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2013 (9) TMI 763 - GUJARAT HIGH COURTBase year for considering cost of inflation index (CII) for computing long term capital gain on inheritance of property - Assessee had taken CII for the year 1981-82 - however AO was of the opinion that CII should be as per the Financial Year 1998-99, as the property was acquired by the assessee on 23.12.1998 – Held that:- Reliance has been placed upon the judgment on the case of B.N.Vyas (Guardian of Minor, B.B.Vyas) reported in [1985 (7) TMI 46 - GUJARAT High Court], wherein it was held that for the purpose of computation of long term capital gain, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset - In the aforesaid decisions, it was a case of gift. However, same analogy would be applied with respect to the property of inheritance – Decided against the Revenue.
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