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TMI Blog2013 (9) TMI 886X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 2(42A) of the Act provides that in determining the period for which an asset is held by an assessee under a gift, the period for which the said asset was held by the previous owner shall be included – Assessee must be treated to hold the capital asset in the year of acquisition of previous year - The counsel for the revenue is not able to point out any distinguishing features in this case which would require not following the binding decision of this court in Manjula Shah – Decided against the Revenue. - Income Tax Appeal (LDG. ) No. 889 of 2013 - - - Dated:- 20-8-2013 - Mohit S. Shah, C.J. And M. S. Sanklecha, JJ. For the Appellant : Atul Jasani For the Respondent : A. R. Malhotra ORDER P.C. In this appeal, at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26th May, 2006. Since the property was acquired prior to 01.04.1981, in the light of the aforementioned decision, the cost of acquisition as on 01.04.1981 has to be taken into consideration. Since the view taken by the learned CIT(A) is in conformity with the decision rendered by the Hon'ble Bombay High Court , we do not find any infirmity in the order passed by the learned CIT(A) and hence the appeal filed by the Revenue is dismissed. 3. At the hearing of the appeal, our attention has been invited to the decision of this Court in Commissioner of Income Tax v. Manjula J. Shah, (2013) 355 ITR 474 (Bom.) wherein this Court while considering the similar questions held as under: 17) We see no merit in the above contention. As rightly cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y sense unless the object of the statute suggests to the contrary. Thus, in construing the words 'asset was held by the assessee' in clause (iii) of Explanation to Section 48 of the Act, one has to see the object with which the said words are used in the statute. If one reads Explanation 1(i)(b) to Section 2(42A) together with Section 48 and 49 of the Act, it becomes absolutely clear that the object of the statute is not merely to tax the capital gains arising on transfer of a capital asset acquired by an assessee by incurring the cost of acquisition, but also to tax the gains arising on transfer of a capital asset inter alia acquired by an assessee under a gift or will as provided under Section 49 of the Act where the assessee is deemed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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