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2014 (9) TMI 626 - AT - Income TaxExemption u/s 54 – computation of LTCG - indexation benefit for computing the indexed cost of acquisition – relief has been denied by the AO on the footing that benefit of indexation is available only from the date the property devolved on the assessee by way of gift and not from the date when it was held by the previous owner. - Held that:- referring to the two sections 29A; 2(42A); Explanation 1(b) to section 2(42A) and the expression “indexed cost of acquisition” used in section 48 defined in Explanation (iii) and Explanation (iv) it was submitted that the claim had wrongly been rejected by the AO and infact was fully covered in the assessee’s favour by virtue of the order of the Mumbai Bench of the Tribunal in the case of Manjula J. Shah [2009 (10) TMI 646 - ITAT MUMBAI] - order of the Tribunal in Manjula Shah was confirmed by the Hon’ble High Court [2011 (10) TMI 406 - BOMBAY HIGH COURT] The mere filing of a SLP or a Civil Appeal by a party cannot be a ground for either seeking a reversal of the order or for seeking an adjournment - The Courts and Tribunals are necessarily required to decide the issues arising before them on the basis of law as available on date and not keep the issues in abeyance ad infinitum on the plea that the decision has or may have been appealed against before a Higher Forum – revenue has made no attempt whatsoever to even seek an adjournment to verify the actual position and has merely made the submission casually - in case there is any interim order of a Higher Appellate Forum staying the proceedings, the Tribunal is bound to follow it – Decided against revenue.
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