https://www.taxtmi.com/caselaws?id=180708 The Tribunal dismissed the Revenue's appeal, upholding the ld.CIT(A)'s decision on the indexed cost of acquisition for long term capital gain. The dispute centered on the calculation of capital gain using the "Cost Inflation Index" based on the year of acquisition. Relying on a Bombay High Court decision, the Tribunal determined that the cost of acquisition should be computed from the year the previous owner first held the asset, not when the assessee acquired it. Consequently, the assessee was entitled to index the cost of acquisition as of 1.4.1981, resulting in a favorable outcome for the assessee. en-us Fri, 07 Dec 2012 00:00:00 +0530 Thu, 31 Mar 2016 17:40:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180708 The Tribunal dismissed the Revenue's appeal, upholding the ld.CIT(A)'s decision on the indexed cost of acquisition for long term capital gain. The dispute centered on the calculation of capital gain using the "Cost Inflation Index" based on the year of acquisition. Relying on a Bombay High Court decision, the Tribunal determined that the cost of acquisition should be computed from the year the previous owner first held the asset, not when the assessee acquired it. Consequently, the assessee was entitled to index the cost of acquisition as of 1.4.1981, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Fri, 07 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180708