ITAT Mumbai: New Asset Needn’t Be Put to Use; Possession Not Mandatory; Sec 50 STCG Reworked

N.K. Gems Vs ITO (ITAT Mumbai) New Property Need Not Be Put to Use for Block of Assets – Possession Not Mandatory – Sec 50 STCG Reworked in Favour of Assessee – ITAT Mumbai The assessee sold an office at Bharat Diamond Bourse and purchased two new office units before year-end, claiming inclusion in the block of assets. AO denied the claim stating possession was not received, only part payment was made and assets were not put to use, and computed STCG u/s 50. CIT(A) confirmed the action. ITAT held that once the assessee acquired the new properties through registered agreements and paid co...