https://www.taxtmi.com/caselaws?id=210639 The Appellate Tribunal upheld the deletion of the addition on account of long term capital gains. It determined that the cost of acquisition for inherited property should be calculated with reference to the cost inflation index of 1-4-1981, not the date of the mother's death or the family settlement. The Tribunal emphasized that capital gains liability should be computed as if the asset was held by the assessee from the date it was held by the previous owner, as specified under the Income Tax Act. en-us Fri, 13 Jan 2012 00:00:00 +0530 Thu, 16 Feb 2012 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210639 The Appellate Tribunal upheld the deletion of the addition on account of long term capital gains. It determined that the cost of acquisition for inherited property should be calculated with reference to the cost inflation index of 1-4-1981, not the date of the mother's death or the family settlement. The Tribunal emphasized that capital gains liability should be computed as if the asset was held by the assessee from the date it was held by the previous owner, as specified under the Income Tax Act. Case-Laws Income Tax Fri, 13 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210639