https://www.taxtmi.com/caselaws?id=784689 Where a flat forming part of the assessee's allocation under a development arrangement was sold before completion, the ITAT held that the assessee never acquired possession or "held" that flat; the buyer obtained possession during construction under an agreement for sale and later conveyance, and the assessee only transferred the undivided share in land attributable to that flat. Consequently, the gain was assessable as LTCG and not STCG, and the AO was directed to recompute accordingly. Expenditure incurred to fulfill an existing lease obligation to deliver a specified completed area to the original lessor was held deductible in computing capital gains, and the addition was deleted. Section 54(2) exemption was allowed since the funds, though not parked in CGDS, were actually utilized for construction within time. en-us Fri, 21 Nov 2025 00:00:00 +0530 Sat, 10 Jan 2026 08:25:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784689 Where a flat forming part of the assessee's allocation under a development arrangement was sold before completion, the ITAT held that the assessee never acquired possession or "held" that flat; the buyer obtained possession during construction under an agreement for sale and later conveyance, and the assessee only transferred the undivided share in land attributable to that flat. Consequently, the gain was assessable as LTCG and not STCG, and the AO was directed to recompute accordingly. Expenditure incurred to fulfill an existing lease obligation to deliver a specified completed area to the original lessor was held deductible in computing capital gains, and the addition was deleted. Section 54(2) exemption was allowed since the funds, though not parked in CGDS, were actually utilized for construction within time. Case-Laws Income Tax Fri, 21 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784689