Property Allotment Date is acquisition date for Capital Gain Computation: ITAT Mumbai

D. K. Brothers Vs ITO (ITAT Mumbai) Introduction: In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai, in the case of D.K. Brothers vs. ITO, has set aside the order passed by the National Faceless Appeal Centre (NFAC) regarding the assessment year 2011-12. The dispute revolves around the computation of capital gains, with the key contention being the date of acquisition. This article delves into the details of the case and the implications of the ITAT Mumbai order. Detailed Analysis: The appellant, M/s. D.K. Brothers, challenged the assessment order passed by the Assessing...