Assessee is 50 per cent owner of an immovable property, had received Rs. 50 lakhs as its share of sale consideration on sale of said property  For purpose of calculating cost of acquisition, since property was acquired prior to 1-4-1981, assessee obtained report from Registered Valuer who had estimated fair market value of property at Rs. 54.09 lakhs and, thereafter, applying reverse method of indexation, calculated cost of property as on 1-4-1981 at Rs. 10 lakhs.  Assessing Officer  estimated indexed cost of acquisition at Rs. 5 lakhs (50 per cent of cost at Rs.10 lakhs) and made an addition for long-term capital gain (LTCG). CIT(A) affirmed the view of the AO. On appeal the Tribunal held    while calculating LTCG, no benefit of indexation had been given.  Assessing Officer had himself considered cost of acquisition at Rs. 5 lakhs based on valuation report by Registered Valuer, which was fair market value of property (assessee’s share) as on 1-4-1981.  Assessing Officer had not made any efforts to get information about Circle rate of immovable property as on 1-4-1981.   Since, fair market value of property as on 1-4-1981 as calculated by Registered Valuer had been accepted by Assessing Officer and there being no other evidence of fair market value of property as on 1-4-1981, cost of acquisition as on 1-4-1981 would be Rs.5 lakhs (adopted by Assessing Officer) and indexed cost of acquisition would be Rs. 54 lakhs. Since indexed cost of acquisition is  higher than sale consideration, it would result into a long-term capital loss.Addition is deleted.  (AY. 2016-17)