2012 (2) TMI 733 - HC - Income Tax

Computation of capital gains on the sale of a capital asset - description of the previous owner and the period of holding of the asset by the assessee - Benefit of indexed cost of inflation - determination of indexed cost of acquisition - HELD THAT - As decided by ARUN SHUNGLOO TRUST VERSUS CIT 2012 (2) TMI 259 - DELHI HIGH COURT expression held by the assessee used in Explanation (iii) to Section 48 has to be understood in the context and harmoniously with other Sections. The cost of acquisition stipulated in Section 49 means the cost for which the previous owner had acquired the property. The term held by the assessee should be interpreted to include the period during which the property was held by the previous owner. CIT v. Manjula J.Shah 2011 (10) TMI 406 - BOMBAY HIGH COURT Decided against the Revenue.

Summary

The Delhi High Court dismissed the appeal in ITA No. 116/2011 as it found no merit in the case. The judgment was delivered by Hon'ble Mr. Justice Sanjiv Khanna and Hon'ble Mr. Justice R.V. Easwar. The respondent did not appear, and the appellant was represented by Mr. Kamal Sawhney, Advocate.