Section 48 : CII of the Year in which Asset was acquired by HUF

On sale of asset acquired after partition of HUF, CII had to be taken of the year in which asset was acquired by HUF

[2015] 57 taxmann.com 19 (Punjab & Haryana)

HIGH COURT OF PUNJAB AND HARYANA

Deputy Commissioner of Income-tax, Circle - I, Bathinda

v.

Sushil Kumar

Section 48, read with sections 47 and 49, of the Income-tax Act, 1961 - Capital gains - Computaion of (Date of acquisition of asset) - Assessment year 2009-10 - Whether, where capital asset was property of HUF prior to 1-4-1981 and assessee acquired absolute ownership on 19-5-1998 after partition of said HUF property, in such circumstances, date of acquisition of property by HUF being prior to 1-4-1981 would entitle assessee to calculate capital gains tax by taking cost inflation index for financial year 1981-82, and not 1998-99 - Held, yes [Para 12] [In favour of assessee]