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2022 (6) TMI 395 - AT - Income TaxShort term capital loss/gain - AO held that though proof of cost of acquisition was furnished by the assessee, he failed to furnish any proof regarding sale consideration - AO held that in the absence of any proof in support of assessee's claim that the property in question was sold at a price less than its cost of acquisition cannot be accepted - HELD THAT:- As assessee has purchased the said property and sold - The loss is treated as short term capital loss. Once, the receipt of the amount is treated as receipt from the sale of the property, the loss or the gains have to be treated under the relevant head of the income for taxation purpose. It is not in dispute that the amount received is against the sale of property but not as any advance. We have also gone through the details of purchase of the property by the assessee and also sale of said purchased property. The facts reveal that the property in question is on account of booking made by the first party, then purchased by assessee and then sold by the assessee. Thus, there are only transfer agreements without resorting to registration of the document at different times. In crux, these transactions were “sale of booking of plots”. Since, the sale & purchase of the property is not in dispute, the natural corollary is to treat the profits or losses alike under the relevant head which in this case is “capital gains” and since the period is less than three years, we hold that it would be “short term capital loss”. Appeal of assessee allowed.
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