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2018 (7) TMI 1317 - AT - Income TaxRejection of assessee’s claim for grant of exemption u/s 54 - Taxability of a particular amount in a particular period - Held that- There will be no grievance if the long term capital gain be taxed in the assessment year 2011-12 on being refunded to him by the “PIPL”. We direct the AO to take action in the assessment year 2011-12 and assess the long term capital gain at ₹ 5,19,871/-. It is pertinent to observe that we do not find any merit in the contention of the assessee with regard to alleged wrong computation of capital gain at ₹ 5,19,871/-. The AO has rightly computed it because the assessee has failed to substantiate his computation at ₹ 3,7,607/-. The assessee has unnecessarily included a sum of ₹ 88,000/- in the cost of acquisition for taking benefit of indexation. He failed to substantiate the inclusion of ₹ 88,000/- in the cost of acquisition. We partly allow the appeal of the assessee. Assessment of long term capital gain is to be excluded from the assessment year 2009-10. But it is to be taxed in the assessment year 2011-12. The ld.AO shall give necessary effect accordingly. Decided in favour of assessee partly
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