Itxa/227/2012 Of Commissioner Of Income Tax-20 v. Shri Shalil S. Shroff

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.227 OF 2012 The Commissioner of Income Tax-20, Mumbai ..Appellant. V/s. Shri Shail S. Shroff ..Respondent. Mr. Abhay Ahuja for the appellant. Ms. Vasant B. Patel for the respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATED : 21ST JANUARY, 2013 P.C. :- 1.In this appeal filed by the revenue for the assessment year 2005-06, the following question of law is proposed for our consideration:- “ Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in confirming the order of CIT (A) holding that the A.O. is not justified in making addition on account of long term capital gain on sale of property in the case of the assessee by not accepting the submissions of adoption of fair market value as on 1/4/1981 determined by the approved Valuer as well as adopting the indexed cost of acquisition of the year 1997 instead of 1981, without appreciating the fact that the AO has computed the capital gain as per the provisions of Sections 48 & 49 of the I.T. Act ? ” 2.It is agreed between the parties that the issue raised in the present appeal is covered in favour of the assessee and against the Revenue by the decision of the Court in the case of CIT V/s. Manjula J. Shah reported in [2012] 204 Taxman 691 (Bom). Hence we see no reason to entertain the proposed question of law. Accordingly, the appeal is dismissed with no order as to costs. (M.S. SANKLECHA, J.) (J.P. DEVADHAR, J.)