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2014 (8) TMI 111 - AT - Income TaxIndexed cost of acquisition - Property inheritance as per Explanation-(iii) to section-48 – Held that:- The cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of assets incurred or borne by previous owner or the assessee as the case may be – Following the decision in DCIT vs. Manjula J. Shah [2009 (10) TMI 646 - ITAT MUMBAI] - when the Legislature by introducing the deeming fiction seeks to tax the gains arising on transfer of a capital asset acquired under a gift or will and the capital gains under section 48 of the Act has to be computed by applying the deemed fiction, it is not possible to accept the contention of Revenue that the fiction contained in Explanation 1(i)(b) to section 2(42A) of the Act cannot be applied in determining the indexed cost of acquisition under section 48 of the Act – Decided against Revenue.
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