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2017 (7) TMI 1266 - AT - Income TaxTreatment of Capital Gain arising out of sale of Shop as Short Term Capital Gain (STCG) - denying the exemption under section 54 - HELD THAT:- In Late Mulya B Dass Vs ITO (2014 (5) TMI 478 - ITAT MUMBAI) the assest was acquired on surrender of tenancy in the year 2005 and sold within 36 months of taking possession of the property, the AO treated the same as STCG, the AO treated the cost of acquisition of the property as nil. The coordinate bench of the Tribunal remanded the matter to the file of AO with the direction to consider the cost of acquisition as per market value; however no finding was given by Tribunal with regard to claim of Long Term or short Term. In Ajit M Pendurkar Vs ITO [2012 (12) TMI 1175 - ITAT MUMBAI] the assessee was tenant in the property form the year 1984. On 04.03.2004 by the scheme of the Government the assessee become owner of the property on payment of certain amount. The assessee sold the property on 31.10.2004. The assessing officer treated the gain as STCG as property was sold in less than 36 month. During the appeal before the Tribunal the assessee conceded that the Gain could be treated as STCG. Thus, none of the decision relied by the ld AR for the assessee is helpful to the assessee. CIT(A) is based on factual matrix and well as on legal aspect is correct. Thus, the ground of appeal raised by the assessee is dismissed.
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