https://www.taxtmi.com/highlights?id=95878 In computing long-term capital gains on transfer of inherited immovable property, the dominant issue was the correct base year and Cost Inflation Index for indexation and FMV as on 01-04-1981. Since the property was admittedly inherited in 1981, indexation had to commence from 01-04-1981 with CII 100, and the Revenue's reliance on CII 172 for FY 1989-90 based on an aborted agreement was held illogical and irrelevant. The AO was directed to recompute LTCG by adopting FMV at Rs.17.50 per sq. mtr as on 01-04-1981, using stamp duty valuation as consideration, applying the assessee's proportionate share, and granting eligible relief for investment in a jointly purchased new property. - ITAT en-us Fri, 09 Jan 2026 12:06:37 +0530 Fri, 09 Jan 2026 12:06:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95878 In computing long-term capital gains on transfer of inherited immovable property, the dominant issue was the correct base year and Cost Inflation Index for indexation and FMV as on 01-04-1981. Since the property was admittedly inherited in 1981, indexation had to commence from 01-04-1981 with CII 100, and the Revenue's reliance on CII 172 for FY 1989-90 based on an aborted agreement was held illogical and irrelevant. The AO was directed to recompute LTCG by adopting FMV at Rs.17.50 per sq. mtr as on 01-04-1981, using stamp duty valuation as consideration, applying the assessee's proportionate share, and granting eligible relief for investment in a jointly purchased new property. - ITAT Highlights Income Tax Fri, 09 Jan 2026 12:06:37 +0530 https://www.taxtmi.com/highlights?id=95878