9911796707
TMI Blog2017 (10) TMI 1551X X X X Extracts X X X X X X X X Extracts X X X X ..... ,00,000/ - and not at Rs. 94, 14,000/-. 3. For that the Ld. CIT(A) erred in holding that the booking rights was held for more than 36 months hence the same is to be considered as long term capital asset. He has further erred in directing to treat the income from transfer of the property as Long Term Capital Gains and also allow the benefit of indexation as per section 48 of the it Act in computing the capital gains. 4. For that the Ld CIT (A) erred in reducing the returned income of the assessee. 5. For that the Revenue craves leave to add, alter or amend any ground before or at the time of hearing." 2. The assessee is a HUF and derives income from rent and capital gains. It filed its return of income on 16.07.2013 declaring gross to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of the assessee that what was transferred was booking rights and not immovable property in the form of a flat. Consequently he held that section 50C of the Act were not applicable. He gave a factual finding that the assessee has never taken possession of the flat and had nominated the buyer in its place. He directed the AO to treat the transfer of property as long term capital gain. Aggrieved the revenue is before us on appeal. 4. After hearing the rival contentions and considering the papers on record of the authorities below and the case law cited I held as follows:- The important dates are given in part-VIII at page-5 of the assessment order which is extracted for the reference : "* Date of Booking of flat 27.12.2006 * Date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect to short term capital gains in terms of Section 2(42A) or long term capital gains in terms of Section 2(29A) - Held that- The Tribunal placed reliance on Mrs.Madhu Kaul v. CIT [Z014 (2) TMI 1117 - PUNJAB & HARYANA HIGH COURT] - a right has been conferred on the allottee to hold a flat which was later identified and possession delivered on a later date - the mere fact that possession was delivered later does not detract from the fact that the allottee was conferred a right to hold property on issuance of an allotment letter and the payment of balance instalments, identification of a particular flat and delivery of possession are consequential acts that relate back to and arise from the rights conferred by the allotment letter - the allot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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