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2019 (5) TMI 1772 - AT - Income TaxGain on sale of property as inherited from parents - Benefit of indexation - Year of assessment - Transfer of ownership - property was purchased by the parents of the assessee before 01/04/1981 - CT-A directing the AO that indexed cost of acquisition should be taken from the year in which previous owner acquired the asset i.e. 01.04.1981 and not from the year in which assessee became owner of the asset for purpose of computation of LTCG - HELD THAT:- Although the assessee relied on the judgement of Hon’ble Bombay High Court rendered in Manjula Shah Vs. DCIT, [2011 (10) TMI 406 - BOMBAY HIGH COURT] however, noticing that the Special leave Petition filed by the department against the same was pending before Hon’ble Supreme Court, the benefit as claimed by the assessee was denied by Ld. AO. The Ld. First appellate authority reversed the stand of Ld. AO by observing that the said judicial pronouncement was binding. Aggrieved, the revenue is in furthe appeal before us. As brought to the notice that even the department’s Special Leave Petition against the said binding judgement has been dismissed by Hon’ble Apex Court [2018 (10) TMI 590 - SC ORDER] - Accordingly, no infirmity could be found in the impugned order. - Decided against revenue
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