https://www.taxtmi.com/caselaws?id=117826 Reassessment under section 148 was treated as invalid where the Assessing Officer had not newly noticed escapement of income under Explanation 2(b) to section 147 and the assessee had already disclosed the relevant facts; the reopening was held without jurisdiction. On the treaty issue, capital gains on transfer of shares were found not taxable in India because the Netherlands companies were genuine, had real business substance, and could not be disregarded as shell entities absent material showing sham, control, or legal violation. The India-Netherlands treaty residence was therefore respected for applying Article 13.5, and the transfer was treated as covered by lawful tax planning rather than a colourable device. en-us Thu, 28 Oct 2004 00:00:00 +0530 Tue, 26 Jun 2012 17:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117826 Reassessment under section 148 was treated as invalid where the Assessing Officer had not newly noticed escapement of income under Explanation 2(b) to section 147 and the assessee had already disclosed the relevant facts; the reopening was held without jurisdiction. On the treaty issue, capital gains on transfer of shares were found not taxable in India because the Netherlands companies were genuine, had real business substance, and could not be disregarded as shell entities absent material showing sham, control, or legal violation. The India-Netherlands treaty residence was therefore respected for applying Article 13.5, and the transfer was treated as covered by lawful tax planning rather than a colourable device. Case-Laws Income Tax Thu, 28 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117826