Indexation from date of acquisition by previous owner available in case of transfer of asset under will

Income Tax Officer Vs Sohrab Fali Mehta (ITAT Mumbai) ITAT Mumbai held that while computing capital gains arising of transfer of capital asset acquired by the assessee under the will, the indexed cost of acquisition has to be computed with respect to the year in which the previous owner first held the asset. Facts- In A.Y. 2016-2017, the assesse earned long-term capital gain from sale of assessee’s share in the immovable property inherited by assessee from his mother in A.Y. 2008-2009. Notably, AO agreed with the assessee that the cost of acquisition should be the cost in the hands of the pr...