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Sanjaykumar Footermal Jain, v. ITO (Mum)(Trib) , www.itatonline.org

S.45: Capital gains- Allotment letter- Period of holdings- The law laid down in CIT v Suraj Lamps & Industries Pvt Ltd ( 2012 ) 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, ratio in Rasiklal M. Parikh v. ACIT (2017 ) 393 ITR 536 (Bom)(HC) is explained [ S.2(42A ), 2(47) 54 ]

Allowing the appeal of the assessee the Tribunal held that , The law laid down in Suraj Lamps & Industries (2012   ) 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, ratio in  Rasiklal M. Parikh v. ACIT (2017 )393 ITR 536 (Bom)(HC) is  explained .(ITA No.4853/Mum/2016, dt. 14.08.2018)(AY. 2012-13)

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