* 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

2014:DHC: