2010 (5) TMI 70

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....Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporter or not? 3. Whether the judgment should be reported in Digest? BADAR DURREZ AHMED, J (ORAL) CM 17469/2009, CM 17471/2009, CM 17474/2009 & CM 17478/2009 The delay in re-filing the appeals is condoned. These applications stand disposed of. ITA 1322/2009, ITA 1323/2009, ITA 1326/2009 & ITA 1328/2009 1. These appeals filed by the revenue pertain to the block period 01.04.1996 to 24.09.2002 and arise out of the Income Tax Appellate Tribunal's order dated 29.12.2008 in IT (SS) A Nos. 92, 93, 94 and 95/Del/2007. 2. A company by the name of Ambitious Gold Nibs Company Private Limited (hereinafter referred to as "Ambitious Gold")....

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....the same is not at all applicable. Section 49(1) deals with the computation of cost with reference to certain modes of acquisition. It, inter alia, provides that where the capital asset became the property of the assessee on any distribution of assets on the total or partial partition of a Hindu Undivided Family or on any distribution of assets on the liquidation of a company, then the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be. In the present case, we find that the asset in question, namely, C-101 Maya Puri Industrial Area was not....