Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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The ITAT held that the date of acquisition for computing LTCG on sale of immovable property is the date of the agreement to sale (16 November 2007), not the date of possession (16 December 2010). The tribunal relied on the substantial payments made during FY 2007-08, establishing the appellant's right to hold the asset from the agreement date. Consequently, the AO was directed to compute capital gains for AY 2015-16 using the acquisition date as 16 November 2007, allowing indexation benefits from that year, thereby overturning the assessment order that had considered the possession date.
The ITAT held that the date of acquisition for computing LTCG on sale of immovable property is the date of the agreement to sale (16 November 2007), not the date of possession (16 December 2010). The tribunal relied on the substantial payments made during FY 2007-08, establishing the appellant's right to hold the asset from the agreement date. Consequently, the AO was directed to compute capital gains for AY 2015-16 using the acquisition date as 16 November 2007, allowing indexation benefits from that year, thereby overturning the assessment order that had considered the possession date.
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