Income-tax---

----Reference---Capital gains---Long-term capital gains---Agreement for purchase of flat in December, 1978---Transfer of rights under agreement in April, 1983---Tribunal right in holding that gains arising from transaction were long-term capital gains---No question of law arose.

Held. that the assessee had entered into an agreement for the purchase of a flat in November, 1977, and had executed a formal agreement in December, 1978. She transferred her rights, title and interest in the flat by an agreement to C in April, 1983. The Tribunal was, therefore, right in holding that the rights under the said two agreements of November, 1977/December, 1978, had been held for more than 36 months and that thegains arising from the transfer of her rights under the agreement in April, 1983, constituted long term capital gains. No question of law arose from the order of the Tribunal.

G.S. Jetley, K.C. Sidhwa and Mrs. Manjula Singh for the Commissioner.

K.B. Bhujale and V.H. Patil for the Assessee.

JUDGMENT

MRS. SUJATA V. MANOHAR, J.---The assessee had entered into an agreement on November 8, 1977, for purchase of a flat on the 11th Floor. 112-A, Mittal Towers, Nariman Point, Bombay with Bharat Trading Corporation. She entered into a formal agreement with Bharat Trading Corporation on December 4, 1978. She obtained possession of the flat in June 1981. No conveyance, however, was executed either in her favour or in favour of the co-operative society of the said building or any limited company in respect of the said building.

She entered into an agreement dated April 28, 1983, with Chanrai Uttamchand transferring her rights, title and interest in the said flat to Chanrai Uttamchand. The assessee has thus transferred all her rights under the agreement of November 8, 1977, and/or December 4, 1978, in favour of Chanrai Uttamchand by virtue of the agreement dated April 28, 1983 between the assessee and Chanrai Uttamchand. The assessee thus held rights under the said two agreements of November 8, 1977/December 4, 1978, for more than 36 months before transferring the same. The Tribunal has, therefore, rightly come to the conclusion that the capital gains were long-term gains. In view of these facts and the findings recorded by the Tribunal, there is no statable question of law. We, therefore, discharge the rule.

No order as to costs.

M.BA./1587/TRule discharged.