https://www.taxtmi.com/caselaws?id=253920 The Court dismissed the Revenue's appeal regarding the determination of the date of property acquisition under Section 2(42A) of the Income Tax Act. It upheld the significance of the date of allotment letter over the registration date, following Circular No.471. The Court emphasized that the allotment letter establishes property rights, with possession being secondary. The decision aligned with previous interpretations, stating that breach of agreement only entitles enforcement of property rights. The holding period for capital gains was based on the allotment date, not possession delivery, as per the Court's ruling, affirming the Tribunal's decision. en-us Tue, 25 Nov 2014 00:00:00 +0530 Thu, 13 Aug 2015 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253920 The Court dismissed the Revenue's appeal regarding the determination of the date of property acquisition under Section 2(42A) of the Income Tax Act. It upheld the significance of the date of allotment letter over the registration date, following Circular No.471. The Court emphasized that the allotment letter establishes property rights, with possession being secondary. The decision aligned with previous interpretations, stating that breach of agreement only entitles enforcement of property rights. The holding period for capital gains was based on the allotment date, not possession delivery, as per the Court's ruling, affirming the Tribunal's decision. Case-Laws Income Tax Tue, 25 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253920