Shares held for exactly 12 months treated as long term as date of transfer included in holding period: ITAT Mumbai

CIT (International Taxation -3) Vs Kuwait Investment Authority (ITAT Mumbai)

ITAT Mumbai held that holding period of the capital goods includes the date on which asset is acquired and also date of sale/ transfer of the same. Accordingly, shares held for exactly 12 months treated as long term.

Facts- AO noticed that the assessee has offered LTCG of Rs.12,19,93,396/- on sale of certain equity shares sold exactly after one year from purchase of such shares. The AO issued a showcause notice asking the assessee to explain as to why the LTCG should not be treated

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