Can we take the benefit of SB ruling

Yes..... incase of gifted asset/will/inheritance - indexation is available from the year in which the asset was acquired by the previous owner...

Yes, u can....

I mean as such the answer for 154 is subjective, depends on situation...

In ur case, you can file the same

Dear Jagdish sir,

If time limit for revision has not lapsed, then u can simply revise ur return..

If revised return has become time barred then u can move an application u/s 154.............But my doubt comes can u push AO to make the changes.........becos Sec 154 says Income Tax Authority "MAY" ammend..........So have some doubt on this..........

But atleast try to pusue him.......... 

Hi,

I agree with what Amir Sir said. Best way is to revise the return if time has not elapsed.

As far as, Rectification u/s 154 is concerned I personally has doubts in my mind as to whether the situation that you are stating will fall within the ambit of "mistake apperant from the record" to get covered by section 154.

However, in this case the judgement of Mepco Industries Ltd. Vs. CIT - 2009 TIOL 121 SC IT LB may be relevant to decide whether it is mistake apperent from record or not.

Hi,

I'd like to add that an application can be moved u/s 154 for this case, and the benefit of the ruling can be availed through this section. Mistake apparent from record is something about which no two views are possible. And judgements can be used to move applications u/s 154.