https://www.taxtmi.com/caselaws?id=380871 For a flat booked under an allotment and buyer's agreement, the holding period is computed from the date enforceable rights in the property were acquired, not from the date of possession; the asset was therefore treated as a long-term capital asset. Interest on the acquisition loan was allowable up to the date of transfer because it formed part of expenditure connected with the capital asset, while only expenses with a direct nexus to acquisition, improvement, or transfer could be included. Maintenance and similar upkeep expenses were not allowable as cost of acquisition or improvement, and related business disallowance was corrected to avoid double addition. en-us Tue, 28 May 2019 00:00:00 +0530 Wed, 29 May 2019 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380871 For a flat booked under an allotment and buyer's agreement, the holding period is computed from the date enforceable rights in the property were acquired, not from the date of possession; the asset was therefore treated as a long-term capital asset. Interest on the acquisition loan was allowable up to the date of transfer because it formed part of expenditure connected with the capital asset, while only expenses with a direct nexus to acquisition, improvement, or transfer could be included. Maintenance and similar upkeep expenses were not allowable as cost of acquisition or improvement, and related business disallowance was corrected to avoid double addition. Case-Laws Income Tax Tue, 28 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380871