https://www.taxtmi.com/caselaws?id=69866 The Central ITAT upheld the CIT(A)'s decision that the initiation of reassessment proceedings under section 147(a) was invalid as all material facts were disclosed during the original assessment. The ITAT determined that the capital loss from the seizure of shares arose only upon compensation payment in 1972. It allowed the carry forward of capital loss for set off against gains, emphasizing the importance of actual receipt of compensation. The ITAT dismissed all departmental appeals, affirming the CIT(A)'s decisions and highlighting the necessity of accurate computation for capital gains and losses. en-us Thu, 31 Jan 1991 00:00:00 +0530 Tue, 12 Apr 2011 14:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69866 The Central ITAT upheld the CIT(A)'s decision that the initiation of reassessment proceedings under section 147(a) was invalid as all material facts were disclosed during the original assessment. The ITAT determined that the capital loss from the seizure of shares arose only upon compensation payment in 1972. It allowed the carry forward of capital loss for set off against gains, emphasizing the importance of actual receipt of compensation. The ITAT dismissed all departmental appeals, affirming the CIT(A)'s decisions and highlighting the necessity of accurate computation for capital gains and losses. Case-Laws Income Tax Thu, 31 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69866