https://www.taxtmi.com/caselaws?id=265799 The Tribunal dismissed the Revenue's appeal, upholding the decision of the First Appellate Authority to compute the indexed cost of acquisition with reference to the year in which the previous owner first held the asset, as per the decision in Manjula J. Shah. The Tribunal determined that the assessee should be deemed to have held the asset from 1975, and therefore, the indexed cost of acquisition should be calculated from that year. This decision was based on various provisions of the Income Tax Act and aligned with the objective of taxing gains from the transfer of assets acquired through gift or will. en-us Wed, 01 Jul 2015 00:00:00 +0530 Fri, 16 Oct 2015 06:15:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265799 The Tribunal dismissed the Revenue's appeal, upholding the decision of the First Appellate Authority to compute the indexed cost of acquisition with reference to the year in which the previous owner first held the asset, as per the decision in Manjula J. Shah. The Tribunal determined that the assessee should be deemed to have held the asset from 1975, and therefore, the indexed cost of acquisition should be calculated from that year. This decision was based on various provisions of the Income Tax Act and aligned with the objective of taxing gains from the transfer of assets acquired through gift or will. Case-Laws Income Tax Wed, 01 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265799