Case Law Analysis
|Income Tax Appellate Tribunal
Section 2(29A) Income Tax Act | Date of Allotment, Not Possession, Determines Long-Term Capital Asset Holding Period : ITAT Delhi
ITAT Delhi rules that the holding period for long-term capital gains on residential flats commences from the date of allotment, not possession, overturning the Assessing Officer’s short-term capital asset treatment. This decision clarifies tax liability for property investors and aligns with jurisdictional precedents, impacting capital gains calculations under the Income Tax Act.