Date of allotment is to be considered for computing period of holding

P. Chitra Vs ITO (ITAT Chennai) ITAT Chennai held that for the purpose of computing period of holding, date of allotment should be considered, but not the final sale deed executed for conveying the title and interest in the property. Facts- The case of the assessee was selected for scrutiny and during the course of assessment proceedings, the AO observed that the assessee has purchased a property on 06.01.2012 from the agent Shri R. Radhakrishnan for a consideration of Rs. 4,00,000/- and sold the property on 12.04.2012 for a consideration of Rs. 85,41,286/-and thus, the period of holding is le...