Calculation of long term capital asset on the basis of indexation of cost

Last updated: 02 July 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns India Meters Ltd. (now Samrakhshana Electricals Ltd.) appealing the disallowance of certain expenses and capital losses for the 2003-04 assessment year. The Assessing Officer and Commissioner (Appeals) disallowed written-off expenditure and capital losses on share sales, questioning the substantiation and the reason for selling at cost price. The assessee argued that the loss on some shares arose solely due to indexation of the cost, and they were sold at book value.

Court :
ITAT Chennai

Brief :
The assessee filed this appeal against the order of the Commissioner of Income Tax (Appeals)- 13, Chennai in ITA No. 01/CIT(A)-13/AY 2003-04 dated 01.12.2017 for the assessment year 2003-04. 

Citation :
I.T.A. No: 960/Chny/2018

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