Property Indexation Benefit Calculated from Allotment Date, Long-Term Capital Losses Permitted for Set-Off Against Gains

ITAT held that indexation benefit for property acquisition shall be calculated from the allotment date (3/12/2010), allowing cost indexation based on payments made during financial year 2010-11. The tribunal determined the property's acquisition date as the allotment letter date, permitting the assessee to claim indexed cost of acquisition. Additionally, the tribunal allowed brought forward long-term capital losses to be set off against long-term capital gains, noting no substantive reason existed to deny the claim, particularly since prior assessment orders had not challenged similar claims. Ground raised by the assessee was consequently allowed in entirety. .....

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