9911796707
TMI Blog2012 (8) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... rief are that the assessee during the relevant assessment year had sold his 25% interest in the property being plot No.2 admeasuring 3.5 acres, block No.15, 5 Mansingh Road, New Delhi along with other family members for a consideration of Rs.1,48,93,93,500/- . The fair market value (FMV) of the property as on 1.4.1981 as per valuation report of Shri Ashok Damani was Rs.4,88,95,000/-. The said property had been received by Sir Prabhashankar Pattani, the great grandfather of the assessee and upon his death in February, 1937 the property had been devolved in equal shares on his two sons, Shri Anantrai and Shri Batukbhai upon death of Shri Batukbhai, there was family settlement on 3.8.1976 in which the assessee inherited 1/9th share in the prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.6,34,47,750/- computed by the assessee as per the details given below :- Share as per table II Date of receipt Indexation from Indexed cost of acquisition Indexed cost 1/9 03.08.1976 1981-82 1/9 of (4,88,95,000 X 519/100) Rs.2,81,96,117/- 1/36 January 1983 1982-83 1/36 of (4,88,95,000 X 519/109) Rs.64,66,999/- 1/24 January 1987 1986-87 1/24 of (4,88,95,000 X 519/140) Rs.75,52,531/- 5/72 January 1999 1998-99 5/72 of (4,88,95,000 X 519/351) Rs.50,20,676/- 18/72 Rs.4,72,36,323/- 2.1 The AO thus computed long term capital gains at Rs.25,60,22,757/- in place of Rs.22,76,52,800/- declared by the assessee. In appeal, CIT(A) following the decision of the Special bench of the Tribunal in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the period for which the property had been held by the previous owners. Under the provisions of section 49, in case the assessee had acquired the property by way of inheritance, gift, will etc. the cost of acquisition of the property is deemed to be the cost for which the previous owner of the property had acquired it. Further under the provisions of section 55(2)(b)(ii), where capital asset became property of the assessee by way of inheritance, gift etc. under section 49(1) and capital asset had become property of the previous owner before 1.4.1981, the cost of the capital asset to the previous owner or FMV of the asset as on 1.4.1981 at the option of the assessee will be the cost of acquisition to the assessee. It is thus clear that in ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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