2011 (10) TMI 7

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....ions of law:   1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is correct in Law in holding that it is the actual amount paid from time to time after the date of issuance of allotment letter which is to be considered for the purposes of indexation with respect to the date of payment within the meaning of Section proviso of Section 48 of the Income Tax Act, 1961 read with Clause-II and IV of explanation thereof.   2. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was correct in Law for making the actual payment as the basis for indexation rather than the cost on the date of purchase of the land."   The brief facts of the case are t....

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.... has not been given. He submits that the Tribunal has not given the complete benefit considering the transactions as long term capital gain. The benefit of price indexation is to be given with reference to the date of payment. According to him, the proviso of Section 48 was misinterpreted by the Tribunal and, as such, the assessee is entitled for full benefit of long term capital gain under Section 45 of the Income Tax Act. On the other hand, Sri D. D. Chopra, learned counsel for the department has relied on the order of the lower authorities. We have heard both the parties at length and gone through the material available on record. From the record, it appears that the land in question was purchased from the Lucknow Development Authority o....