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2015 (12) TMI 1681 - HC - Income TaxCapital gain accrued on sale of land as LTCG - land sold on 7th April, 2007 and which was acquired by Assessee in terms of perpetual lease deed dated 9th May, 1973 and acquired on freehold only on 25th January, 2007 - Held that:- Issue stands covered against the Revenue and in favour of the Assessee by the decision of CIT v. Frick India Ltd. [2014 (9) TMI 394 - DELHI HIGH COURT ] wherein held conversion of leasehold right into freehold by way of improving the title over the property would not affect the taxability of the gain from property, which is relatable to the period over which the property is held - Thus the asset, i.e. the tenancy rights were held for nearly 14 years and consideration received on surrender has been rightly treated as a long term capital gain – Decided against revenue. Issue notice limited to question B, returnable on 22nd March, 2016 - Whether in the present facts and circumstances of the case the ITAT has erred in allowing indexation benefit on the borrowing cost when the leasehold right was cancelled on 29th March, 1998 and the same was restored back on 6th August, 2004?
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