https://www.taxtmi.com/caselaws?id=766662 Calcutta HC allowed revision petition challenging AO's rejection of long-term capital gains claim. Court held that property acquisition date should be reckoned from allotment date (1.8.2006) rather than registered sale agreement date (18.3.2008). HC ruled that assessee acquired direct interest in property upon allotment as payment was made prior to allotment and payment schedule was adhered to. Court distinguished Transfer of Property Act definition from Income Tax Act provisions, emphasizing that right over property accrued on allotment date. Matter remanded to AO for reassessment considering 1.8.2006 as acquisition date. en-us Tue, 25 Feb 2025 00:00:00 +0530 Sat, 01 Mar 2025 08:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766662 Calcutta HC allowed revision petition challenging AO's rejection of long-term capital gains claim. Court held that property acquisition date should be reckoned from allotment date (1.8.2006) rather than registered sale agreement date (18.3.2008). HC ruled that assessee acquired direct interest in property upon allotment as payment was made prior to allotment and payment schedule was adhered to. Court distinguished Transfer of Property Act definition from Income Tax Act provisions, emphasizing that right over property accrued on allotment date. Matter remanded to AO for reassessment considering 1.8.2006 as acquisition date. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766662