TMI Blog2019 (3) TMI 1248X X X X Extracts X X X X X X X X Extracts X X X X ..... year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset. See case of MANJULA J. SHAH (DEAD) [2011 (10) TMI 406 - BOMBAY HIGH COURT] also confirmed by SC [2018 (10) TMI 590 - SUPREME COURT]. The Hon’ble Delhi High Court in the case of Arun Shungloo Trust [2012 (2) TMI 259 - DELHI HIGH COURT] has also held that the benefit of indexation cost of improvement by previous owners in cases covered by section 49 would be allowed. - Decided against revenue. - ITA No. 304/MUM/2018 - - - Dated:- 18-2-2019 - Shri Saktijit Dey (Judicial Member) And Shri N.K. Pradhan (Accountant Member) For the Assessee : Mr. M. Golvala, AR For the Revenue : Mr. Nishant Samaiya, DR ORD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 013-14 on 31.07.2013 declaring total income at ₹ 9,45,80,067/-. In the return of income, the assessee had offered income from Long Term Capital Gains (LTCG) amounting to ₹ 9,02,91,640/- in respect of sale of a half share in a residential flat situated at 203, Panorama, Walkeshwar Road, Mumbai, which he had received as a bequest from his deceased father, late Dr. Homi Sethna. The said flat was purchased by the assessee s deceased father in March 1973. This fact has been referred to in the sale deed. Accordingly, while computing the capital gains, the indexed cost of acquisition was calculated by the assessee by considering indexation benefit from 01.04.1981, as his father had acquired the flat prior to 01.04.1981. During the cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. CIT(A). 6. We have heard the rival submissions and perused the relevant materials on record. We find that the above issue has been decided by the Hon ble Bombay High Court in Manjula J. Shah (supra). In that case the assessee s daughter, the previous owner, originally acquired the capital asset (flat) on January 29, 1993, and the assessee acquired the flat under a gift deed dated January 02, 2003, without incurring any cost. The assessee sold the capital asset on June 30, 2003, for ₹ 1.10 crores. According to the AO, the asset was held by the assessee from February 01, 2003, and, therefore, the cost inflation index for 2002-03 would be applicable in determining the indexed cost of acquisition for the AY 2004-05. The Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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