https://www.taxtmi.com/caselaws?id=445964 The ITAT Chennai held that computation of long-term capital gains should be based on the date when owner's rights in property are extinguished, not the agreement date. Following SC precedents in Seshasayee Steels and Balbir Singh Maini, the tribunal determined that transfer completed on registration of sale deed (19.07.2007) rather than agreement date (04.02.2006). Consequently, capital gains assessment belonged to AY 2008-09, not AY 2006-07. The assessment was quashed and assessee's appeal allowed. en-us Wed, 18 Oct 2023 00:00:00 +0530 Thu, 23 Nov 2023 07:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445964 The ITAT Chennai held that computation of long-term capital gains should be based on the date when owner's rights in property are extinguished, not the agreement date. Following SC precedents in Seshasayee Steels and Balbir Singh Maini, the tribunal determined that transfer completed on registration of sale deed (19.07.2007) rather than agreement date (04.02.2006). Consequently, capital gains assessment belonged to AY 2008-09, not AY 2006-07. The assessment was quashed and assessee's appeal allowed. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445964