TaxTMI 
TaxTMI 
2017 (2) TMI 1017
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....perty as STCG instead of LTCG. Thereby converting the LTCG of Rs. 2,46,33,724/- offered by the assessee into STCG of Rs. 3,17,31,060/- She failed to under that: a) The assessee had entered into a valid contract with the builder which is evidenced by the letter of allotment issued by the builder and accepted by the assessee in all cases. b) In all the three cases the assessee had held the asset for a period of more than 36 months. c) The assessee never took possession of the flats that he had booked with the builder and what he sold was only the right to occupy at later date. d) The Hon CIT(A) has although applied the correct legal position but has not correctly understood the facts of the case and has thus arrived at wrong decis....
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....flats of Ashok Tower Property and Ashok Garden Property and Orlov Properties as Short Term Capital Gain and according assessed the Short Term Capital Gain to the tune of Rs. 3,52,09,728/-. The assessee preferred an appeal before the CIT(A) who confirmed the order, therefore, the assessee has filed the present appeal before us. ISSUE NO.1:- 5. We have heard the arguments advanced by the learned representative of the parties and perused the record. At the very outset the learned representative of the assessee has argued that the date of allotment of the property of Ashok Tower, Ashok Garden and Orlov Properties is required to be consider to assess the capital gain and accordingly the income accrued on the account of the sale of the said pro....
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.... paid to the builder for calculating the Long Term Capital Gain. However, after the selection of the case in scrutiny, the Assessing Officer taken into the consideration the date on which the sale was executed and accordingly the Assessing Officer assessed the Short Term Capital Gain. The matter of controversy has been adjudicated in case cited as Madhu Kaul Vs Commissioner of Income Tax and Another by the Hon'ble Punjab and Haryana High Court wherein the date of the allotment was taken into consideration while assessing the Long Term Capital Gain. We also found support of the other law relied by the learned representative of the assessee i.e. the ITO 8(3)(1) Vs. Shangrila Golf & Health Resorts Pvt. Ltd. decided by the Hon'ble Income Tax Ap....