https://www.taxtmi.com/caselaws?id=331664 The Tribunal determined that the capital gain from the sale of an Industrial Gala should be treated as Long Term Capital Gain (LTCG) for the assessment year 2006-07. Despite the AO's argument regarding possession dates, the Tribunal found that the assessee had acquired ownership rights well before 2005, leading to the conclusion that the property sale qualified for LTCG treatment. The appeals were allowed, and the capital gain was assessed as LTCG, allowing for deductions under section 54EC. en-us Fri, 29 Jul 2016 00:00:00 +0530 Tue, 30 Aug 2016 10:59:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331664 The Tribunal determined that the capital gain from the sale of an Industrial Gala should be treated as Long Term Capital Gain (LTCG) for the assessment year 2006-07. Despite the AO's argument regarding possession dates, the Tribunal found that the assessee had acquired ownership rights well before 2005, leading to the conclusion that the property sale qualified for LTCG treatment. The appeals were allowed, and the capital gain was assessed as LTCG, allowing for deductions under section 54EC. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331664