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| The Tax Publishers2020 TaxPub(DT) 3211 (Mum-Trib) : (2020) 183 ITD 0665 : (2020) 208 TTJ 0872 Income Tax Act, 1961
Section 2(42A), 45
In case of sale of flat it is the date of allotment of flat and not the date of giving of possession of flat which has to be considered for computing the holding period of 36 months.
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Capital gains - Period of holding - Computation of holding period of flat sold by assessee - Relevant date--Date of allotment v. date of possession of flat
Pr. CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground of AO having considered date of allotment of flat for computing holding period of flat instead of date of possession of flat for the purpose of section 54/54F. Held: In case of transfer of flat date of allotment of flat was to be considered for computing holding period of 36 months for purpose of capital gains, and not date of possession of flat. AO after raising specific queries as regards the basis for treating subject property as a long-term capital asset, and after necessary deliberations accepted claim of deduction under section 54 and, therefore, assessment order could not be regarded as erroneous and prejudicial.
Relied:ITAT, Mumbai Bench 'F', Mumbai in ACIT, 18(3), Mumbai v. Smt. Vandana Rana Roy [ITA No. 6173/Mum/2011, dated 7-11-2012], Richa Bagrodia v. Dy. CIT (2019) 175 ITD 552 (Mum) : 2019 TaxPub(DT) 1737 (Mum-Trib), Madhu Kaul v. CIT & Anr. (2014) 363 ITR 54 (Punj. & Har.) : 2014 TaxPub(DT) 1520 (P&H-HC)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2014-15
IN THE ITAT, MUMBAI 'G' BENCH
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