Section 54 Exemption- Allotment Letter date can be treated as Acquisition date

Dilshad Ahmed Rangrej Vs CIT (ITAT Mumbai) The only issue in this appeal is whether the date of acquisition of the property is to be considered from the date of allotment issued by the builder. In this case, the fact shows that the letter of allotment was issued to the assessee on 20/7/2009, the project was commenced on 12/12/2011, agreement to sale, was entered on 23/12/2011, therefore, what should be the date of acquisition of the property for the purpose of considering whether the property transferred is a long­term capital asset or Short term capital asset. The claim of the assessee is th...