Case Law Analysis
|Income Tax Appellate Tribunal
Section 2(42A) Income Tax Act | Holding Period for Capital Assets Begins at Final Allotment, Not Provisional Letter: ITAT Mumbai
ITAT Mumbai rules that the acquisition date for capital gains computation under Section 2(42A) of the Income Tax Act is the date of final, binding allotment and registration, not the issuance of provisional letters. This precedent clarifies the holding period calculation, impacting property transactions and tax liability assessments for taxpayers.