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Issues:
- Determination of long-term capital gain based on the date of transfer of property versus the date of registration of the document. Analysis: The primary issue in this appeal was whether the gain derived by the assessee on the transfer of property should be treated as a long-term capital gain. The assessee purchased a plot from their father and later sold it after a series of events. The Revenue contended that the date of registration of the document should be considered as the date of acquisition, leading to short-term capital gains. On the other hand, the assessee argued that the effective date of transfer was the date of execution of the sale deed, which was before the registration date. The CIT(A) accepted the assessee's contentions, emphasizing that the date of execution of the document should be considered the effective date of transfer. She relied on the Indian Registration Act and relevant case laws to support her decision. The Revenue, represented by the D.R., cited a Supreme Court judgment to argue for the significance of the registration date in determining property transfer. The learned counsel for the assessee supported the CIT(A)'s decision, highlighting that circumstances beyond the assessee's control delayed the registration process. He further referenced relevant case laws and a Supreme Court judgment to strengthen his argument. Upon considering the submissions and examining the facts, the Tribunal referred to a Supreme Court judgment regarding the interpretation of the Registration Act. The Tribunal distinguished the earlier Supreme Court decision cited by the Revenue and agreed with the CIT(A)'s finding that the document's registration relates back to the date of execution of the sale deed. Consequently, the Tribunal dismissed the appeal, affirming the treatment of the gain as long-term capital gains based on the date of transfer rather than the registration date.
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