Case Law Details
Case Name : CIT (International Taxation -3) Vs Kuwait Investment Authority (ITAT Mumbai)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Mumbai
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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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