Allowing the petition the Court held that the revenue\u2019s objection of difficulty in computing the indexed cost of acquisition was not raised by the AO in the reasons recorded. Court cannot allow the AO to improve upon the reasons in order to support the notice of reassessment.\u00a0 Court also held that execution of sale deed by virtue of the judgement of the High Court would relate back to the original agreement to sale, and the assessee is entitle to claim the benefit\u00a0 of cost of indexation from the said date. Followed\u00a0 Hindustan Lever Ltd v. R.B. Wadkar (2004) 268 ITR 332 (Bom.)(HC), Sanjeev Lal & Ors v CIT (2014) 269 CTR 1 (SC) (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Non-existent reason-Indexation cost was raised in the recorded reason\u2013Court cannot allow the AO to improve upon the reasons in order to support the notice of reassessment- Execution of sale deed by virtue of the judgement of the High Court would relate back to the original agreement to sale, and the assessee is entitle to claim the benefit of cost of indexation from the said date. [S. 2(47), 45, 48, 148]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3967","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-11Z","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=3967"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3967\/revisions"}],"predecessor-version":[{"id":4517,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3967\/revisions\/4517"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}