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Case Law Details

Case Name : Ashish Vs ACIT (ITAT Delhi)
Related Assessment Year : 2020-21
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Ashish Vs ACIT (ITAT Delhi)

Conclusion: Where an asset is acquired by gift, the period of long-term capital asset shall be reckoned from the date when the previous owner acquired such asset and the indexation shall be allowed accordingly from the year of acquisition by the previous owner thus, date of acquisition of property had to be reckoned from the date of allotment.

Held: Assessee, a resident of USA, filed his return claiming refund of Rs.58,57,820/-. During assessment year, assessee had sold two properties for consideration of Rs.1,95,

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