2012 (12) TMI 1075

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....s is an appeal filed by the Revenue arising from the order of the ld.CIT(A)-II, Baroda dated 03.07.2012 passed for A.Y. 2006-07 by raising following ground:- 1. On the facts and in the circumstances of the case and in law, the ld.CIT (Appeals) erred in allowing indexed cost of acquisition from the base year i.e. from 1.4.1981 and thereby deleting the addition of Rs. 1,00,76,878/- made on account....

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....ital gain at ₹ 21,24,438/-. The issue was on account of the fact that the assessee had taken the benefit of "Cost Inflation Index" as per the base year 1981- 82. On the other hand, the AO has held that the property was acquired on 23.12.1998, therefore the "Cost Inflation Index" should be as per the F.Y. 1998-99. With the result, the capital gain was recomputed by the AO and the assessee's 5....

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.... the previous owner first held the asset and not the year in which the assessee became the owner of the asset." unquote. The relevant provision is unambiguous because u/s.49(1)(iii) where the capital asset became the property of the assessee by succession, inheritance or devolution, the Cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property had....