Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 23 - AT - Income TaxDetermination of year of acquisition of the capital asset – Capital asset transferred – Determination of Indexed cost of acquisition - Whether the right to receive the flats on the fourth and fifth floor of the building has accrued to the assessees by virtue of the operation of the agreement dated 26.09.1986 or by the modification agreement dated 23.07.2003 – Held that:- As per the original agreement, the assessees are entitled for the second/third floor flats and the subsequent modification allowing the assessees to receive the flats on fourth/fifth floor instead of second/third floor flats will only substitute the assessee's existing right to receive the constructed property - the assessees right to receive the fourth/fifth floor flats have been accrued to them on 26.09.1986 itself i.e., the original date of agreement - the authorities below are not justified in adopting the indexation cost from the year 2003 on the ground that transfer has taken place in the said year - thus, both the assessees are entitled for claiming the indexed cost of acquisition from the year 1986 onwards – the order of the CIT(A) set aside – Decided in favour of Assessee.
|