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2021 (6) TMI 944 - AT - Income TaxLTCG on sale of property - working of LTCG - AO determined the LTCG on the basis of value determined by DVO and further on the basis of index cost for AY 2000-01 instead of 1997- 98 - whether the holding period is treated from the date of allotment or from the date of occupation of the property - whether the acquisition of property should be taken from the date of allotment order from the date of occupation of the property - assessee booked the flat in Joint names and the name of his wife name is mentioned at first holder. Whereas all payments were made by assessee from his bank account - HELD THAT:- There is no dispute about the date of allotment letter dated 25.09.1997. We find that AO has recorded that at the time of allotment, the assessee paid ₹ 6,52,000/-. The assessee vehemently contended that substantial part of the sale consideration was paid from the date of possession. This fact is not disputed by lower authorities. The date of transfer of asset/flat is also not in dispute. We find that in case MadhuKaul v/s. CIT [2014 (2) TMI 1117 - PUNJAB & HARYANA HIGH COURT] and CIT v/s. S.R. Jayshankar [2014 (12) TMI 264 - MADRAS HIGH COURT] held that the date of allotment letter is to be considered to determine the holding period to ascertain the entitlement of section 54 of the Act. We find that the decision of MadhuKaul v/s. CIT and CIT v/s. S.R. Jayshankar (supra) were followed by co-ordinate bench of Tribunal in NanditaPatodia v/s. ITO [2017 (4) TMI 397 - ITAT MUMBAI] and allow the holding period from the date of allotment letter to determine the LTCG. - Decided in favour of assessee.
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