https://www.taxtmi.com/caselaws?id=220259 The Tribunal upheld the validity of the re-assessment under section 147 of the Income Tax Act and the assessment of Rs. 2.87 crores as Long Term Capital Gains in the hands of the assessee. The re-assessment was deemed valid as the Assessing Officer had sufficient reasons to believe that income had escaped assessment and followed due procedure. Additionally, the Tribunal agreed with the CIT (A) that the partnership claimed by the assessee was not genuine, leading to the amount received being taxable as LTCG. The appeal was dismissed, affirming the tax liabilities imposed on the assessee. en-us Fri, 21 Sep 2012 00:00:00 +0530 Wed, 16 Jan 2013 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220259 The Tribunal upheld the validity of the re-assessment under section 147 of the Income Tax Act and the assessment of Rs. 2.87 crores as Long Term Capital Gains in the hands of the assessee. The re-assessment was deemed valid as the Assessing Officer had sufficient reasons to believe that income had escaped assessment and followed due procedure. Additionally, the Tribunal agreed with the CIT (A) that the partnership claimed by the assessee was not genuine, leading to the amount received being taxable as LTCG. The appeal was dismissed, affirming the tax liabilities imposed on the assessee. Case-Laws Income Tax Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220259