https://www.taxtmi.com/caselaws?id=763524 The ITAT Mumbai held that indexation benefit under section 48 cannot be denied for shares of foreign companies when computing long-term capital gains. The tribunal noted that the second proviso to section 48 does not distinguish between assets held in India versus foreign countries. The assessing officer was found unjustified in denying indexation benefit for foreign company shares. The CIT(A)'s order granting indexation benefit was affirmed, and the Revenue's appeal was dismissed. en-us Wed, 27 Nov 2024 00:00:00 +0530 Fri, 20 Dec 2024 17:21:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763524 The ITAT Mumbai held that indexation benefit under section 48 cannot be denied for shares of foreign companies when computing long-term capital gains. The tribunal noted that the second proviso to section 48 does not distinguish between assets held in India versus foreign countries. The assessing officer was found unjustified in denying indexation benefit for foreign company shares. The CIT(A)'s order granting indexation benefit was affirmed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763524