https://www.taxtmi.com/caselaws?id=245671 Tax consequences under a rehabilitation scheme, including liability under Section 41(1) and capital gains, must be examined on the basis of assessment-wise material and the full record. Where the assessee has not been given a meaningful opportunity to explain its position, the authorities must grant a reasonable hearing, collect and consider all relevant materials, and then pass fresh orders. The emphasis is on comprehensive reconsideration rather than a mechanical application of earlier conclusions. en-us Wed, 26 Mar 2014 00:00:00 +0530 Fri, 04 Apr 2014 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245671 Tax consequences under a rehabilitation scheme, including liability under Section 41(1) and capital gains, must be examined on the basis of assessment-wise material and the full record. Where the assessee has not been given a meaningful opportunity to explain its position, the authorities must grant a reasonable hearing, collect and consider all relevant materials, and then pass fresh orders. The emphasis is on comprehensive reconsideration rather than a mechanical application of earlier conclusions. Case-Laws Income Tax Wed, 26 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245671