Date of allotment letter to be considered for holding period of property: ITAT Mumbai

Advertisement Anil Murarilal Agarwal Vs ITO (ITAT Mumbai) ITAT Mumbai held that date of allotment letter, rather than date on which purchase deed of conveyance was entered, should be considered for holding period of the property. Accordingly, appeal of assessee allowed. Facts- During the assessment proceeding, AO noted that during year under consideration the assessee registered the purchase and sale of two properties. However, AO noted that short term capital gain was not declared by the assessee. AO rejected the contentions of the assessee and assessed the difference of sale consideration...