https://www.taxtmi.com/caselaws?id=461529 ITAT Mumbai held that assessee was entitled to indexation benefit on total cost of acquisition from year of flat allotment, regardless of installment payments made over subsequent years. The tribunal ruled in favor of assessee on LTCG indexation issue. Additionally, penalty under section 271(1)(c) was deleted as the notice was defective - it failed to strike off irrelevant limb and mentioned both "concealment" and "inaccurate particulars" charges. Following Bombay HC precedent and Supreme Court ruling in T. Ashok Pai, the tribunal held such ambiguous notices vitiate penalty proceedings entirely. en-us Mon, 22 Aug 2022 00:00:00 +0530 Fri, 11 Apr 2025 18:56:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461529 ITAT Mumbai held that assessee was entitled to indexation benefit on total cost of acquisition from year of flat allotment, regardless of installment payments made over subsequent years. The tribunal ruled in favor of assessee on LTCG indexation issue. Additionally, penalty under section 271(1)(c) was deleted as the notice was defective - it failed to strike off irrelevant limb and mentioned both "concealment" and "inaccurate particulars" charges. Following Bombay HC precedent and Supreme Court ruling in T. Ashok Pai, the tribunal held such ambiguous notices vitiate penalty proceedings entirely. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461529