Indexation benefit is available from year in which land acquired if capital gain tax was paid on its previous sale

INCOME TAX : Where a land owned by a company was revalued in year 2005-06 to market price and sold to assessee company during assessment year 2011-12 and capital gains tax on consideration was paid by said company and assessee had further revalued & aid land in financial year 2010-11 and sold said land in assessment year 2014-15, indexed cost of acquisition for purpose of calculating capital gain tax earued by assessee on sale of land was to be calculated from year 2011-12 and not from year 2004

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