The Director Of Income Tax(It)Ii v. Ms. Fleurette Hatam

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2076 OF 2011 The Director of Income Tax(IT)II. v. Ms. Fleurette Hatam. ..Appellant. ..Respondent. Mr. Suresh Kumar for the Appellant. Mr. Madhur Agarwal with Mr. A.K.Jasani for the Respondent. CORAM : J.P. DEVADHAR &M.S.SANKLECHA, JJ. DATE : 25[th] February, 2013. P.C. : In this appeal by the revenue for assessment year 2005-06 following question has been raised for our consideration. Whether on the facts and circumstances of the cased and in law the Tribunal is correct in law in holding that the assessee is entitled to the benefit of indexed cost of acquisition w.e.f. 1/4/1981 without appreciating that clause (iii) of explanation to proviso to Sec.48 of the Income Tax Act,1961 which specifically allow indexation from the date of holding of asset by the assessee? 2)Counsel for the parties state that the issue raised in the present appeal is concluded in favour of the assessee and against the revenue by the decision of this Court in the matter of CIT v. Manjula J. Shah reported in (2012) 204 TAXMAN 691 . In view of the above, we see no reason to entertain the proposed question of law. costs. (M.S. SANKLECHA, J.) (J.P.DEVADHAR, J.)