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2018 (10) TMI 788 - AT - Income TaxComputation of Long Term Capital gains - benefit of indexation - selection of date - Held that:- Indexation benefit against the cost of acquisition shall be available to the assessee on the basis of index of the year in which the payments were actually made by the assessee. The payment made up-to the date of agreement i.e. 18/10/2007 shall be indexed by applying the index for Financial Year 2007-08. Accordingly, subsequent payments made in different financial years shall be indexed by applying the respective indexes of those years. Ground Number-1 stand dismissed. As a logical consequence, the directions of Ld. CIT(A) in not allowing the indexation benefits to payments of ₹ 18.32 Lacs & ₹ 13.44 Lacs in FY 2011-12 could not be sustained since the payments made within a period of 36 months before the date of transfer of asset could not alter the nature of gains earned by the assessee and the same remain Long Term Capital Gain in nature only. Ground Number-2 stand allowed. Non-adjudication of VAT paid - Held that:- Supporting documents, in this regard, have been placed on record. We find that this issue has not been considered even by AO. Therefore, the matter stand remitted back to the file of AO to consider this claim with a direction to the assessee to substantiate the same. This ground stand allowed for statistical purposes. It is also noted that the figures of stamp duty & Registration has wrongly been picked by AO as 18,32,137/- as against correct figures of ₹ 18,49,700/-.
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