Law:

Section:

Section 45 of the Income-tax Act, 1961 - Capital gains - Year in which assessable - Assessment year 1977-78 - For assessment year 1977-78, assessee-HUF filed an income-tax return on 29-6 1977 declaring income at Rs. 44,969 including therein, inter alia, income from interest from firm - Income was assessed accordingly - Commissioner revised impugned assessment order on ground that order was prejudicial to interest of revenue as contribution made by assessee in a firm in form of precious stones was liable to capital gain tax - Tribunal allowed claim of assessee that as transfer was made on 4-1-1976, relevant year was 1976-77 and not 1977-78 and held that so far as precious stones contribution was concerned, no books of account were maintained, and, therefore, date 4-1-1976 should be taken as relevant date for taxing capital gain - Whether capital gain could not be taxed in assessment year 1977-78 - Held, yes Anuroop Singh and J.K. Singhi for the Applicant. N.M. Ranka and Rajkumar Yadav for the Respondent. ORDER 1. The following question has been referred for the opinion of this Court:- "Whether on the facts and in the circumstances of the case, the assessment order by the Income-tax Officer for the assessment year 1977-78 could not be revised by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961 on the ground of being erroneous and prejudicial to the interests of the Revenue inasmuch as the long term capital gain on the contribution of capital in the shape of cut precious stones valued at Rs. 15,32,000 had accrued in the assessment year 1976-77 and not in the assessment year 1977-78, the income by way of deemed capital gain was assessable for previous year on financial year basis ?" 2. The assessment year involved is 1977-78. For the year, the assessee-HUF filed an income-tax…

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