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2011 (4) TMI 682 - ITAT, CHANDIGARHLTCG or STCG - cost of land to the previous owner - Benefit of indexation - It is thus the date of acquisition of absolute ownership and title and the date of transfer of absolute ownership and title giving rise to gain or profit, which is relevant for determining the issue as to whether the assessee has held the property, i.e., absolute ownership and title over the property, for not more than thirty-six months - It is abundantly clear from the aforesaid recital in the deed of conveyance that absolute ownership inclusive of legal title and possession of the property transferred by the assessee-company to the purchaser was acquired by it on 2-11-2004 from the Government of Punjab - It was also urged by the ld. authorsied representative for the assessee that the assessee was already in possession of the property on the appointed date fixed for de-merger by the Ministry of Corporate Affairs and therefore it was the owner of the property on 1-4-2003, being the appointed date - Held that: Assessing Officer has rightly taken 2-11-2004 as the date of acquisition of absolute ownership of the property as it is this absolute ownership of the property which was acquired by the assessee on 2-11-2004 from the Government of Punjab and subsequently sold/transferred by the assessee to M/s. Sanger Finlease Pvt. Ltd., vide agreement dated 27-9-2006 - Appeal is dismissed
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