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TMI Blog2013 (8) TMI 478X X X X Extracts X X X X X X X X Extracts X X X X ..... material in support of his contention that the indexation should be with reference to the financial year in which property devolved on assessee by virtue of family arrangement - No reason to interfere with the order passed by the CIT(A) - the indexed cost of acquisition of such capital asset has to be computed with reference to the year in which the previous owner first held the asset. - Following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer restored. 2. None appeared on behalf of the assessee. We have heard the learned Departmental Representative and carefully perused the record. 3. Facts necessary for the disposal of the appeal are mentioned in brief. The assessee and Mr. Indrajit H.Samapat jointly sold a flat for a total consideration of Rs.1.70 crores. Both had equal share in the property. While working out the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sibling of the assessee relinquished their rights. Thus on 27.11.2003, as per family arrangement, the flat devolved upon the assessee and his brother Mr. Indrajit H. Sampat, each having 50% share in the said property. 5. According to the AO the flat was devolved upon the assessee and his brother only after the family arrangement dated 27.11.2003. Therefore, the indexed cost of acquisition w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us. ld. DR fairly admitted that the issue stands squarely covered by the decision of the ITAT, Mumbai (Supra). The Ld. DR could not place on record any contradictory material in support of his contention that the indexation should be with reference to the financial year in which property devolved on assessee by virtue of family arrangement. 9. Having regard to the fact that the ld. CIT(A) follow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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