SUDHIR KUMAR AGARWALA Vs. CIT

JUDGEMENT

(1.) THIS tax appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the "Income Tax Act") has been filed raising the following questions of law:

(2.) THE facts and circumstances giving rise to the present tax appeal is that the appellant is an Income Tax assessee in the file of Respondent No.

(3.) THE second and third questions relate to addition made on account of short -term capital gain. The learned Tribunal has upheld the said addition taking into consideration various factual aspects like the dates on which the land, was purchased and sold and came to the conclusion that the land was in possession of the assessee for less than three years. On the basis of such a finding of facts the learned Tribunal held that it is a short -term capital asset and not long -term capital asset for which the claim of exemption under Section 54EA was not admissible. Taking into consideration the detailed discussion and calculation made in pp. 4 and 5 of the assessment order and the finding of the Commissioner (Appeals), the learned Tribunal, which is the final fact finding authority, has upheld the addition. These two questions being not substantial questions of law, warrant no interference by this Court.