https://www.taxtmi.com/caselaws?id=70989 The Tribunal held that the reassessment was without jurisdiction and canceled it, as no failure to disclose material facts existed. The appeal was allowed, and directions to reopen earlier assessments were expunged. The stay petition was dismissed as the enhanced compensation was still under appeal, and no income had accrued to the assessee. The Tribunal emphasized that section 45(5) of the Income Tax Act, 1961, could not be applied retrospectively to tax the enhanced compensation as capital gains for the assessment year 1987-88. en-us Thu, 31 Mar 1994 00:00:00 +0530 Wed, 20 Apr 2011 15:52:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70989 The Tribunal held that the reassessment was without jurisdiction and canceled it, as no failure to disclose material facts existed. The appeal was allowed, and directions to reopen earlier assessments were expunged. The stay petition was dismissed as the enhanced compensation was still under appeal, and no income had accrued to the assessee. The Tribunal emphasized that section 45(5) of the Income Tax Act, 1961, could not be applied retrospectively to tax the enhanced compensation as capital gains for the assessment year 1987-88. Case-Laws Income Tax Thu, 31 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70989