Dismissing the appeal of the revenue the Tribunal held that compensation received by the assessee in respect of surrender of allotment letter which is held for more than three years is assessable as long term capital gains. As the assessee invested the amount in new flat is entitle to exemption. Followed CIT v. Ram Gopal (2015) 372 ITR 498 (Delhi)(HC) (AY. 2012-13)
ACIT v. Ashwin S. Bhalekar (2019) 74 ITR 5 (Mum.)(Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence-Right of allotment–Surrender of rights-Held more than three years –Compensation assessable as long term capital gains-Entitle to exemption in relation to investment in new flat. [S. 2(47)(ii), 45, 47]