2013 (8) TMI 478

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.... instance of the revenue and it pertains to Assessment Year 2006-07. Following grounds were urged before us.    "1. On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in holding that the base year for determining the indexed costs of acquisition should be F.Y. 1981-82 as against F.Y. 2003-04 determined by the Assessing Officer.    2. Th....

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.... Since assessee made investment of Rs.62,00,000/- in capital bonds, it was pleaded that he is entitled to exemption on u/s 54 EC of the I.T. Act, on such investment. 4. The AO noticed that assessee did not purchase the flat. In fact it was owned by his mother Mrs. Kantabai Hansraj Sampat. From 1976 onwards Smt. Kantabai H. Sampat has been occupying the said premises for her own use. On her demi....

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.... Manjula Shah 318 ITR (AT) 417, indexed cost of acquisition should be computed with reference to the year in which previous owner (i.e. Mother) first held that asset and not in the first year in which the asset was held by the assessee. 7. Respectfully following the above decision of the ITAT, Mumbai Bench, (Supra) the CIT(A) directed the AO to work out the indexed cost of acquisition with refe....