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This work reports the first discovery of (negative) spectral lags in theX-ray emission below 10 keV from the gamma ray binary $LSI +61^{o} $ 303 duringlarge flaring episodes using the Rossi X-ray Timing Explorer (RXTE)observations. It is found from the RXTE data that during the flares, low energy(3-5 KeV) variations lead the higher energy (8-10 keV) variations by few tensof seconds whereas no significant time lag is observed during the non-flaringstates. The observed spectral lag features for flaring events suggest thatinverse Compton scattering may be operative, at least in some part of thesystem. Another possibility is that the sites of particle acceleration may bedifferent for flaring and non-flaring events such as in the microquasar modelthe flaring radiation may come from hot spots sitting above the black holewhile steady state emissions are due to the jets.

Spectral lags of flaring events in $LSI +61^{o} $ 303 from RXTE Observations