https://www.taxtmi.com/caselaws?id=335901 Inherited assets take indexed cost of acquisition from the year the previous owner first held the property, not merely from the date of inheritance, and the assessee succeeded on that point. Section 54 relief was allowed where investment in a residential flat was substantially made within time and completion was delayed by the builder, since bona fide compliance was sufficient. Section 54 was also available for purchase of a residential house outside India for the relevant assessment year, because no territorial restriction then existed in the provision. The Revenue's challenge on indexation failed, and the assessee obtained relief on both section 54 claims. en-us Wed, 02 Nov 2016 00:00:00 +0530 Tue, 07 Feb 2017 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335901 Inherited assets take indexed cost of acquisition from the year the previous owner first held the property, not merely from the date of inheritance, and the assessee succeeded on that point. Section 54 relief was allowed where investment in a residential flat was substantially made within time and completion was delayed by the builder, since bona fide compliance was sufficient. Section 54 was also available for purchase of a residential house outside India for the relevant assessment year, because no territorial restriction then existed in the provision. The Revenue's challenge on indexation failed, and the assessee obtained relief on both section 54 claims. Case-Laws Income Tax Wed, 02 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335901