https://www.taxtmi.com/caselaws?id=329372 The Tribunal ruled in favor of the assessee on both issues. It held that the cost of inflation index for inherited property should be calculated from the year of purchase, not just from the date of inheritance. Additionally, the deduction u/s.54EC for investments made in two different financial years was allowed based on a High Court judgment clarifying legislative changes. The Tribunal emphasized the importance of considering legislative changes and judicial precedents in tax matters, providing clarity on the interpretation of relevant provisions of the Income Tax Act. en-us Fri, 03 Jun 2016 00:00:00 +0530 Thu, 30 Jun 2016 11:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329372 The Tribunal ruled in favor of the assessee on both issues. It held that the cost of inflation index for inherited property should be calculated from the year of purchase, not just from the date of inheritance. Additionally, the deduction u/s.54EC for investments made in two different financial years was allowed based on a High Court judgment clarifying legislative changes. The Tribunal emphasized the importance of considering legislative changes and judicial precedents in tax matters, providing clarity on the interpretation of relevant provisions of the Income Tax Act. Case-Laws Income Tax Fri, 03 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329372