Section 54: Acquisition Date Is When Possession Is Handed Over, Not Agreement Date

Bastimal K Jain Vs ITO (ITAT Mumbai) The case of Bastimal K Jain Vs Income Tax Officer (ITO) heard by the Income Tax Appellate Tribunal (ITAT) Mumbai revolves around the interpretation of Section 54 of the Income Tax Act, 1961. The core issue pertains to the eligibility of the assessee to claim deductions on long-term capital gains for the purchase of a new residential property within the specified timeframe. Background of the Case Bastimal K Jain, the appellant, is engaged in the business of manufacturing ornaments through his proprietary concern. In the assessment year 2010-11, Jain sold his...