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2015 (1) TMI 562 - AT - Income TaxCapital gain on sale of shares acquired by way of gift - period of holding - indexed cost of the acquisition of the shares sold by the assessee - Held that:- In the present case while computing the capital gains arising on sale of shares acquired by the assessee by way of gift, the indexed cost of acquisition is to be computed with reference to the year in which the previous owners first held the assets and not the year in which the assessee became the owner of the asset. We, therefore, do not find any infirmity in the order of CIT(A) directing the AO to compute the capital gains in the case of the assessee by applying the indexed cost of acquisition in which the previous owners first held the shares in question. - Decided in favour of assessee.
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