| COURT: | ITAT Mumbai |
| CORAM: | R. C. Sharma (AM), Ram Lal Negi (JM) |
| SECTION(S): | 2(42A), 2(42C), 45, 48 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | long-term capital asset, Period of Holding - Long Term Capital Asset or Short Term Capital Asset |
| COUNSEL: | Rakesh Joshi |
| DATE: | August 14, 2018 (Date of pronouncement) |
| DATE: | August 15, 2018 (Date of publication) |
| AY: | 2012-13 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 2(42A)/45: The law laid down in Suraj Lamps & Industries 340 ITR 1 (SC) that transfer of immovable property is effective only on registration of conveyance deed is not applicable for computing the holding period of property. Holding period should be computed from the date of issue of the allotment letter and not from the date of the conveyance deed (Rasiklal M. Parikh vs. ACIT 393 ITR 536 (Bom) distinguished) | |
The definition as contained in Section 2 (42A) of the Act, though uses the words, “a capital asset held an assessee for not more than thirty-six months immediately preceding the date of its transfer”, for the purpose of holding an asset, it is not necessary that, he should be the owner of the asset, with a registered deed of conveyance conferring title on him. In the light of the expanded definition as contained in Section 2(47), even when a sale, exchange, or relinquishment or extinguishment of any right, under a transaction the assessee is put in possession of an immovable property or he retained the same in part performance of the contract under Section 53-A of the Transfer of Property Act, it amounts to transfer
Recent Comments