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Raj Easow v.ITO ( 2022)) BCAJ – April – P. 30 ( Mum) ( Trib)

S. 54 : Capital gains – Profit on sale of property used for residence – Date of possession should be taken as the date of purchase and not the date of registration [ S. 45 ]

Allowing the appeal of the assesse the Tribunal held that for the purpose of section 54 , it is the date of possession which should be taken as the date of purchase and not the date of registration of agreement for sale . Referred  CIT v. Beena K Jain (Smt) (1996)     217 ITR 363 ( Bom)(HC)   ( TS-155 – ITAT-2022 ( Mum) ( AY. 2015-16 ) ( Dt. 8 -3 -2022)