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2003 (1) TMI 38 - RAJASTHAN HIGH COURT"Whether, Tribunal was right in holding that capital gains accrued to the assessee and was chargeable to tax in the assessment year 1976-77?" - "Whether, the decision of the Income-tax Appellate Tribunal that no books of account were maintained by the assessee for such capital gains and that this income from capital gains pertains to the financial year ended on March 31, 1976, being the previous year for the assessment year 1976-77, is perverse?" - "Whether, Tribunal was right in excluding such capital gains from the total income of the assessee for the assessment year 1977-78?" - Considering these admitted facts that the capital contribution has been treated as transfer within the meaning of clause (47) of section 2 and the fact that the assessee has not maintained books of account prior to this transfer, i.e., on January 4, 1976, in our view there is no infirmity in the order of the Tribunal treating the previous year as 1975-76 when the assets were transferred on January 4, 1976. - In the result, we answer questions Nos. 1 and 3 in the affirmative, i.e., in favour of the assessee and against the Revenue. So far as question No.2 is concerned, we answer that the finding of the Tribunal is not perverse and that is also in favour of the assessee and against the Revenue.
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