Benefit u/s 11(1A) - Once the AO has accepted the plea that...

Benefit u/s 11(1A) - Once the AO has accepted the plea that transfer took place in AY 2008-09 and assessed income under long term capital gains in the hands of Assessee, the ITAT correctly concluded that it cannot be said that the possession was not transferred in AY 2008-09. Once legal possession has been handed over by Assessee only in 2008-09 then it is presumed and accepted that the said capital asset was held by Assessee trust wholly for charitable purposes till the date of its sale. - High court dismissed the revenue appeal.