https://www.taxtmi.com/caselaws?id=216774 The Tribunal upheld the CIT (A)'s decision to compute capital gains by applying the Cost Inflation Index for the year of acquisition by the previous owner. The Tribunal emphasized that the indexed cost of acquisition should be determined with reference to the year in which the previous owner first held the asset. The appeal filed by the Department was dismissed, affirming the application of the Special Bench decision in Manjula J. Shah and establishing that the benefit of indexed cost of improvement and acquisition should be available even if the asset is acquired under a gift, will, or succession. en-us Fri, 06 Jul 2012 00:00:00 +0530 Fri, 21 Sep 2012 23:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216774 The Tribunal upheld the CIT (A)'s decision to compute capital gains by applying the Cost Inflation Index for the year of acquisition by the previous owner. The Tribunal emphasized that the indexed cost of acquisition should be determined with reference to the year in which the previous owner first held the asset. The appeal filed by the Department was dismissed, affirming the application of the Special Bench decision in Manjula J. Shah and establishing that the benefit of indexed cost of improvement and acquisition should be available even if the asset is acquired under a gift, will, or succession. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216774