https://www.taxtmi.com/caselaws?id=379043 The High Court upheld the assessee's entitlement to exemption under Section 54 of the Income Tax Act, clarifying that the indexed cost of acquisition should be computed based on the year the previous owner first held the asset. The court emphasized that the definition of 'previous owner of the property' should not be extended beyond its intended scope. Additionally, the court ruled that for the applicability of Section 54, it is enough to sell a capital asset in the form of a building or land appurtenant thereto, without the need to transfer both components. en-us Thu, 18 Apr 2019 00:00:00 +0530 Thu, 25 Apr 2019 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379043 The High Court upheld the assessee's entitlement to exemption under Section 54 of the Income Tax Act, clarifying that the indexed cost of acquisition should be computed based on the year the previous owner first held the asset. The court emphasized that the definition of 'previous owner of the property' should not be extended beyond its intended scope. Additionally, the court ruled that for the applicability of Section 54, it is enough to sell a capital asset in the form of a building or land appurtenant thereto, without the need to transfer both components. Case-Laws Income Tax Thu, 18 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379043