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TMI Blog2012 (11) TMI 1101X X X X Extracts X X X X X X X X Extracts X X X X ..... i Dwivedy, Sr. DR Respondent by : Shri K. Gopal ORDER Per D. KARUNAKARA RAO, AM: This appeal filed by the Revenue against the order of CIT (A)-29, Mumbai dated 17.06.2011 for the assessment year 2007-2008. 2. There are 5 grounds in this appeal and they all revolve around the allowability of capital gain of ₹ 44,98,847/- as Long Term Capital Gains as claimed by the assessee whereas, Revenue deems the same as Short Term Capital Gains. Undisputed facts of the case are that the assessee owns a flat and sold the same on 23.8.2006 and the said flat was taken possession by the assessee on 14.8.2003. Page 111 of the paper book authenticates the claim. Prior to the possession of the flat, assessee got allotment of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal in the case of Jitendra Mohan vs. ITO (2007) 11 SOT 594 (Del) wherein it was held that the date of allotment letter should be considered in this regard. They have also followed the decision of Hon ble Gujarat High Court in the case of Anilaben Upendra Shah (supra) for deciding the issue in favour of the assessee. 6. On the other hand, Ld DR relied on the orders of the Revenue Authorities. 7. We have heard both the parties, perused the cited decisions and we find that there is no dispute on the facts. The only issue that is to be decided is whether date of allotment of the flat or the date of possession of the flat by the assessee should be considered as date of holding for computing the holding period of 36 moths. In alternative, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lment and sale thereof on 15th December, 2000, gave rise to long term capital loss even though possession of shed was handed over by DSIDC to assessee on 28th May, 1998. 7.3. The conclusion of Hon ble ITAt, Delhi Bench in the case of Praveen Gupta vs. ACIT reads as under: Assessee can be said to have held the flat when he made the payment to the builder and received the allotment letter, and therefore, benefit of indexation of cost of acquisition of the flat has to be granted to the assessee from the date (1995) when he started making payment to the builder and not from the date of execution of conveyance deed in 2001. 8. All the above decisions are uniform in concluding that the date of allotment is reckoned as the date for c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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