https://www.taxtmi.com/caselaws?id=327499 In computing capital gains on inherited property, indexation follows the holding period of the previous owner, so the cost inflation benefit may run from the base year linked to that owner's acquisition and the fair market value as on 1 April 1981 may be adopted where applicable. A reference to the Departmental Valuation Officer for determining that fair market value was upheld because it was made pursuant to appellate directions, at the assessee's instance, and was not effectively challenged. Interest under sections 234A and 234B had to be recomputed after giving credit for amounts lying under provisional attachment, as such sums were available towards the tax demand. en-us Wed, 13 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 01:23:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327499 In computing capital gains on inherited property, indexation follows the holding period of the previous owner, so the cost inflation benefit may run from the base year linked to that owner's acquisition and the fair market value as on 1 April 1981 may be adopted where applicable. A reference to the Departmental Valuation Officer for determining that fair market value was upheld because it was made pursuant to appellate directions, at the assessee's instance, and was not effectively challenged. Interest under sections 234A and 234B had to be recomputed after giving credit for amounts lying under provisional attachment, as such sums were available towards the tax demand. Case-Laws Income Tax Wed, 13 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327499