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2019 (3) TMI 534 - AT - Income TaxShort Term Capital Gain V/S long term capital gain - correct date of acquisition of asset - acquiring an identifiable right in a specific property - CIT(A) treating date of full payment as date of acquisition and gain as nature of Short Term Capital Gain - HELD THAT:- The assessee had acquired the right in the property pursuant to allotment letter dated 10/03/2008. The assessee has made the full payment of ₹ 83.30 Lacs by 25/06/2008. The said fact is duly supported by the bank statements as placed on record from where the payments were made by the assessee. The above stated fact demonstrates that the assessee had acquired a identifiable right in a specific property and also made the full payment thereof by 25/06/2008. The registration of purchase documents, in such a case, was to convey the ownership rights to the assessee which already existed in assessee’s favor by way of allotment letter dated 10/03/2008. As undisputed fact that the same property has been sold by the assessee during impugned AY. This being the case, we have no hesitation in concurring with the stand of CIT(A), in this regard. Maintainability of appeal - Monetary limit - AO added entire sale consideration in the hands of the assessee without deducting there-from the cost of acquisition, which is clearly erroneous - HELD THAT:- The computations as placed on record by AR reveal that if the cost of acquisition is allowed to the assessee, the tax effect of the impugned additions shall be below ₹ 20 Lacs and the same is squarely covered by the recent low tax effect circular No. 03/2018 dated 11/07/2018 issued by the CBDT and keeping in view of the same, the appeal of the revenue is otherwise not maintainable.
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