S. Ravindra Bhat, J.

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 Rs.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 provisionally allotting the apartment and two parking spaces, stating specifically the receipt of Rs.2,00,000/- (Annexure 3). Consequent to this, regular payments were made per the payment plan of the builder. A buyer’s agreement was executed on 4.11.2004 between DLF and the allottees i.e. the appellant and his wife. Per the payment schedule, a total payment of Rs.87,12,500/- was made from 31.07.2004 to 03.08.2006 to