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2018 (12) TMI 181 - AT - Income TaxLong term capital gain - benefit of the indexation and the cost in respect of cost of construction incurred by the assessee’s mother in respect of property, which has been sold, when computing the long term capital gains - cost inflation index in respect of mother’s investment - Held that:- A perusal of the returns filed by Mrs.M.A.Ahamed Asia, mother of the assessees herein, clearly show that investments in the said property are fully disclosed. A perusal of the assessment order passed u/s.143(3) r.w.s.147 of the Act on 02.03.2016 for assessment year 2010-11 in the case of one of the sisters of the assessee, namely, Smt.Wavoo Fathima Muneera, shows that the same AO has accepted the cost of construction of ₹ 14,96,157/- and granted indexation in respect of the said property. This being so, as the cost of construction has been accepted by the Revenue in the case of one of the sisters of assessees, it is not open to Revenue to say that the evidences are not available. This being so, the Assessing Officer is directed to grant the assessee’s benefit of the indexation and the cost in respect of cost of construction incurred by the assessee’s mother in respect of the said property, which has been sold, when computing the long term capital gains. - Decided in favour of assessee.
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