https://www.taxtmi.com/caselaws?id=386310 The Tribunal ruled that the property in question was a long-term capital asset based on the date of allotment, contrary to the AO and CIT(A)'s view. Consequently, the appellant became eligible for benefits under Sections 54 and 54F of the Income Tax Act. The Tribunal remanded the issue back to the CIT(A) for reassessment, emphasizing the need for a thorough consideration of the appellant's contentions. The appeal was allowed for statistical purposes, with instructions for further proceedings. en-us Mon, 23 Sep 2019 00:00:00 +0530 Thu, 26 Sep 2019 06:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386310 The Tribunal ruled that the property in question was a long-term capital asset based on the date of allotment, contrary to the AO and CIT(A)'s view. Consequently, the appellant became eligible for benefits under Sections 54 and 54F of the Income Tax Act. The Tribunal remanded the issue back to the CIT(A) for reassessment, emphasizing the need for a thorough consideration of the appellant's contentions. The appeal was allowed for statistical purposes, with instructions for further proceedings. Case-Laws Income Tax Mon, 23 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386310