https://www.taxtmi.com/caselaws?id=253627 The Tribunal upheld the assessee's claim for indexation of the property acquired through succession from the date of the previous owner's acquisition, rejecting the Commissioner's argument for indexation from the date of the assessee's possession. The Tribunal's decision aligned with the Bombay High Court's interpretation, emphasizing adherence to Sections 48 and 49 of the Income Tax Act. Additionally, the Tribunal ruled that the Commissioner's intervention under Section 263 was unjustified, affirming the assessing authority's decision as legally sound. The case underscored the significance of accurately applying legal principles in determining indexed cost of acquisition for inherited property and delineating the Commissioner's revisionary powers. en-us Tue, 22 Jul 2014 00:00:00 +0530 Sat, 29 Nov 2014 11:05:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253627 The Tribunal upheld the assessee's claim for indexation of the property acquired through succession from the date of the previous owner's acquisition, rejecting the Commissioner's argument for indexation from the date of the assessee's possession. The Tribunal's decision aligned with the Bombay High Court's interpretation, emphasizing adherence to Sections 48 and 49 of the Income Tax Act. Additionally, the Tribunal ruled that the Commissioner's intervention under Section 263 was unjustified, affirming the assessing authority's decision as legally sound. The case underscored the significance of accurately applying legal principles in determining indexed cost of acquisition for inherited property and delineating the Commissioner's revisionary powers. Case-Laws Income Tax Tue, 22 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253627