2003 (8) TMI 465

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....M. - This appeal by the revenue for the assessment year 1995-96 is directed against the order of the CIT(A). The Grounds of appeal of the revenue are as under :- "1. The ld. CIT(A) has erred in directing to adopt the cost of Inflation Index applicable to the year in which the previous owner purchased the property rather than the year in which the assessee became the owner of the property." "....

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....have considered the rival submissions. We find that the property in question was purchased on 13-5-1985 by the family members of the assessee. Due to some disputes between family members, a memorandum of family arrangement was made between the family members in 25-12-1991 and as per the said memorandum, the assessee became entitled to the property in question w.e.f. 1-4-1991 in lieu of surrenderin....