https://www.taxtmi.com/caselaws?id=63137 The appeal focused on the validity of reassessment under Section 147(a) and Section 147(b) of the Income Tax Act. The Appellate Authority canceled the reassessment under Section 147(a) as the original return disclosed all relevant facts. However, the reassessment was upheld under Section 147(b) as new information post-assessment justified the reassessment. The case involved the assessability and quantum of capital gains, with the reassessment being deemed valid. The objections regarding capital gains and interest levy were remitted for fresh consideration. The Revenue's appeal was allowed, and the reassessment under Section 147(b) was validated. en-us Mon, 31 Mar 1986 00:00:00 +0530 Fri, 28 Jan 2011 10:18:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63137 The appeal focused on the validity of reassessment under Section 147(a) and Section 147(b) of the Income Tax Act. The Appellate Authority canceled the reassessment under Section 147(a) as the original return disclosed all relevant facts. However, the reassessment was upheld under Section 147(b) as new information post-assessment justified the reassessment. The case involved the assessability and quantum of capital gains, with the reassessment being deemed valid. The objections regarding capital gains and interest levy were remitted for fresh consideration. The Revenue's appeal was allowed, and the reassessment under Section 147(b) was validated. Case-Laws Income Tax Mon, 31 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63137