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2015 (5) TMI 1218 - ITAT CHENNAIComputation of capital gain addition - indexed cost of acquisition - HELD THAT:- It is not in dispute that the assessee obtained 75 cents of land from his mother by means of settlement deed dated 23.01.2004. The assessee also sold the land during the year under consideration and claimed capital gain by adopting the value as on 01.04.1981. AO disallowed the claim on the ground that the asset was owned only on 23.01.2004. Therefore, the value as on 23.01.2004 is to be adopted in respect of the property received by the assessee from his mother. We find that the Bombay High Court in the case of Manjula J. Shah [2011 (10) TMI 406 - BOMBAY HIGH COURT] had an occasion to consider an identical issue. Accordingly, the orders of the lower authorities are set aside and the Assessing Officer is directed to compute the indexed cost of acquisition from 01.04.1981 in view. Appeal of the assessee is allowed.
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