Date of allotment letter will be considered as date of acquisition of property

Sumit Export Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the date of acquisition of the property under consideration was to be reckoned from the date of the allotment letter and capital gain will be calculated accordingly. Facts- During the assessment proceedings, Assessing Officer observed that vide Sale Deed dated 19.05.2012 assessee entered with M/s. Veer Gems and sold the office premises AO observed that as per the working submitted by the assessee, assessee has shown acquisition of property in Financial Year 1998-99 and in subsequent few years assessee has carried out improvement in the p...