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The assessee was granted the benefit of cost inflation index for computing long-term capital gains on sale of shares of a foreign company. The Tribunal held that the second proviso to Section 48 does not distinguish between assets held in India and foreign countries for allowing indexation benefit. Accordingly, the Assessing Officer was not justified in denying indexation benefit to the assessee. The CIT(A)'s order was affirmed and the Revenue's appeal was dismissed.
The assessee was granted the benefit of cost inflation index for computing long-term capital gains on sale of shares of a foreign company. The Tribunal held that the second proviso to Section 48 does not distinguish between assets held in India and foreign countries for allowing indexation benefit. Accordingly, the Assessing Officer was not justified in denying indexation benefit to the assessee. The CIT(A)'s order was affirmed and the Revenue's appeal was dismissed.
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