The Commissioner Of Income Tax – 13, Mumbai v. Shri Harish V Parekh

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1493 OF 2011 The Commissioner of Income Tax – 13, Mumbai ..Appellant. Versus Shri Harish V Parekh ..Respondent. Mr.Suresh Kumar with Mr.P.C. Chhotaray for the appellant.Ms.Natasha Mungat with Mr.S.C. Tiwari for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 23[rd] January 2013 P.C. : 1.In this appeal by the Revenue for assessment year 2006-2007, following question of law has been proposed for our consideration. “Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that for purpose of the calculation of capital gain on sale of residential flat the index cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and accordingly indexation allowed from FY 1981-82 instead of the cost inflation index calculation with reference to the year in which the said property is said to be held by the assessee i.e. FY 1994-95 as held by the assessing officer ?” 2. It is stated by the counsel for the parties that the issue raised in the present appeal stands covered in favour of the assessee and against the Revenue by the decision of this Court in the matter of Commissioner of Income Tax V/s. Manjula J Shah reported in (2012) 204 Taxman 691 (Bombay). 3.In view of the above, we do not entertain the question as proposed by the Revenue. Accordingly, the appeal is dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)