https://www.taxtmi.com/caselaws?id=69132 The Tribunal reversed the CIT (A)'s decision, finding the initiation of proceedings under section 147(a) valid. It set aside the ruling that no capital gains tax was applicable and remanded the matter for reconsideration in light of the Supreme Court's ruling in Sunil Siddharthbhai's case. The Tribunal emphasized the need to assess whether the transfer was genuine or a tax evasion scheme, directing a fresh determination by the CIT (A) on the assessability of capital gains tax for the relevant assessment year. The appeal was allowed for statistical purposes. en-us Fri, 13 Mar 1987 00:00:00 +0530 Tue, 05 Apr 2011 13:30:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69132 The Tribunal reversed the CIT (A)'s decision, finding the initiation of proceedings under section 147(a) valid. It set aside the ruling that no capital gains tax was applicable and remanded the matter for reconsideration in light of the Supreme Court's ruling in Sunil Siddharthbhai's case. The Tribunal emphasized the need to assess whether the transfer was genuine or a tax evasion scheme, directing a fresh determination by the CIT (A) on the assessability of capital gains tax for the relevant assessment year. The appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 13 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69132