ASHOK BEHL,RANCHI vs. ITO,WARD-1(1), RANCHI

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ITA 78/RAN/2019Status: DisposedITAT Ranchi10 September 2020AY 2014-157 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the agreement for sale, coupled with payments made and possession, establishes the intention and transfer of rights from the date of the agreement. Therefore, the holding period should be calculated from the agreement date.

What were the facts?

The assessee sold an immovable property and computed long-term capital gains based on an agreement for sale dated 08.11.2009. The Assessing Officer and CIT(A) treated it as short-term capital gains, considering the sale deed registration date of 30.05.2011 as the acquisition date.

What were the issues?

Whether the holding period for capital gains computation should be reckoned from the date of the agreement for sale or the date of the registered sale deed.

Which sections of the Income-tax Act were involved?

Section 48,Section 54

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, RANCHI ‘E-COURT’AT KOLKATA

Before: Shri S.S, Godara, JM & Dr. A.L. Saini, AM

For Appellant: Shri D. Sannigarh, AR
For Respondent: Shri A. K. Mohanti, Addl. CIT, Sr. DR
Hearing: 22/07/2020Pronounced: 10/09/2020

आदेश क� ��त�ल�प अ�े�षत / Copy of Order Forwarded to:- 1. अपीलाथ�/Appellant-Ashok Behl 2. ��यथ�/Respondent- ITO, Ward-1(1), Ranchi

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