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Date of allotment of industrial sheds by SIDCO to be considered as date of purchase for computing capital gains

September 19, 2019[2019] 108 492 (Madras)/[2019] 266 Taxman 16 (Madras)(MAG)/[2019] 417 ITR 306 (Madras)

INCOME TAX: Where assessee was allotted two industrial sheds by Small Industries Development Corporation (SIDCO) in 1988, however, sale deed for sheds was executed in favour of assessee in 1996, it was to be considered that assessee had been holding property ever since time of allotment, i.e., 1988, therefore, sale of said sheds by assessee in 1996 would give rise to long-term capital gain
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