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1 - 10 of 17 (0.25 seconds)Section 54 in The Income Tax Act, 1961 [Entire Act]
Section 54F in The Income Tax Act, 1961 [Entire Act]
Lakshman M. Charanjiva, Mumbai vs Ito (It) 2(1)(1), Mumbai on 3 October, 2018
The acquisition of the property is related to date of transfer of
the property as per Transfer of the Property Act. In fact, as per
section 2(47) of the IT Act, the term of transfer in relation to a capital
asset bears an inclusive definition. This may be important for
indexing cost of acquisition of property which is to be calculated,
based on the schedule of payments made. The same observation
has been made in case of Lakshman M. Charanjiva Vs ITO by ITAT,
Mumbai Bench. The AO is directed to verify as to when the title of
the property was transferred in the name of the assessee by
passing a speaking order. Accordingly, the AO may decide whether
the capital gains arise out of sale of the property is short term or
long term. The objection is accordingly disposed of."
Section 48 in The Income Tax Act, 1961 [Entire Act]
Section 144C in The Income Tax Act, 1961 [Entire Act]
The Transfer Of Property Act, 1882
Section 2 in The Income Tax Act, 1961 [Entire Act]
Section 269UA in The Income Tax Act, 1961 [Entire Act]
Vinod Parasmal Jain , Mumbai vs Dy Cit Circle- 3, Thane on 16 March, 2022
Further, reliance was placed on the
decision of Hon'ble Punjab & Haryana High Court in the case of Vinod Kumar
Jain vs CIT 344 ITR 501 (P&H). Reliance was placed on Circular No.471,
dated 15.10.1996 [162 ITR (St.) 41]. We find that Ld.DRP disposed off the
objections of the assessee by observing as under:-