Original Allotment Date Applies to Property Acquisition: ITAT Overturned Short-Term Capital Gain Assessment

The Income Tax Appellate Tribunal (ITAT) ruled that the original allotment date should apply when determining the holding period for property acquisition, overturning a previous short-term capital gain assessment. The tribunal clarified that the holding period should start from the date of the original allotment, not the date of final acquisition. This ruling impacts the calculation of capital gains tax and provides clarity on the holding period for real estate transactions.