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2019 (3) TMI 1139 - HC - Income TaxCapital gain computation - sale of old books, part of library inherited by as family members on the death of Shri. Late Muthiah, who expired on 04.06.1992 and which books were sold by them to the University of Chicago, USA.Denial of benefit of indexation of cost - absence of cost of acquisition as on 01.04.1981 - HELD THAT:- No substantial question of law arises in the present case, since the Assessees failed to adduce any evidence or material to establish the cost of acquisition of the books in question, which they simply inherited on the death of the owner, Late Mr.Muthiah, on 04.06.1992 and sold away such books to the University of Chicago, USA. In the absence of cost of acquisition as on 01.04.1981 having been established by the Assessees, the authorities were naturally unable to give the benefit of indexation of cost in the present facts. Therefore, such findings of facts on the basis of estimate nonetheless remain as findings of facts only and do not give rise to any substantial question of law requiring interference under Section 260A of the Act. Therefore, we do not find any substance in the present appeals filed by the Assessee - Questions of law framed above are answered against the Assessee and in favour of Revenue.
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