ITAT Bound by Jurisdictional HC Precedent on Inherited Property Indexation Base Year

Easwari Sukanya Krishnan Vs ITO (ITAT Chennai) Introduction: In the case of Easwari Sukanya Krishnan Vs. Income Tax Officer (ITO), the Income Tax Appellate Tribunal (ITAT) in Chennai ruled on the determination of the base year for availing indexation benefits in respect of inherited properties. The revenue challenged the assessee’s claim of indexation from a specific financial year. Analysis: The assessee had sold a property during the relevant year and claimed indexation of the cost from the financial year 2001-02 i.e. year in which property was acquired by mother from whom assessee inh...