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2016 (8) TMI 1135 - ITAT MUMBAI

2016 (8) TMI 1135 - ITAT MUMBAI - TMI - Computation of capital gain - whether date of booking will be taking for the purpose of computation of capital gain or date of final payment for the flat in question? - Held that:- We find that the Hon’ble Gujarat High Court in the case of CIT Vs. Anilaben Upendra Shah, (2001 (10) TMI 13 - GUJARAT High Court) has held that assessee acquired shares in the co-operative housing society and was allotted the flat on November 15, 1979. Possession of the flat obt .....

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nclined to concur with the finding of CIT(A) because date of acquisition of flat in question will be first booking i.e. 1986 and possession of flat will relate back to 1986 for purpose of computation of capital gain. Assessing Officer is directed accordingly. - ITA. No. 6505/Mum/2012 - Dated:- 19-8-2016 - SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER. By Appellant: Shri Neeraj Sheth By Respondent: Shri Rajneesh K. Arvind, DR. ORDER PER SHAILENDRA KUMAR YAD .....

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asset in question was a Long Term Capital Asset, the sale of which is to be taxed as Long Term Capital Gains. The learned CIT(A) has erred in coming to the conclusion that the decision in the case of ITO Vs. Smt. Kashmiraben H. Parikh is not applicable to the case as the facts are different. He failed to appreciate and ought to have held that all the relevant facts in the case of the appellant are identical to the facts in the above decision and the flat sold by the appellant was rightly claimed .....

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