Case Law Details
Case Name : DCIT (Mumbai) Vs. Manjula J. Shah [ITAT Mumbai (Special Bench- B-1)]
Related Assessment Year : 2004-2005
Courts :
All ITAT ITAT Mumbai
The assessee transferred a capital asset which was received by her by way of gift on 1.2.2003. The previous owner had acquired the capital asset on 29.1.1993. In computing capital gains, the assessee claimed that the indexed cost of acquisition had to be worked out by taking the date of acquisition by the previous owner.
The AO rejected the claim though the CIT (A) accepted it. On appeal by the Revenue, the issue was referred to the Special Bench. HELD by the Special Bench:
(i) Explanation (iii) to s. 48 defines the term “indexed cost of acquisition” to mean the amount which bears to the c...
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Pls. send me complete case details of the apeal no 7315/mum/2007 and such new cases
of capital gain- index cost- index year sec 48