https://www.taxtmi.com/caselaws?id=69437 The Tribunal dismissed the Revenue's appeal, allowing the assessee's cross-objections on jurisdictional grounds. It held the reopening of assessment under Section 147 as unjustified due to a change of opinion and deemed the reassessment proceedings invalid for non-service of notice under Section 143(2). The Tribunal classified the non-compete fee as a capital receipt, not taxable as goodwill, and ruled the technical know-how receipt as non-taxable for the assessment year 1997-98. It directed verification of TDS credits and ascertained liabilities for discounts. The Tribunal upheld the CIT(A)'s decision on book profit computation, following the Supreme Court's precedent. en-us Fri, 30 Jun 2006 00:00:00 +0530 Thu, 14 Mar 2024 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69437 The Tribunal dismissed the Revenue's appeal, allowing the assessee's cross-objections on jurisdictional grounds. It held the reopening of assessment under Section 147 as unjustified due to a change of opinion and deemed the reassessment proceedings invalid for non-service of notice under Section 143(2). The Tribunal classified the non-compete fee as a capital receipt, not taxable as goodwill, and ruled the technical know-how receipt as non-taxable for the assessment year 1997-98. It directed verification of TDS credits and ascertained liabilities for discounts. The Tribunal upheld the CIT(A)'s decision on book profit computation, following the Supreme Court's precedent. Case-Laws Income Tax Fri, 30 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69437