This is an appeal filed against the order of the Income Tax Appellant Tribunal ("ITAT") in ITA No. 161/Del/2012 dated 27.02.2013, which upholds the order of the Commissioner of Income Tax (Appeals) ("CIT-A") confirming the assessment order of the Assessing Officer ("AO"). The short question of law that arises is whether on facts, capital gains are taxable as long-term or short-term capital gains. The brief facts are as follows:
2. The appellant (the assessee) and his wife had booked an apartment vide an application dated 31.07.2004, by payment of a booking amount of ` 2,00,000/-on 3.08.2004 and consequently, it is claimed, acquired rights or interests in the same. The builder DLF Universal Limited ("DLF") issued a letter dated 6.08.2004
ITA 55/2014 Page 1 provisionally allotting the apartment and two parking spaces, stating specifically the receipt of ` 2,00,000/- (Annexure 3). Consequent to this, regular payments were made per the payment