2015 (5) TMI 1218

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....bmission with a request to consider the same to pass an order on merit. Accordingly, we heard the Ld. Departmental Representative and considered the written submission filed by the assessee and proceed to dispose the appeal on merit. 3. In the written submission, the assessee claimed that he received 75 cents of land by gift through a settlement deed dated 23.01.2004. The mother of the assessee purchased the said land on 25.09.1957 by means of a registered sale deed No.2068 of 1957. The assessee transferred the said land and claimed indexation as on 01.04.1981. However, the Assessing Officer rejected the claim of the assessee and allowed indexation only from 23.01.2004 when the assessee became the owner. The assessee, by placing reliance o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the property received by the assessee from his mother. We find that the Bombay High Court in the case of Manjula J. Shah (supra) had an occasion to consider an identical issue. The Bombay High Court, after considering the provisions of Section 48 of the Act, has observed as follows:- "17. We see no merit in the above contention. As rightly contended by Mr. Rai, Ld.counsel for the assessee, the indexed cost of acquisition has to be determined with reference to the cost of inflation index for the first year in which the capital asset was 'held by the assessee'. Since the expression 'held by the assessee' is not defined under Section 48 of the Act, that expression has to be understood as defined under Section 2 of the Act. Explanation ....