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2017 (4) TMI 397 - AT - Income TaxEntitlement of exemption u/s 54 - period required to be considered as holding of the sold property for assessing the income as Short Term / Long Term Capital Gain - Held that:- Ratio given in the case titled Mrs. Madhu Kaul Vs. CIT and another [2014 (2) TMI 1117 - PUNJAB & HARYANA HIGH COURT] and CIT Vs. S.R.Jeyshankar [2014 (12) TMI 264 - MADRAS HIGH COURT] are quite applicable to the facts of the present case in which the date of allotment letter was considered to assess the holding period to ascertain the entitlement of exemption u/s.54 of the Act. In view of the said circumstances we are of the view that the finding of the CIT(A) on this said issue is wrong against law and facts and is not liable to be sustainable in the eyes of law. Hence, we set aside the finding of the CIT(A) on this issue and direct the Assessing Officer to consider the allotment letter dated 30.03.2005 to determine the Long Term / Short Term Capital Gain and accordingly entitlement of exemption u/s.54 of the Act
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