https://www.taxtmi.com/caselaws?id=410147 The High Court upheld the Tribunal's decision to use 01.04.1981 as the base year for calculating the indexed cost of acquisition, following the precedent set in the Manjula J. Shah case. The Court validated the Tribunal's reliance on the Bombay High Court decision, dismissing the Revenue's challenge. Additionally, the Court affirmed the assessee's entitlement to exemption under Section 54 for property purchased outside India and construction beyond the statutory time limit for the relevant assessment year (2010-11). The High Court ruled in favor of the assessee on all issues raised by the Revenue, dismissing the appeals without costs. en-us Tue, 22 Jun 2021 00:00:00 +0530 Mon, 26 Jul 2021 09:14:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410147 The High Court upheld the Tribunal's decision to use 01.04.1981 as the base year for calculating the indexed cost of acquisition, following the precedent set in the Manjula J. Shah case. The Court validated the Tribunal's reliance on the Bombay High Court decision, dismissing the Revenue's challenge. Additionally, the Court affirmed the assessee's entitlement to exemption under Section 54 for property purchased outside India and construction beyond the statutory time limit for the relevant assessment year (2010-11). The High Court ruled in favor of the assessee on all issues raised by the Revenue, dismissing the appeals without costs. Case-Laws Income Tax Tue, 22 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410147