directions of ITAT and has brought the
capital gains pertaining to earlier years wrongly in this
assessment year. Hence the various grounds ... gain arose in that year only.
Therefore, even if assessee wrongly admitted the capital gains
for claiming deduction u/s. 54F , the fact that assessee
Official Gazette on 24-3-1977, and therefore, the capital gains are assessable for the assessment year 1977-78. Since the Tribunal ultimately dismissed the appeal ... taxing the capital gains is 1977-78 and not 1978-79, and as such the capital gains were wrongly assessed in the assessment year
undisclosed
investment against long term capital gains claimed
exempt on sale of above shares.
13. The Id. CIT failed to note that the above shares ... erred in directing the assessing officer to
recompute capital gains on wrong assumptions of the
facts.
18. The Id CIT erred in holding that
impugned issues and determines the
income.
1.4 That the learned CIT was wrong in holding that the order passed ... learned CT setting aside the assessment on re-
computation of capital gain was wrong and invalid.
General
6.That the above grounds are independent
clam of the assessee for exemption of short
term capital gains was patently wrong. As regards the observations of
the learned CIT(A) that ... assessee as short term capital gains and the claim made by
the assessee for exemption was patently wrong, attracting imposition of
penalty under
required to be deleted.
8. Wrongful disallowance of Long Term Capital Gains and making
addition u/s.68 of Rs.73,89,650/-(Ground ... there
are certain germane factual errors, inasmuch as the learned ITAT has
wrongly recorded that there was no independent enquiry conducted
by the AO, when
capital gains was allowable.
17. Referring to the claim for interest paid to Indian Bank, the learned counsel submitted that the AO was wrong ... wrong in considering the values determined for wealth-tax purposes as the fair market value for determination of capital gains. He referred
assessee would not be liable to pay any tax on capital gains even with regard to 40 per cent of his interest in the land ... considered opinion that the Revenue authority has wrongly determined the capital gains on the sale of land in dispute without any basis, because there
funds
b. Long term capital gain on sale of shares 8,73,513
c. Short term capital gain on sale of shares ... long term capital gain
earned is enclosed. This long term capital gain on shares at Rs.8,
73,513/- has been wrongly treated as business
that the accountant misunderstood the
payments and wrongly claimed as expenditure of the company
in computing capital gains. He stated that he had no objection ... computing capital gains
income in the hands of the company and voluntarily admitted
to pay the taxes on the wrong development expenses booked
