AO cannot ignore provisions of section 55(2)(b) in computation of indexed cost

Devendra Kumar Shroff Vs ITO (ITAT Kolkata) We note that the immovable property which is in issue was initially owned by Smt. Bakul Rani Bose. And we note that Smt. Bakul Rani Bose bought the property by Indenture of Sale on 18.11.1949 from one Smt. Chitralekha Choudhrani (refer page 89 of paper book). Thereafter, the property was sold by Smt. Bakul Rani Bose to the assessee on 15.04.1976, which fact is seen from perusal of page 90 of paper book. The deed of conveyance mentions the fact that the land was purchased by the assessee vide Indenture of sale 15th day of April, 1976 made between Baku...