DCIT,C-7, JAIPUR vs. BHARAT MOHAN RATURI, JAIPUR

In the result, the appeal of the Department is dismissed and that of the C

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No. 413/JP/2022 fu/kZkj.ko"kZ@AssessmentYear :2013-14 The DCIT Circle-7 Jaipur cuke Vs. Shri Bharat Mohan Raturi 161, Indira Colony, Bani Park Jaipur 302 015 (Raj) LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AANPR 7066G vihykFkhZ@Appellant izR;FkhZ@Respondent CO No. 2/JP/2023 (Arising out of vk;djvihy la-@ITA No. 413/JP/2022 ) fu/kZkj.ko"kZ@AssessmentYear :2013-14 Shri Bharat Mohan Raturi 161, Indira

section, that is to say,— 12 DCIT, CIRCLE-7, JAIPUR VS BHARAT MOHAN RATURI (i) if the amount of the capital gain 48

LAL CHAND MEENA ,JAIPUR vs. ITO, WARD 7-3, JAIPUR

In the result, the appeal of the assessee is partly allowed

section 45(3) the profit or gain arising from transfer for a capital asset by a person to a firm by way of capital contribution would be treated to be a transfer for the purpose of sec. 48

UDAI SINGH RATHORE,JAIPUR vs. ITO, JAIPUR

In the result, the appeal filed by the assessee is partly allowed

Bench: Or At The Time Of Hearing.”

48. The ld. DR has pointed out that the Hon’ble High Court has considered this issue of no cost of acquisition and held that even in a case where the cost of acquisition cannot be ascertained, section 55(3) prescribes the cost to be equal to the market value on the date of acquisition. Hence, the capital gain

MAHAVEER YADAV,JAIPUR vs. ITO, JAIPUR

In the result, the appeal of the assessee is partly allowed for statistical purposes

section 48, the FMV of the asset on the date of such conversion shall be deemed to be full value of consideration received as a result of the transfer of capital asset. Therefore, FMV of the asset on the date of conversion as reduced by the indexed cost of acquisition is required to be assessed under the head capital gain

PRADEEP VATRANA,ALWAR vs. DCIT, ALWAR

In the result, the appeal filed by the assessee is allowed for statistical purposes

gain in the year when the converted stock-in-trade is sold or otherwise transferred. For the purpose of section 48 also this section has provided the method for computing capital

LAL CHAND MEENA,JAIPUR vs. ITO WD 5(2), JAIPUR

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

section 48 which provided computation of capital gains, and thereafter it was section 54F which saved the capital gains to the extent

SHRI DHARMENDRA KUMAR PAREEK,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR

In the result, appeal of the assessee is allowed

48 of the Act, the income chargeable under the head "Capital gains" has to be computed by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset in the manner- provided in this section

FEDERATION OF RAJASTHAN TRADE AND INDUSTRY,JAIPUR vs. ITO-EXEMPTION WARD-2, JAIPUR

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

capital gains on sale of assets. Section 48 of the income tax Act defines the index as what is notified

SHRI NARESH JAIN,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3, JAIPUR

In the result, the appeal of the assessee is allowed

gain separately which should be calculated after giving deduction under section 48 to 55 of the Act. 2.4 The relevant provisions of Sections 45(1), 54F and 70 of the Income-tax Act, relevant to the assessment years read as follows:- "45(1) Capital

SHRI VIJAY KUMAR,JAIPUR vs. INCOME TAX OFFICER, WARD-4-1, JAIPUR

In the result, the ground of appeal is allowed

48 of the Act, then the gains arising on transfer of a capital asset acquired under a gift or will by outside the purview of the capital gains tax which is not intended by a legislature. Therefore, the argument of the revenue which runs counter to the legislative intent cannot be accepted. 21. Apart from the above, Section

NANAG RAM MEENA,JAIPUR vs. ITO WARD 6(4), JAIPUR

In the result, the appeal of the assesee is partly allowed as indicated\nhereinabove

capital gains so computed under\nsection 45 read with section 48 and section 50C of the Act. The decisions\nof the Coordinate

SITA DEVI AGARWAL,JAIPUR vs. ITO, WD-4(1), JAIPUR

In the result, the appeal filed by the assessee is allowed

section 68 or not. In the case of NR Portfolio, it was held that the genuineness and credibility are deeper and obtrusive. Similarly, the bank statements provided by the assessee to prove the genuineness of the transactions cannot be considered in view of the judgment of Hon'ble court in the case of Pratham Telecom India Pvt Ltd, wherein

GHODAWAT HOTELS PVT.LTD.,JAIPUR vs. DCIT(HQ), JAIPUR

In the result, both the appeals of the assessee are partly allowed for statistical purposes as indicated above

section 48 provides the “Mode of Computation” of Capital Gain, which reads as under: “48. The income chargeable under the head

SHRI GOPI RAM SHARMA,JAIPUR vs. INCOME TAX OFFICER, WARD-7-4, JAIPUR

In the result, assessee’s appeals are partly allowed for statistical purposes

section 55(3) are applicable in this case and the fair market value of the asset as on 01.04.1981 would be the cost of acquisition of land for the purpose of computing capital gain. She has relied upon the decision of Hon’ble Punjab and Haryana High Court in case of CIT Vs. Raja Malwinder Singh 334 ITR 48

RAM LAL SHARMA,JAIPUR vs. ITO, JAIPUR

In the result, assessee’s appeals are partly allowed for statistical purposes

48 provide the principle basis for quantifying the income chargeable under the head “capital gain”. The section provides that the income

CHANDRA PRAKASH JAIN,JAIPUR vs. CIRCLE 1, JPR, JAIPUR

In the result, ground raised by the assessee is partly allowed

Bench: Shri Gagan Goyal & Shri Narinder Kumar

Section 10(38)) o Short-Term Capital Loss (STCL): " Sale: Rs. 48,87,600/- " Purchase: Rs. 48,90,900/- " Loss: Rs. 3,300/- Thus, the net capital gain

SHRI ARNAV GOYAL,JAIPUR vs. ITO, WARD-2(4), JAIPUR

In the result, the appeal of the assessee is allowed

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

48,200/-. The case of assessee was selected for scrutiny by issue of notice u/s 143(2) of the Act. Details and information sought by AO were furnished and assessment was completed u/s 143(3) of the Act after making addition u/s 68 to the tune of Rs.31,70,080/- by treating the long term capital gain [claimed exempt

RAJRAJESHWARI GUPTA ,KOTA vs. ITO , WARD 1(1),KOTA, KOTA

In the result, the appeal of the assessee is allowed with no orders as to costs

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

section 68. 26 RAJ RAJESHWARI GUPTA VS ITO, WARD 1(3), KOTA 1.31As the issue involved is of chargeability of long term capital gain as undisclosed income of the assessee u/s 68 of the Act, it may be mentioned that many High courts and ITAT benches have held in favour of the assessee. In one of the cases