ITAT Jodhpur: Crypto Gains Taxed as LTCG, Allows Section 54F deduction

Advertisement Raunaq Prakash Jain Vs ITO (ITAT Jodhpur) In the case of Raunaq Prakash Jain vs. ITO, the ITAT Jodhpur addressed the taxation of cryptocurrency gains for the assessment year 2021-22. The appellant, Raunaq Prakash Jain, had reported gains from Bitcoin sales as long-term capital gains (LTCG) and claimed deductions under Section 54F of the Income Tax Act. However, the assessing officer (AO) contested the classification, arguing that Bitcoin was not a “capital asset” under Section 2(14) for the relevant period and taxed the gains as “income from other sources....