Case Law Details
DCIT Vs Deepak Shashi Bhusan Roy (ITAT Mumbai)
The coordinate bench of Tribunal in Anita D. Kanjani (supra) held that in order to determine the nature of asset income of section 2(42A), holding period is to be computed from date of issue of allotment letter and not from the date when agreement to sell was registered. The Hon’ble Karnataka High Court in case of CIT Vs A. Suresh Rao (supra) held that it is not necessary; the assessee should be the owner of the asset, with a registered deed of conveyance confirming the title on him. In the light of expanded definition is contained in section 2(47) even when a sale, exchange, or relinquishment or extinguishment of any right, under a transaction the assessee is put in possession of an immovable property or retained the same in part performance of contract under section 53A of Transfer of Property Act, it amounts to transfer. No registered deed of sale is required to constitute a transfer. Further, Hon’ble Delhi High Court in CIT Vs K Ramakrishanan 48 taxmann.com 55 (Delhi) held that in order to determine taxability of capital gain arising from the sale of property, it is the date of allotment of property which is relevant for the purpose of computing holding period and not the date of registration of conveyance deed.
FULL TEXT OF THE ITAT JUDGMENT
1. These cross appeals are directed against the order of Ld. Commissioner
of Income-tax (Appeals)-12 [Ld. CIT(A)], Mumbai dated 24.02.2016 in the assessment order passed under section 143(3) of the Act on 27.03.2014 for Assessment Year 2011-12. The Revenue has raised the following grounds of appeal:
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