Assessee computed the capital gain by considering the holding period from the date of allotment letter and not from the date of passion. Assessing Officer after making necessary verifications having held that assessee will be entitled for deduction under section 54 of the Act. Commissioner passed the revision order. On appeal the Tribunal held that the view of the Assessing Officer be a possible and a plausible view and it could not have been dislodged by Commissioner in exercise of her revisional jurisdiction. (AY. 2014-15)
Yogesh Mavjibhai Gala. v. PCIT (2020) 183 ITD 665/ 196 DTR 27/ 208 TTJ 872 (Mum.)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Allotment letter-Holding period-From date of allotment of flat and not date of possession of flat-Revision is held to be not valid. [S .2(29A), 45, 54]