TMI Blog2023 (4) TMI 1042X X X X Extracts X X X X X X X X Extracts X X X X ..... under the self-financing scheme of the Delhi Development Authority (DDA), the date of issuance of allotment letter would be considered to be the date of acquisition of the property. This is so because, the allotment is final unless it is cancelled or the allottee withdraws from the scheme. In case of assessee before us, as well, the allotment letter issued by the developer/builder is final, as, it is in respect of a specifically identifiable property and has ultimately culminated in execution of apartment buyer s agreement in financial year 2010-11 - thus the date of acquisition of the residential flat has to be reckoned from the date of the allotment letter. Thus benefit of indexed cost of acquisition should be available to the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration of Rs.2,10,00,000/-. After deducting an amount of Rs.2,09,54,863/- towards indexed cost of acquisition under section 48 of the Act, the assessee offered long term capital gain of Rs.45,137/- in the return of income filed for the impugned assessment year. As alleged by the Assessing Officer, in course of assessment proceeding, the assessee proceeded to complete the assessment under section 144 of the Act to the best of his judgment. While doing so, he rejected assessee s claim of deduction of indexed cost of acquisition and on estimate basis allowed 1/4th of the sale consideration as deduction towards indexed cost of acquisition. Against the draft assessment order, the assessee raised objections before learned DRP. In course of procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our of the assessee in respect of a specifically identifiable property in the financial year 2005-06, the assessee is entitled to claim indexed cost of acquisition based on payments made in each financial year beginning from financial year 2005-06. In support of such contention, learned counsel relied upon the following decisions: 1. Praveen Gupta Vs. ACIT, ITA No.2558/Del/2010 for AY: 2007-08. 2. CIT Vs. Jindas Panchand Gandhi, 279 ITR 552 3. CIT Vs. S.R. Jeyashankar [2015] 373 ITR 120 (Mad.) 4. L. Vivekananda Vs. ACIT [2021] 124 taxmann.com 67 (Bangalore Trib.) 5. Mrs. Madhu Kaul Vs. CIT, [2014] 363 ITR 54 (P H) 5. Learned Departmental Representative strongly relied upon the observations of the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2013-14 10,07,111 2014-15 5,14,000 Total 1,16,90,311 7. Thus, from the aforesaid facts, it is very clear that in the allotment letter not only a specifically identifiable residential flat was allotted to the assessee but the assessee had made payments in accordance with the terms and conditions of the allotment letter. In Circular No. 471, dated 15.10.1996, the Central Board of Direct Taxes (CBDT) has clarified that in respect of flats allotted under the self-financing scheme of the Delhi Development Authority (DDA), the date of issuance of allotment letter would be considered to be the date of acquisition of the prope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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