Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (6) TMI 1076 - ITAT KOLKATATreatment to capital gain - long term capital gain OR short term capital gain - period of holding of the capital assets - AO has taken the date of purchase which was in the purchase deed - CIT(A) has taken the date of purchase which is based on the allotment letter issued by the West Bengal Housing Board - Held that:- In the instant case letter of allotment is on 28.09.2000 and accordingly the right was acquired on that date. The assessee sold the property which was acquired by way of letter of allotment dated on 11.05.2005. Accordingly, the period of holding exceeds 36 months in the present case. So the period of holding in the instant case exceeds 36 months and income arising on the sale of said property will be treated as LTCG. No reason to interfere with the findings arrived by the Ld. CIT(A). Under the circumstances, this issue of Revenue’s appeal is dismissed. Value determined by the ld CIT(A) under the provisions of section 50C - Held that:- In the instant case, we find that both the lower authorities have taken a different deemed sale consideration as provided under section 50C of the Act. None of the lower authorities has confirmed the same by issuing a notice u/s 133(6) of the Act to Stamp Valuation Authorities to determine the actual stamp valuation. In the absence of any confirmation from the Stamp Valuation Authorities, we are inclined to restore this issue to the file of AO for fresh adjudication in accordance with law and in the light of above stated discussion. Hence, this ground of Revenue’s appeal is allowed for statistical purposes. Allowing interest pertaining to earlier financial years as part of the cost of acquisition under the head capital gain - Held that:- There is no doubt that the interest in question is indeed a expenditure in acquiring the asset. Therefore, the assessee in the instant case is certainly entitled to include the interest amount at the time of computing capital gains u/s 48 of the Act. Therefore, the Ld CIT(A) has rightly accepted the assessee's contention and deleted the addition made by the AO. Hence, qua this ground, we uphold the order of the Ld. CIT(A).
|