TMI Blog2004 (2) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... m capital gain on the contribution of capital in the shape of cut precious stones valued at Rs. 15,32,000 had accrued in the AY 1976-77 and not in the AY 1977-78, the income by way of deemed capital gain was assessable for previous year on financial year basis ?" - - - - - Dated:- 23-2-2004 - Judge(s) : Y. R. MEENA., SHASHI KANT SHARMA. JUDGMENT The following question has been referred for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 977, declaring the income at Rs. 44,969 including therein, inter alia, income from interest from Mannalal Nirmal Kumar Surana and Co. The income was assessed accordingly. Thereafter, on a perusal of the record, the Commissioner of Income-tax has issued the order under section 263 of the Income-tax Act to show cause as to why the order of the Income-tax Officer should not be revised as that order i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal has taken the view that so far precious stones contribution is concerned, no books of account were maintained, therefore, the date January 4,1976, be taken as the relevant date for taxing the capital gain. In that case, the capital gain cannot be taxed in the assessment year 1977-78. The relevant year for that is 1976-77. In the result, we order accordingly. - - TaxTMI - TMITax - In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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