Holding period of asset received in exchange to be counted from possession date

IN THE ITAT MUMBAI BENCH ‘I’ Assistant Commissioner of Income-tax V/s. Jaimal K. Shah IT Appeal No. 6966 (Mum.) of 2010 [Assessment Year 2007-08] MAY 30, 2012 ORDER Rajendra Singh, Accountant Member This appeal by the revenue is directed against the order dated 30.7.2010 of CIT(A) for the assessment year 2007-08. The only dispute raised in this appeal is regarding computation of capital gain from sale of flats by the assessee during the year. 2. The facts in brief are that the assessee who was owner of land since 1962 had entered into development cum sale agreement...