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TMI Blog2011 (10) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of indexation with reference to the date of payments. - 11 of 2007 - - - Dated:- 14-10-2011 - Devi Prasad Singh, Dr. Satish Chandra, JJ. Petitioner Counsel :- Mudit Agagrwal Respondent Counsel :- D.D.Chopra Delivered by Hon'ble Dr. Satish Chandra, J This appeal under Section 260-A of the Income Tax Act, 1961 has been preferred by the assessee against the judgment and order dated 22.09.2006 passed by the Income Tax Appellate Tribunal in I.T.A. No.280/Luc/2006 for the assessment year 2002-03. On 02.02.2007, a Coordinate Bench of this Court has admitted the present appeal on the following substantial questions of law: 1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Though the assessee has claimed the capital loss of Rs.14,815/- but the A.O. has levied the short term capital gain of Rs.3,68,275/- by considering the CBDT circular No. 471 dated 15.10.1986. The same was upheld by the CIT(A). However, the Tribunal has observed that the long term capital gain will have to charged in the instant case. Still not being satisfied with the reliefs given by the Tribunal, the assessee has filed the present appeal. With this background, Sri Mudit Agarwal, learned counsel for the appellant assessee submits that the long term capital gain has already been paid but the full benefit of price indexation has not been given. He submits that the Tribunal has not given the complete benefit considering the transactions as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill have to apply in the assessee's case as per the payment chart. It may be mentioned that the expression cost of acquisition is defined in Section 55(2) of the Act. The date of acquisition will have a relevance in determining the cost of acquisition. As per the ratio laid down in the case of CIT vs. Sri Nivasa Rao (T), (1987) 166 ITR 593 AP, the expression of cost of acquisition is exhaustive and the language employed is peremptory. It is not open to the Court to introduce any other facts of meaning to the expression cost of acquisition . From the record, it also appears that the actual amount was paid from time to time after the date of issuance of allotment letter, which has to be considered for the purpose of indexation wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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