TMI Blog2013 (9) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... see 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law in not distinguishing the mandate given in Explanation (iii) to section 48 and section 49(1)(iii) and not appreciating that while provisions of section 49(i)(iii) is only for determining the cost of acquisition, and in the case of the assessee provisions of both the sections would apply? 2. The assessee in his individual capacity inherited the property i.e. Bungalow situated near Grid Sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial Year 1998-99 on the ground that property has been acquired by the assessee on 23.12.1998, the assessee preferred appeal before the CIT(Appeals). The CIT(Appeals) relying upon the decision of the learned appellate Tribunal in the case of Dy.CIT vs. Manjula J. Shah reported in (2010)35 SOT 105(Mum.), which was later on affirmed by the Bombay High Court in the case reported as 249 CTR 270(Bomb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for considering the long term capital gain Cost Inflation Index is required to be considered at the date on which the property was inherited in the name of the assessee or as per the previous cost of acquisition at which previous owner had acquired the capital asset. The issue involved is squarely covered by the decision of this Court in the case of B.N.Vyas (Guardian of Minor, B.B.Vyas) report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al preferred by the Revenue and confirming the order passed by CIT(Appeals) allowing the indexed cost of acquisition from the base year i.e. from 1.4.1981 and thereby deleting the addition of Rs.1,0076,878/- on account of long term capital gain. No substantial question of law arise and hence present appeal deserves to be dismissed and is accordingly dismissed. 9. In the facts and circumstances o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
