https://www.taxtmi.com/caselaws?id=64268 The Tribunal allowed the appeal of the assessee, ruling that the notice issued under Section 148 was not justified as the Assessing Officer failed to record reasons for reopening the assessment. Additionally, the Tribunal held that the compensation received was inchoate and not final, thus not taxable as capital gains. Moreover, the Assessing Officer lacked jurisdiction to assess the escaped income during reassessment proceedings due to the invalid reopening of the assessment. en-us Wed, 25 Jan 1995 00:00:00 +0530 Sat, 05 Feb 2011 17:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64268 The Tribunal allowed the appeal of the assessee, ruling that the notice issued under Section 148 was not justified as the Assessing Officer failed to record reasons for reopening the assessment. Additionally, the Tribunal held that the compensation received was inchoate and not final, thus not taxable as capital gains. Moreover, the Assessing Officer lacked jurisdiction to assess the escaped income during reassessment proceedings due to the invalid reopening of the assessment. Case-Laws Income Tax Wed, 25 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64268