https://www.taxtmi.com/caselaws?id=237331 The High Court upheld the ITAT decision regarding the computation of capital gains on the sale of inherited property. It was determined that the "Cost Inflation Index" for the property should be considered from the base year of 1.4.1981, not the year the property was inherited. The court held that the indexed cost of acquisition for long-term capital gain should be based on when the previous owner first held the asset, resulting in the dismissal of the Revenue's appeal and deletion of the additional long-term capital gain assessment. en-us Tue, 03 Sep 2013 00:00:00 +0530 Wed, 25 Sep 2013 07:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237331 The High Court upheld the ITAT decision regarding the computation of capital gains on the sale of inherited property. It was determined that the "Cost Inflation Index" for the property should be considered from the base year of 1.4.1981, not the year the property was inherited. The court held that the indexed cost of acquisition for long-term capital gain should be based on when the previous owner first held the asset, resulting in the dismissal of the Revenue's appeal and deletion of the additional long-term capital gain assessment. Case-Laws Income Tax Tue, 03 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237331