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2019 (4) TMI 1510 - AT - Income TaxCapital gain computation - determine the year from which indexation benefit would be available to the assessee - computing the Indexed cost of Acquisition by taking the F.Y. 2000-01 instead of F.Y. 1980-81 as the base year of indexation - property was inherited from his father who had purchased the same prior to 01/04/1981 - HELD THAT:- This issue is squarely covered by the judgment of Hon’ble Bombay High Court rendered in CIT Vs. Manjula J.Shah [2011 (10) TMI 406 - BOMBAY HIGH COURT] and [2018 (10) TMI 590 - SUPREME COURT] - Benefit of indexation would be available to the assessee from FY 1981-82 on fair market value as on 01/04/1981. The first ground of appeal stands allowed. Deduction u/s 54/54F - acquisition of tenancy right - Tenancy rights v/s ownership rights - HELD THAT:- We find that the assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership rights. The conditions of Section 54 as well as Section 54F is that the assessee must purchase or construct the new property within the specified time. The acquisition of tenancy right, in our opinion, do not tantamount to purchase or construction of a new property, in any manner. Therefore, the assessee would not be eligible to claim the aforesaid deduction either u/s 54 or u/s 54F.
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