The date of acquisition of the property is to be reckoned from the date of the allotment so stated by the tribunal in (2023] 101 ITR (Trib) 62 (ITAT[Mum]).In this a controversy between the assessee and the Revenue revolved around the question as to when the assessee can be stated to have acquired the capital asset. The assessee argued that the residential unit in question was acquired on the date on which the allotment letter was issued by the builder while the revenue contended that the transfer of the asset in favour of the assessee would be complete only on the date of execution of agreement.
CBDT Circular No. 471 dated October 15, 1986 ([1986] 162 ITR (St.) 41 ) was utilised by the tribunal in this case.