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The Tax Publishers ACIT v. Rajiv Khosla [ITA No. 2586 (Del) of 2013, dt. 12-5-2016] : 2016 TaxPub(DT) 2449 (Del-Trib) Indexation beginning from year of bequest or 1-4-1981 *Facts:* Assessee owned 50% share in a property which was sold by him. The said property had come to him by way of will made by his mother in the year 2006. The assessing officer agreed with the substitution of fair market value as on 1-4-1981 but held that the indexation benefit will commence from the year 2006 when he had actually got rights in the property by way of will. On appeal Commissioner (Appeals) negated the view holding that the indexation will commence from 1-4-1981. Aggrieved department went in further appeal: Held in favour of the assessee that the indexation will commence from 1-4-1981

The Tax Publishers

ACIT v. Rajiv Khosla [ITA No. 2586 (Del) of 2013, dt. 12-5-2016] : 2016 TaxPub(DT) 2449 (Del-Trib)

Indexation beginning from year of bequest or 1-4-1981

Facts:

Assessee owned 50% share in a property which was sold by him. The said property had come to him by way of will made by his mother in the year 2006. The assessing officer agreed with the substitution of fair market value as on 1-4-1981 but held that the indexation benefit will commence from the year 2006 when he had actually got rights in the property by way of will. On appeal Commissioner (Appeals) negated the view holding that the indexation will commence from 1-4-1981. Aggrieved department went in further appeal:

Held in favour of the assessee that the indexation will commence from 1-4-1981