2024 (1) TMI 875 - SCH - 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 - As decided by HC 2012 (2) TMI 733 - 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, thus decided against the Revenue. HELD THAT - As petitioner submitted that the special leave petition would not survive for further consideration owing to low tax effect. The submission of learned counsel for the petitioner is placed on record. In the circumstances, the Special Leave Petition is dismissed owing to the aforesaid reason.

Summary

Title: Supreme Court Order - Special Leave Petition Dismissed

Judges: Hon'ble Mrs. Justice B.V. Nagarathna and Hon'ble Mr. Justice Sanjay Karol

Petitioner's Counsel: Mr. Arijit Prasad, Sr. Adv. and others

Respondent's Counsel: Mr. Mayank Nagi, Adv. and others

Summary: The special leave petition was dismissed due to low tax effect. The question of law remains open, and pending applications are disposed of.