Jethiben K Patel Discretionary Trust Vs DCIT (ITAT Ahemdabad)- In the case of Mohanlal N. Shah (HUF) –vs- ACIT reported in  26 SOT 380 (Mum) wherein it was held that as per section 48, option is with the assessee to or not to avail of benefit of indexation for computation of capital gains on transfer of long- term capital asset. In this decision, reference was also made to provisions contained in section 112 of the Income-tax Act, 1961 and held that if an assessee computes long-term capital gains from the sale of shares by availing of benefit of indexation, it has to offer same to tax at flat rate of 20% and if an assessee does not avail of benefit of indexation then it has to offer capital gain to tax @10%. The ld. Counsel of the assessee further pointed out that capital gain computed by the assessee is in accordance with the provisions contained in section 112 of the I.T. Act, 1961. Therefore, the Assessing Officer be directed to accept the capital gains as declared.