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TMI Blog2014 (9) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... Amit Shukla (Judicial Member) The present appeal has been preferred by the Revenue challenging the impugned order dated 15th October 2012, passed by the learned Commissioner (Appeals)-XVII, Mumbai, for the quantum of assessment passed under section 143(3) of the Income Tax Act, 1961 (for short "the Act") for the assessment year 2007-08, on the following grounds:- "On the facts and in the circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xation as substituted by the market value as on 1st April 1981, based on valuer's report. The Assessing Officer held that no cost has been incurred by the assessee in the acquisition of tenancy rights and, therefore, the benefit of cost of inflation index cannot be given. Accordingly, he rejected the inflated cost of index at Rs. 29,42,730. 3. Before the learned Commissioner (Appeals), it was sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year 1981 and, therefore, the value has to be adopted as on 1st April 1981, which was valued at Rs. 5,67,000. Thus, following the decision of the Hon'ble Jurisdictional High Court in CIT v/s Manjula J. Shah, [2011] 355 ITR 474 (Bom.), held that while computing the capital gain arising out of capital asset acquired by the assessee from previous owner, the index cost of acquisition has to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the finding and the conclusion drawn by the learned Commissioner (Appeals) as now in wake of decision of the Hon'ble Jurisdictional High Court in Manjula J. Shah (supra), it is quite settled that while computing the capital gain arising out of transfer of capital asset acquired by the assessee from the previous owner, the index cost of acquisition has to be computed with reference to the year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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