For Indexation of cost, Effective date is date of allotment of property

Advertisement L. Vivekananda M/s. Vivek Hotels Vs ACIT (ITAT Bangalore) In our opinion, in this case for computing the inflation cost of the asset, the date to be reckoned from the date of allotment of the property to the assessee and not the date on which possession certificate issued to the assessee. Further, a judgement relied by CIT in the case of CIT Vs. Balbir Singh Maini (SC) (supra) have no application and it was delivered on different context with reference to section 2(47)(v) of the Act and the judgement of Hon’ble High Court relied by the assessee’s counsel in the case of A. ...