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In case of inheritance, if assets were acquired by the previous owner before 1st April, 1981, then, cost index should be based on the index of financial year 1981-82
Case Law Details
- Case Name
- Deputy Director of Income Tax Vs. Ms. Banita Sawhney (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006- 07
- Courts
- All ITAT, ITAT Delhi
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Base year for calculation of index cost of acquisition of the shares in terms of Explanation (iii) to Section 48 of the Act, acquired by the assessee by way of inheritance (one of the modes specified in Section 49(1) of the Act) should be taken as financial year 1981-82 when such shares were acquired by the previous owner prior to 1st April, 1981. As decided by bobbay high court also in the case of CIT vs. Manjula J. Shah.
INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH
ITA No. 2976/Del/2011, Assessment Year: 2006- 07
Deputy Director of Income Tax
Vs.
Ms. Banita Sawhney
ORDER
PER I.P. BANSAL,...
