2013 (9) TMI 763

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....allenging the impugned judgment and order passed by the learned ITAT dated 7.12.2012 passed in I.T.A. No.2194/Ahd/2012 with respect to Assessment Year 2006-07 with the following proposed substantial question of law:- "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal substantially erred in law in not distinguishing the mandate given in Explanation (iii) to section....

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....ed by the assessee on 23.12.1998. Consequently, the capital gain was recomputed by the Assessing Officer and the assessee's 50% share was assessed at Rs.1,25,76,878/-. 3. Feeling aggrieved by and dissatisfied with the order of assessment passed by the Assessing Officer considering "Cost Inflation Index" as per the Financial Year 1998-99 on the ground that property has been acquired by the assesse....

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....t with aforesaid proposed question of law. 6. Heard Shri K.M. Parikh, learned advocate appearing on behalf of the Revenue and considering the material on record and the impugned order passed by the learned ITAT as well as the order passed by the CIT(Appeals), the question which is posed for consideration is whether for considering the long term capital gain "Cost Inflation Index" is required to b....

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....eld the asset and not the year in which the assessee became the owner of the asset. In the aforesaid decisions, it was a case of gift. However, same analogy would be applied with respect to the property of inheritance. 8. In view of the above, no error has been committed by the learned ITAT in dismissing the appeal preferred by the Revenue and confirming the order passed by CIT(Appeals) allowing ....