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The Appellate Tribunal considered whether the transfer of the right to acquire property should be categorized as a long-term or short-term capital gain. The Tribunal found that the right accrued to the assessee upon issuance of the allotment letter, granting the right to purchase the flat. The holding period was determined to commence from the date of the allotment letter, resulting in the gain being classified as long-term. Additionally, the Tribunal allowed the deduction claim u/s 54F, emphasizing the authority of appellate bodies to entertain such claims. The matter was remitted to the Assessing Officer for verification in accordance with the law.
The Appellate Tribunal considered whether the transfer of the right to acquire property should be categorized as a long-term or short-term capital gain. The Tribunal found that the right accrued to the assessee upon issuance of the allotment letter, granting the right to purchase the flat. The holding period was determined to commence from the date of the allotment letter, resulting in the gain being classified as long-term. Additionally, the Tribunal allowed the deduction claim u/s 54F, emphasizing the authority of appellate bodies to entertain such claims. The matter was remitted to the Assessing Officer for verification in accordance with the law.
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