TMI Blog2022 (7) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... stances, we deem it appropriate to set aside the order passed by the ld. Commissioner and to direct the Assessing Officer to recompute the capital gain/loss of the Assessee u/s. 54 of the Act, while considering the date of plot buyer s agreement dated 31.12.2006 as acquisition date of plot/property sold and for indexation benefit. Ordered accordingly. Assessee appeal stands allowed. - ITA No. 1062/Del/2020 - - - Dated:- 28-7-2022 - Shri N.K. Billaiya, Accountant Member And Shri N.K. Choudhry, Judicial Member For the Appellant : Shri R.S. Singhavi, Ld. CA And ShriRajatGarg, Ld. CA For the Respondent : ShriAnujGarg, Ld. Sr. DR ORDER PER N.K. CHOUDHRY, J.M. This appeal has been preferred by the Assessee against th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground that no documents like sale/purchase and indexed cost details in support of the claim were provided by the Assessee during the assessment proceedings. The long term capital loss of Rs.10,55,490/- claimed by the Assessee is disallowed in the Income-tax Return of the Assessee. 3. The Assessee being aggrieved with the disallowance apart from other additionsmade by the AO which are not in controversy here, challenged the same before the ld. Commissioner and claimed 3.1 The ld. Commissioner after considering the facts of the case and the claim of the Assessee,came to the conclusion that as per documents submitted, conveyance deed has been executed on 20.01.2016 between the Assessee and M/s. BPTP(vender). Possession of the plo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perverse, improper and invalid in the eyes of law. 5. On the contrary the Ld. DR submitted that impugned order is a reasoned and logical order and therefore do not require any interference. 6. Heard the parties and perused the material available on record. The question involved in the instant appeal relates to the computation of capital gain u/s 54F of the Act. The Assessee claimed that the date of allotment i.e. 30.12.2006 on which date plot buyers agreement dated 30.12.2006 with BPTP Ltd. (the vendor) for purchase of the plot/land under consideration was executed, is relevant for consideration as date of acquisition and for the benefit of indexation to claim capital gain or tax u/s 54 of the Act and therefore the Assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can consist of rights other than ownership right in an asset, like leasehold rights, allotment rights, etc. The sequitur, therefore, is that the word held or hold is not synonymous with right over the asset as an owner and has to be given a broader and wider meaning. 6.3 We have given thoughtful consideration to the peculiar facts and circumstances of the case and found nothing on record to controvert the claim of the Assessee and the judgments referred above. Hence, considering the peculiar facts and circumstances, we deem it appropriate to set aside the order passed by the ld. Commissioner and to direct the Assessing Officer to recompute the capital gain/loss of the Assessee u/s. 54 of the Act, while considering the date of plot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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