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2016 (8) TMI 1135 - AT - Income TaxComputation of capital gain - whether date of booking will be taking for the purpose of computation of capital gain or date of final payment for the flat in question? - Held that:- We find that the Hon’ble Gujarat High Court in the case of CIT Vs. Anilaben Upendra Shah, (2001 (10) TMI 13 - GUJARAT High Court) has held that assessee acquired shares in the co-operative housing society and was allotted the flat on November 15, 1979. Possession of the flat obtained in October, 1981 and sold the same in December, 1982, shares in capital housing society was held for more than 36 months. Accordingly, the capital gain in question was held to be Long Term Capital Gain. Thus in case of CIT Vs. Anilaben Upendra Shah (supra), the date of allotment was taken for the purpose of computation of capital gain and not possession. Nothing contrary was brought to our knowledge on behalf of Revenue. Facts being similar, so, following same reasoning, we are not inclined to concur with the finding of CIT(A) because date of acquisition of flat in question will be first booking i.e. 1986 and possession of flat will relate back to 1986 for purpose of computation of capital gain. Assessing Officer is directed accordingly.
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