Itxa/2555/2011 Of The Director Of Income Tax ( International )-Ii v. Shri Jayesh Seth

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2555 OF 2011 The Director of Income Tax (IT)-I, Mumbai ..Appellant. V/s. Shri Jayesh Seth ..Respondent. Mr. Suresh Kumar for the appellant. Mr. A.K. Jasani for the respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATED : 5TH APRIL, 2013 P.C. :- 1.In this appeal by the revenue for the assessment year 2007-08, following question of law has been raised for our consideration:- “Whether on the facts and circumstances of the case and in law, the Tribunal is right in holding that while computing the capital gain, under the provisions of Income Tax Act, 1961, the cost of acquisition of the property acquired by way of gift, inheritance etc. has to be taken as the cost of the previous owner has to be added to the holding period in case of the assessee ?” 2.The issue raised in the present appeal is covered in favour of the respondent-assessee and against the revenue by the decision of this Court in the matter of CIT V/s. Manjula J. Shah reported in [2012] 204 Taxman 691 (Bom). In that view of the matter, we see no reason to entertain the proposed question of law. (M.S. SANKLECHA, J.) (J.P. DEVADHAR, J.)