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2017 (12) TMI 647 - AT - Income TaxCapital gain on sale of land - LTCG OR STCG - Held that:- The assessee claims that the payment towards acquisition of land was made in October-1996 as evidenced from the formal purchase-deed dated 04/01/2007. The formal purchase-deed has been executed which merely ratifies earlier act of acquisition and possession. Thus, when accounted from the date of possession vouched by payment of consideration, we find no rationale in the appeal of the Revenue. The CIT(A), in our view, has come to a rightful conclusion while holding the Asset sold to be Long Term Capital Asset. We do not find any error in the process of reasoning adopted by the CIT(A). - Decided against revenue
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