https://www.taxtmi.com/caselaws?id=242589 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in favor of the assessee, ruling that the indexed cost of acquisition for Long Term Capital Gain should be calculated from the year of construction of the property, not the year of first ownership by the assessee. The Court dismissed the revenue's appeal, citing precedents and finding no error in the ITAT's decision. Consequently, the judgment emphasizes the significance of considering the year of construction in determining the indexed cost of acquisition for LTCG, ultimately supporting the assessee's position. en-us Mon, 09 Dec 2013 00:00:00 +0530 Sat, 18 Jan 2014 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242589 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in favor of the assessee, ruling that the indexed cost of acquisition for Long Term Capital Gain should be calculated from the year of construction of the property, not the year of first ownership by the assessee. The Court dismissed the revenue's appeal, citing precedents and finding no error in the ITAT's decision. Consequently, the judgment emphasizes the significance of considering the year of construction in determining the indexed cost of acquisition for LTCG, ultimately supporting the assessee's position. Case-Laws Income Tax Mon, 09 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242589