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2014 (1) TMI 806 - HC - Income TaxBenefit of indexation - inheritance - Cost Inflation Index of the year in which the said bungalow was constructed or of the year in which the said passage of ownership of bungalow were passed on her in the year after the demise of her husband - Held that:- Following CIT vs. Manjula J Shah [2011 (10) TMI 406 - BOMBAY HIGH COURT] - The benefit of indexation shall be available from the year when previous owner first acquired it - If expression "held by assessee" interpreted differently to give benefit of indexation from the period when assessee acquired it, would defeat the purpose of statute - If the object of the legislature is to tax the gains arising on transfer of a capital acquired under a gift or will by including the period for which the said asset was held by the previous owner in determining the period for which the said asset was held by the assessee, then that object cannot be defeated by excluding the period for which the said asset was held by the previous owner while determining the indexed cost of acquisition of that asset to the assessee - Decided against Revenue.
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