Udai Singh Rathore vs ITO

Tribunal/Court: Jaipur Date: 2018-02-06 AY: 2006-07 Section: 55(3), 55(2)(b), 49(1), 55(2)(b)(ii), 48, 49, 50, 55 Acts: Income Tax Act 1961 Result: Partly Citation: 218Taxpundit140 Justices: VIJAY PAL RAO, JM & BHAGCHAND, AM Appeal No: ITA No. 818/JP/2013
Whether capital gains tax is chargeable on sale of land awarded free of cost by the Government where the cost of acquisition is nil --- Held No, but the Tribunal held Yes, following the Full Bench decision of Punjab and Haryana High Court, applying sections 49(1) and 55(2)(b) to compute capital gains using fair market value as on 01.04.1981.

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