Director Of Income Tax (It)-I, Mumbai v. Shri Amit U. Chogle

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1263 OF 2012 Director of Income Tax (IT)-I, Mumbai..Appellant. Versus Shri Amit U. Chogle..Respondent. Mr.Tejveer Singh for the appellant.None for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 10[th] January 2013 P.C. : 1.In this appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 for assessment year 2007-2008, the following question of law has been formulated for the consideration of this Court. “Whether, on the facts and in the circumstances of the case and in law, the Tribunal has in correct in granting indexation from the date of the acquisition of the asset by the previous owner and not from the date the asset came to be held by the inheritor, when provisions of the explanation (iii) to Section 48 provides for indexation benefit from the year in which the asset was held by the assessee and not the previous owner ?” 2.We find that the Income Tax Appellate Tribunal has allowed the claim of the assessee by following the decision of this Court in the case of Commissioner of Income Tax V/s. Manjula J Shah reported in (2012) 204 Taxman 691 (Bom). 3.In this view of the matter, we find no fault with the order of the Income Tax Appellate Tribunal. The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)