Mrs. S v. Heard

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1142 OF 2012 Commissioner of Income Tax-Central-III..Appellant.V/s.Smt. Vineeta R. Srivastava..Respondent. Mrs. S. V. Bharucha with Padma Divakar, for the Appellant.Mr. S. J. Mehta, for the Respondent. P.C:- CORAM: J.P.DEVADHAR & M.S.SANKLECHA,JJ.DATE : 5[th] MARCH, 2013. Heard. 2In this Appeal by the Revenue for the Assessment Year 2003-04 following question has raised for our consideration: Whether on the facts and in circumstances of the case, the Tribunal in law was justified in directing the Assessing Officer to allow the indexation of the cost of the flat from the date of the acquisition of the asset by the previous owner without appreciating the provisions of Exp (iii) of Section 48 of the Income Tax, 1961 wherein it is clearly mentioned that indexation will be allowed from the year in which the asset was held by the assessee and not any previous owner(s)? 3Counsel for the parties state that the issue arising in the present Appeal is covered by the decision of this Court in the matter of CIT v/s. Manjula J. Shah reported in 249 CTR 270 in favour of the Respondent-Assessee and against the Revenue. 3In the circumstances, we see no reason to entertain the proposed question of law. 4Accordingly, appeal is dismissed with no order as to costs. (M.S.SANKLECHA,J.) (J.P.DEVADHAR,J.)