2012 (11) TMI 1101

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....ital Gains. Undisputed facts of the case are that the assessee owns a flat and sold the same on 23.8.2006 and the said flat was taken possession by the assessee on 14.8.2003. Page 111 of the paper book authenticates the claim. Prior to the possession of the flat, assessee got allotment of the flat in her name on 19.11.2001 and the stamp duty was also paid for the registration of the said flat on 11.8.2003. Requisite payments were made by the assessee for purchase of the flat between 28.11.2001 to 20.4.2003. Otherwise, flat was finally registered on 29.8.2003. Revenue Authorities reckoned the date of registration of the flat as the date of acquisition, in that case the period of holding is less than 36 months and deemed the gains as Short Te....

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....d we find that there is no dispute on the facts. The only issue that is to be decided is whether date of allotment of the flat or the date of possession of the flat by the assessee should be considered as date of holding for computing the holding period of 36 moths. In alternative, the "date of registration" should be the relevant date. On perusal of the said decisions relied upon by the Ld Counsel, we find that the decisions are relevant and applicable to the facts of the present case. The conclusion of the Hon'ble Gujarat High Court judgment in the case of CIT vs. Jindas Panchand Gandhi reads as under:  "Assessee having sold the flat allotted to him by a co-operative housing society after a period of 36 months from the date of allot....