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Case Law Details

Case Name : Deputy Director of Income Tax Vs. Ms. Banita Sawhney (ITAT Delhi)
Related Assessment Year : 2006- 07
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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

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