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2023 (4) TMI 64 - AT - Income TaxRevision u/s 263 - CIT considering the date of registration and the date of sale concluded that this cannot be treated as LTCG and has to be taxed as STCG as property is not held for more than three years - claim made by the assessee u/s. 54 needs to be disallowed as deduction u/s. 54 is admissible only on LTCG - HELD THAT:- CIT has ignored the date of agreement of sale entered into by the assessee during the year 2009. As decided in S.R. Jeyashankar [2014 (12) TMI 264 - MADRAS HIGH COURT] breach of agreement would only give right to the beneficiary for enforcing the right over the property. We find no reason to differ with the said reasoning. Thus we are of the view that the order of the Ld. Pr. CIT needs to be quashed and allow the appeal of the assessee.
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