Bombay High Court Dismisses Revenue's Appeal in Capital Gains Indexation Case — Indexed Cost of Acquisition for Gifted Asset to Be Computed with Reference to Year of Previous Owner's Acquisition. The court held that under Section 48 Explanation (iii) read with Section 49(1) of the Income Tax Act, 1961, the cost inflation index for the year in which the previous owner first held the asset applies, not the year of the assessee's acquisition....
The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) in favor of the assessee, Manjula J. Shah. The assessee, an individual, deri...
