TaxTMI 
TaxTMI 
2003 (1) TMI 38
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....has referred the following questions for our opinion: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that capital gains accrued to the assessee and was chargeable to tax in the assessment year 1976-77?" "Whether, on the facts and in the circumstances of the case, the decision of the Income-tax Appellate Tribunal that no books o....
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....mal Kumar Soorana Rs. 15.81 lakhs 4-01-76 and Co. Narendra Kumar Mannalal Nirmal Kumar Rs. 15.37 lakhs 4-1-76 and Co. The assessee, Nirmal Kumar Soorana, has contributed his capital on January 4, 1976. The Assessing Officer has treated this contribution of the capital as transfer within the meaning of clause (47) of section 2 of the Income-tax Act, 1961, and taxed capital gains on su....
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....ew that when the assessee has not maintained the books of account, the previous year should be taken 1975-76, i.e., the previous year ended on March 1, 1976. Considering these admitted facts that the capital contribution has been treated as transfer within the meaning of clause (47) of section 2 of the Income-tax Act and the fact that the assessee has not maintained books of account prior to this....