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)

53A, of the Income-tax Act, 1961 Capital gains Cost of acquisition [Fair Market Value] Assessment year 2001-02 - Whether for levying capital gain tax for purpose of computing capital gain tax, fair market value, which is to be taken into consideration, is price which property would fetch on sale in open market on relevant date Held, yes Whether Wealth

RASHLEELA ENTERPRISES PRIVATE LIMITED, JAIPUR,JAIPUR vs. ACIT CEN CIR 3, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalrashleela Enterprises Pvt. Ltd., C-5, Krishna Balram, Calgiri Road, Malviya Nagar, Jaipur 302017. Pan No.: Aadcr2594J ...... Appellant Vs.

reassessment proceedings being illegal and without jurisdiction. 3. In the facts and circumstances of the case and in law, Ld. CIT(A) has erred in confirming the action of the Ld. AO, in passing the order without proper opportunity of cross examination. The action of the Ld. CIT (A) is illegal, unjustified, arbitrary and against the facts of the case

ACIT, KOTA vs. SMT. ZAHIDA BANO, KOTA

In the result, the Revenue appeal is dismissed

reassessment and assessed the capital gain for the year under consideration without giving the benefit of section 54F of the Act. On appeal, the ld. CIT(A) has decided this issue in favour of the assessee by holding that the capital gain arose on account of transfer of the plot of land in the assessment year