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1 - 9 of 9 (0.20 seconds)Section 49 in The Income Tax Act, 1961 [Entire Act]
Section 2 in The Income Tax Act, 1961 [Entire Act]
Section 51 in The Income Tax Act, 1961 [Entire Act]
Section 52 in The Income Tax Act, 1961 [Entire Act]
Section 55A in The Income Tax Act, 1961 [Entire Act]
Liquidator Of Mahamudabad Properties ... vs Commissioner Of Income Tax, West Bengal ... on 9 April, 1980
In the case of
Mahamudabad Properties (P) Ltd. v. CIT (1972) 85 ITR 500
(Cal), the Hon'ble High Court of Calcutta, in their judgement
dated 27/7/1970, has held that "no rules, however framed under
the Act, were brought to our notice having a bearing on the
question.
Section 7 in The Wealth-Tax Act, 1957 [Entire Act]
Commissioner Of Income Tax-12 vs Manjula J. Shah(Dead) Through Lrs on 2 September, 2014
13. The controversy in the present case relates to interpretation of Explanation (iii)
to Sec.48 of the Act, which defines the expression "Indexed Cost of Acquisition". We
find that the issue of allowing indexation on identical facts had come for
consideration before the Hon'ble Bombay High Court in the case of CIT Vs. Manjula
J.Shah (2012) 204 TAXMAN 691 (Bombay). The question before the Hon'ble
Bombay High Court was "While computing the capital gains arising on transfer of a
capital asset acquired by the assessee under a gift, whether the indexed cost of
acquisition has to be computed with reference to the year in which the previous
owner first held the asset or the year in which the assessee became the owner of the
asset ?". The facts of the case before the Hon'be Bombay High Court was that in AY
04-05, the assessee had declared total income of Rs. 20,92,400. The said return of
income included long-term capital gains arising from the sale of a residential flat
bearing No. 1202-A ('capital asset' for short) at Chaitanya Towers, Prabhadevi,
Mumbai. The said flat was originally purchased by the daughter of the assessee
('previous owner' for easy reference) on 29th Jan., 1993 at a cost of Rs. 50,48,350.
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