2022 (7) TMI 1306

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....ar 2016-17. 2. Brief facts as appear from record, relevant for disposal of the instant appeal are that the Assessee has claimed to purchased rights in the property situated at BPTP Plot J 21-5, Faridabad on dated 30.12.2006 vide Plot Buyers Agreement dated 30.12.2006 and made regular instalments in its respect on due dates and purchase price is corroborated from the balance sheet for A.Y. 2015-16. Further by virtue of such buyer agreement dated 30.12.2006, the Assessee duly transferred the rights in the said property to M/s. Surya Hotels Private Limited by executing an agreement to sale dated 14.10.2015. M/s. BPTP was unaware of the fact that the Assessee has already sold the property rights vide agreement dated 14.10.2015 and such conve....

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....ing of the conveyance deed on 20.01.2016 and taking over possession during the financial year 2015-16. Plot was sold during the same year, thus, the transfer as defined in section 2(47) of the Act was completed during the F.Y. 2015-16. 3.2 The ld. Commissioner, further while determining that since the period of holding of the plot was less than 36 months, income from sale of plot is held to be taxable as short term capital gain, computed the capital gain of the Assessee as under: Sale proceeds of BPTP J2-5 to   Surya Hotels Pvt. Ltd. on 02.07.2015.   48,00,000/-   Less: Cost of acquisition as per   Conveyance deed. 26,48,750/- Short Term Capital Gain 21,51,250/- By making such co....

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..... Ramakrishnan(2014) 188 taxmann.com-55 while relying upon the judgment in Jitendra Mohan Vs. ITO (2007) 11 SOT 594 (Delhi) (2007) 11 SOT 594 Delhi and considering the facts of the case "wherein the plot was allotted to the Assessee through HUDA on 03.08.1999 and subsequently, conveyance deed was executed and possession was given on 12.12.2015. The Assessee sold the said plot through registered sale deed on 09.01.2008. The Assessing Officer brought to tax the capital gain arising from the sale of plot as short term capital gain"held that it is the date of allotment which is relevant for purpose of computing the holding period and not the date of registration or conveyance. 6.2 The Assessee also relied upon the judgement of Hon'ble Delhi ....