Indexation Benefit Admissible for Assets held in foreign countries: ITAT Mumbai

DCIT Vs Aarav Fragrances and Flavors Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that benefit of cost inflation index admissible as per second proviso to section 48 of the Income Tax Act. Accordingly, indexation benefit admissible even in respect of assets held in foreign countries. Provision doesn’t distinguish assets held in India and in foreign countries. Facts- Revenue has preferred the present appeal against order passed by CIT(A). he only issue in this appeal is whether the Ld. CIT(A) was justified in holding that the assessee is entitled to deduct indexed cost of shares of foreign compan...