https://www.taxtmi.com/caselaws?id=204830 The Tribunal upheld the Assessing Officer's jurisdiction to assess additional income beyond the reason for reopening, including short-term capital gains. The gains from the sale of land were deemed long-term, requiring bifurcation of consideration. The delay in filing cross objections was condoned due to the widow's lack of knowledge. Section 45(4) was applied to tax capital gains from the firm's dissolution post-amendment. Reassessment on different grounds was deemed valid. The AO's actions were mostly upheld, except for the treatment of land sale gains as long-term, which was remitted for correct calculation. The Revenue's appeal against non-taxability of capital gains was allowed. en-us Fri, 05 Mar 2010 00:00:00 +0530 Sat, 06 Aug 2011 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204830 The Tribunal upheld the Assessing Officer's jurisdiction to assess additional income beyond the reason for reopening, including short-term capital gains. The gains from the sale of land were deemed long-term, requiring bifurcation of consideration. The delay in filing cross objections was condoned due to the widow's lack of knowledge. Section 45(4) was applied to tax capital gains from the firm's dissolution post-amendment. Reassessment on different grounds was deemed valid. The AO's actions were mostly upheld, except for the treatment of land sale gains as long-term, which was remitted for correct calculation. The Revenue's appeal against non-taxability of capital gains was allowed. Case-Laws Income Tax Fri, 05 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204830