Federation of Rajasthan Trade & Industry v. ITO-Exemption

Parties Involved

Facts Summary

The assessee, Federation of Rajasthan Trade & Industry, filed an appeal against the order of the Commissioner of Income Tax (Appeals) for the assessment year 2014-15. The assessee challenged the addition of Rs. 57,50,287/- under the head of capital gain and the method used by the Assessing Officer to estimate the fair market value of the sold property. The assessee also argued that the Commissioner of Income Tax (Appeals) erred in not allowing the set-off of business loss from the long-term capital gain. The appeal was filed on the grounds that the Assessing Officer wrongly estimated the fair market value of the property as of 01.04.1981 and that the Commissioner of Income Tax (Appeals) did not allow the set-off of business loss from the capital gain. The assessee relied on various judicial pronouncements to support its contentions.…

Legal Issues

• 1. Whether the Assessing Officer wrongly estimated the fair market value of the property as of 01.04.1981.
• 2. Whether the Commissioner of Income Tax (Appeals) erred in not allowing the set-off of business loss from the capital gain.

Judgment Outcome

Decided in favour of Assessee.

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