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LTCG Claim Allowed as Allotment Letter Conferred Enforceable Rights in Property: ITAT Mumbai
Case Law Details
- Case Name
- Maniti Jayesh Shah Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Maniti Jayesh Shah Vs ITO (ITAT Mumbai)
ITAT Treats Property Gain as LTCG Because Holding Period Counted From Allotment Date; Section 56(2)(x) Addition Sent Back for Verification Because Allotment Date Could Determine Stamp Duty Value; Additional Evidence Deemed Admitted Because CIT(A) Considered It While Deciding Appeal; From Related-Party Transaction Without Proof of Sham Arrangement, Says ITAT.
The appeal arose from an assessment for AY 2018-19 involving the purchase and subsequent sale of an office premises. The assessee had purchased the property from a developer for ₹71,90,000, wh...
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