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2014 (1) TMI 1770 - AT - Income TaxCapital gain computation - STCG OR LTCG - selection of date - Held that:- The “date of allotment” is reckoned as the date for computing the holding period for the purpose of capital gains. The date of allotment in this case being 19.11.2001 and the date of sale is 23.8.2006, therefore, the holding period is much more than 36 months. In this case, the gains earned by the assessee on the sale of flat have to be computed as capital gains. Without prejudice, even if the date of possession, being 14.8.2003, is considered; the assessee is still entitled to the benefits of the Long Term Capital Gains. Therefore, in our opinion, order of the CIT (A) does not call for any interference. - Decided in favour of assessee Determining cost of acquisition of flat for the purpose of computing the capital gains - Held that:- Finding of the CIT (A) is very cryptic and has not gone into the relevant facts of the said contributions to corpus fund as well as for meeting the charges, the onetime payments in connection with the acquisition of the said flat. After hearing both the parties, we are of the opinion that the assessee has a strong case. However, the CIT (A) has not adjudicated the issue by passing a speaking order, therefore, for want of reasoned order, we set aside the issue to the files of the CIT (A) for deciding the issue afresh in a time bound manner i.e., within a couple of months from the date of receipt of this order. Assessee shall be granted a reasonable opportunity of being heard to the assessee during the set aside proceedings. Accordingly, grounds raised by the assessee are allowed for statistical purposes.
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