https://www.taxtmi.com/caselaws?id=206334 The High Court upheld the Income Tax Appellate Tribunal's decision in a case concerning the interpretation of Section 48 of the Income Tax Act for long term capital gains. The Court ruled that the capital gain should be calculated based on the payment schedule, rejecting the appellant's argument for full benefit of price indexation with reference to the date of payment. Additionally, the Court determined that the cost of acquisition should be based on the actual amounts paid after the allotment letter, emphasizing the exhaustive definition in Section 55(2) without introducing additional meanings. The appeal was dismissed in favor of the revenue. en-us Fri, 14 Oct 2011 00:00:00 +0530 Mon, 24 Oct 2011 07:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206334 The High Court upheld the Income Tax Appellate Tribunal's decision in a case concerning the interpretation of Section 48 of the Income Tax Act for long term capital gains. The Court ruled that the capital gain should be calculated based on the payment schedule, rejecting the appellant's argument for full benefit of price indexation with reference to the date of payment. Additionally, the Court determined that the cost of acquisition should be based on the actual amounts paid after the allotment letter, emphasizing the exhaustive definition in Section 55(2) without introducing additional meanings. The appeal was dismissed in favor of the revenue. Case-Laws Income Tax Fri, 14 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206334