https://www.taxtmi.com/caselaws?id=11030 The Tribunal ruled in favor of the assessee, determining that the relevant assessment year for taxing the capital gain from the contribution of cut precious stones was 1976-77, not 1977-78. The Tribunal considered the date of transfer as the key factor, leading to the conclusion that the capital gain should be assessed in the preceding year. This decision clarified the tax implications of capital gains on unique contributions and highlighted the importance of accurate assessment year determination in tax matters. en-us Mon, 23 Feb 2004 00:00:00 +0530 Wed, 29 Jul 2009 19:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11030 The Tribunal ruled in favor of the assessee, determining that the relevant assessment year for taxing the capital gain from the contribution of cut precious stones was 1976-77, not 1977-78. The Tribunal considered the date of transfer as the key factor, leading to the conclusion that the capital gain should be assessed in the preceding year. This decision clarified the tax implications of capital gains on unique contributions and highlighted the importance of accurate assessment year determination in tax matters. Case-Laws Income Tax Mon, 23 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11030