https://www.taxtmi.com/caselaws?id=250161 The Tribunal upheld the decision of the CIT(A) in favor of the assessee, ruling that the indexed cost of acquisition of inherited property should be calculated from the year the property was first held by the previous owner, not just from the year of inheritance. The Tribunal emphasized the application of deeming fiction under the Income Tax Act to compute long-term capital gains accurately. The revenue's appeal was dismissed, affirming the assessee's position. The order was issued on 23rd July 2014, settling the matter in favor of the assessee. en-us Wed, 23 Jul 2014 00:00:00 +0530 Tue, 05 Aug 2014 01:27:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250161 The Tribunal upheld the decision of the CIT(A) in favor of the assessee, ruling that the indexed cost of acquisition of inherited property should be calculated from the year the property was first held by the previous owner, not just from the year of inheritance. The Tribunal emphasized the application of deeming fiction under the Income Tax Act to compute long-term capital gains accurately. The revenue's appeal was dismissed, affirming the assessee's position. The order was issued on 23rd July 2014, settling the matter in favor of the assessee. Case-Laws Income Tax Wed, 23 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250161