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2019 (4) TMI 758 - ITAT MUMBAIDetermination of Long term capital asserts - Deduction u/s 54EC - AO observed that the land was purchased by assessee on 03.05.2008, therefore, the capital gain treated as a short term capital gain - HELD THAT:- The acquisition of the land is liable to be considered on the earlier date of execution of agreement i.e.23.07.1996. To arrive at this conclusion, we also find the support of law settled in M/S RAJASTHAN AGENCIES PVT. LTD. VERSUS THE ITO, WARD-3 (2) , JAIPUR [2018 (2) TMI 257 - ITAT JAIPUR]. The assessee acquired the property in question by virtue of agreement dated 23.07.1996 and thereafter, sold the same on 23.07.2008 and subsequently invested in the bonds in sum of ₹ 30,00,000/-. The consideration received by the assessee is liable to be assessed as long term capital gain and accordingly the claim of the assessee is also liable to be considered in view of the provision u/s 54EC in connection with the investment in bonds in sum of ₹ 30,00,000/-. - Decided in favour of assessee.
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