https://www.taxtmi.com/caselaws?id=762444 ITAT Chennai held that land received by shareholder upon company liquidation qualified for LTCG treatment, not STCG. The holding period commenced from when the company originally acquired the land, not from the liquidation date, per Section 2(42A) Explanation 1. The tribunal confirmed that Section 50C provisions were inapplicable as the shareholder received assets through distribution during liquidation rather than through transfer. The AO's treatment of the transaction as STCG based on one-year holding from liquidation date was overturned. Revenue's appeal was dismissed. en-us Fri, 20 Sep 2024 00:00:00 +0530 Sun, 01 Dec 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762444 ITAT Chennai held that land received by shareholder upon company liquidation qualified for LTCG treatment, not STCG. The holding period commenced from when the company originally acquired the land, not from the liquidation date, per Section 2(42A) Explanation 1. The tribunal confirmed that Section 50C provisions were inapplicable as the shareholder received assets through distribution during liquidation rather than through transfer. The AO's treatment of the transaction as STCG based on one-year holding from liquidation date was overturned. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762444