Long term vis-a-vis short term: Tenancy right after converting into ownership

Jayantilal K. Jain Vs ITO (ITAT Mumbai) Where assessee had tenancy right in property, which was converted into ownership before sale of shop, then period of holding would be determined from the date the assessee acquired ownership of the asset because on purchase of the property the tenancy right was converted into ownership and assessee had sold shop not tenancy right. On purchase of the property the tenancy right was converted into ownership. The tenancy right was extinguished on 06/05/20 10. The assessee sold the property on 12/10/20 10 for a consideration of Rs.88,00,000/-. The ld CIT(A) c...