https://www.taxtmi.com/caselaws?id=368828 The case involved the classification of capital gains from the sale of immovable property as Long Term Capital Gains (LTCG) or Short Term Capital Gains (STCG) and the eligibility for deduction under Section 54EC of the Income Tax Act. The Tribunal ruled in favor of the assessee, holding that the gains should be classified as LTCG as the holding period included the time held by the previous owner. Consequently, the assessee was deemed eligible for the deduction under Section 54EC, allowing for the nullification of the entire sale consideration. The appeal was allowed, and the decision was pronounced on 10th October 2018. en-us Wed, 10 Oct 2018 00:00:00 +0530 Mon, 15 Oct 2018 14:14:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368828 The case involved the classification of capital gains from the sale of immovable property as Long Term Capital Gains (LTCG) or Short Term Capital Gains (STCG) and the eligibility for deduction under Section 54EC of the Income Tax Act. The Tribunal ruled in favor of the assessee, holding that the gains should be classified as LTCG as the holding period included the time held by the previous owner. Consequently, the assessee was deemed eligible for the deduction under Section 54EC, allowing for the nullification of the entire sale consideration. The appeal was allowed, and the decision was pronounced on 10th October 2018. Case-Laws Income Tax Wed, 10 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368828