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Issues Involved:
The issues involved in the judgment are whether an amount constitutes long-term capital gain arising from the sale of a property, and whether the claim for long-term capital gain can be raised before the CIT(A) for the first time. Issue 1: Long-term Capital Gain: The Revenue contended that the sale of a flat should be considered a short-term capital gain as the possession was taken in February 1981 and transferred in November 1983, within three years. The Revenue argued that the flat was acquired more than three years before its transfer, thus constituting a long-term capital gain. The CIT(A) correctly treated it as a long-term capital gain based on the acquisition date and possession timeline. Issue 2: Claim Before CIT(A): The Departmental Representative argued that the assessee did not raise a claim for long-term capital gain before the Assessing Authority, and such a claim cannot be raised for the first time before the CIT(A). However, the learned counsel for the assessee pointed out that necessary details were provided during assessment proceedings, and the CIT(A) was justified in considering and deciding the issue. The CIT(A)'s decision was supported by references to legal precedents and detailed reasoning. Conclusion: After careful consideration of submissions and legal references, the Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal and the assessee's cross objection. The Tribunal found no justification to interfere with the findings given by the CIT(A) based on the facts and circumstances presented during the proceedings.
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