Capital Gains Boost: Indexation Allowed from Letter of Intent Date by ITAT Mumbai – Reason: Acquisition of Vested Rights

Anand Swarup Mehta Vs ITO (ITAT Mumbai) Indexation to be allowed from date of allotment letter – Letter of Intent qualifies as acquisition for capital gains-Letter of Intent equals Allotment – Ownership not essential – Right to hold property sufficient for indexation, rules Tribunal- “AO bound by ITAT precedent – Revenue can’t deny relief pending High Court appeal Assessee, a Non-Resident Indian, filed appeal against the order dated 18.12.2024 passed pursuant to DRP’s directions u/s 144C(5), wherein AO computed total income at ₹3.34 crore as against returned income of ₹58.65 ...