https://www.taxtmi.com/caselaws?id=354571 For capital assets received by will, succession or inheritance, section 49(1) deems the previous owner's acquisition cost to be the assessee's cost, and section 48 read with Explanation (iii) governs indexation from the relevant statutory base year. Applied to property originally acquired by the father in 1945 and later devolved on the assessee, the indexed cost of acquisition was required to be computed with reference to the previous owner's acquisition, using 1981 as the base year rather than the year of inheritance. The text states that no substantial question of law arose and the appeal was dismissed. en-us Mon, 22 Jan 2018 00:00:00 +0530 Wed, 31 Jan 2018 18:16:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354571 For capital assets received by will, succession or inheritance, section 49(1) deems the previous owner's acquisition cost to be the assessee's cost, and section 48 read with Explanation (iii) governs indexation from the relevant statutory base year. Applied to property originally acquired by the father in 1945 and later devolved on the assessee, the indexed cost of acquisition was required to be computed with reference to the previous owner's acquisition, using 1981 as the base year rather than the year of inheritance. The text states that no substantial question of law arose and the appeal was dismissed. Case-Laws Income Tax Mon, 22 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354571