TMI Blog2019 (4) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... t was first held by previous owner and not from the year in which the asset was held by the assessee? - HELD THAT:- As MANJULA J. SHAH (DEAD) [2011 (10) TMI 406 - BOMBAY HIGH COURT] held the expression “held by the assessee” used in Explanation (iii) to section 48 has to be understood in the context and harmoniously with other sections and as the cost of acquisition stipulated in section 49 means ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER N.K. PRADHAN, AM This is an appeal filed by the Revenue. The relevant assessment year is 2014-15. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-57, Mumbai [in short CIT(A) ] and arises out of the assessment completed u/s 143(3) of the Income Tax Act 1961, (the Act ). 2. The ground of appeal filed by the Revenue reads as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchased the property on 27.10.1970 which was inherited by the assessee and his sister after the death of their parents on 29.03.2009. In the return of income filed for the impugned assessment year, the assessee, relying on the judgment of the Hon ble Bombay High Court in CIT v. Manjula J. Shah (2012) 204 Taxman 42 (Bom), had claimed indexation benefits on the long term capital held by him from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion in Manjula J. Shah (supra) and supports the order passed by the Ld. CIT(A). 6. We have heard the rival submissions and perused the relevant materials on record. The facts delineated at para 3 hereinbefore are not in dispute. The only question is whether, the benefit of indexation has to be taken from the year in which the asset was first held by previous owner and not from the year in wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Circular dated 11.07.2018 as amended by Circular dated 20.08.2018 issued by CBDT. Further, the Hon ble Delhi High Court in case of Arun Shungloo Trust (2012) 18 taxmann.com 261 (Del), has also held that benefit of indexation cost of improvement by previous owners in cases covered by section 49 would be allowed. Respectfully following the above decisions, we uphold the order of the Ld. CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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