{"id":15381,"date":"2021-03-02T11:47:07","date_gmt":"2021-03-02T06:17:07","guid":{"rendered":"https:\/\/itatonline.org\/digest\/best-trading-and-agencies-ltd-v-dy-cit-2020-428-itr-52-275-taxman-550-karn-hc\/"},"modified":"2021-10-09T17:56:35","modified_gmt":"2021-10-09T12:26:35","slug":"best-trading-and-agencies-ltd-v-dy-cit-2020-428-itr-52-275-taxman-550-karn-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/best-trading-and-agencies-ltd-v-dy-cit-2020-428-itr-52-275-taxman-550-karn-hc\/","title":{"rendered":"Best Trading and Agencies Ltd. v. Dy. CIT (2020) 428 ITR 52 \/ 275 Taxman 550\/ ( 2021 ) 203 DTR 269\/ 321 CTR 373  (Karn.)(HC)"},"content":{"rendered":"<p>Allowing the appeal of the assessee the Court held that\u00a0\u00a0 since the indexed cost of acquisition was subjected to tax under a specific provision, viz., section 112, the provisions of section\u00a0115JB\u00a0which is a general provision could not be made applicable to the case of the assessee. Also, considering the profits on sale of land without giving the benefit of indexed cost of acquisition results in taxing the income other than actual or real income. In other words, a mere book keeping entry cannot be treated as income. The assessee had to be given the benefit of indexed cost of acquisition. ( AY.2005-06, 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 115JB :  Book profit-Capital gains-Indexed cost of  acquisition to be taken into account in calculating capital gains. [S. 45, 48, 112] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15381","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-405","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=15381"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15381\/revisions"}],"predecessor-version":[{"id":22306,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15381\/revisions\/22306"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}