Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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