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2012 (2) TMI 259 - HC - Income TaxLong term capital gains – period of holding – property sold was transferred to trust on 05.01.1996 – acquired by previous owner prior to 01.04.1981 – Revenue contending indexed cost of acquisition from 05.01.1996 – Held that:- 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. The cost of acquisition stipulated in Section 49 means the cost for which the previous owner had acquired the property. The term “held by the assessee” should be interpreted to include the period during which the property was held by the previous owner. See CIT v. Manjula J.Shah [2011 (10) TMI 406 - BOMBAY HIGH COURT] – Decided against the Revenue.
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