Case Law Details
Case Name : Raunaq Prakash Jain Vs ITO (ITAT Jodhpur)
Related Assessment Year : 2021-22
Courts :
All ITAT ITAT Jodhpur
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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
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