https://www.taxtmi.com/caselaws?id=176281 A right to subscribe for shares was treated as property of transferable value and therefore a capital asset; the amount realised on renunciation could fall within capital gains taxation under the statutory framework for transfer or relinquishment of capital assets. For reassessment, information could include a later judicial or appellate exposition of law, and that material could support a belief that income had escaped assessment. Income assessed under an erroneous legal head was also treated as escaped assessment, so the reassessment notice was valid and not without jurisdiction. en-us Thu, 28 Mar 1963 00:00:00 +0530 Fri, 18 Dec 2015 18:11:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176281 A right to subscribe for shares was treated as property of transferable value and therefore a capital asset; the amount realised on renunciation could fall within capital gains taxation under the statutory framework for transfer or relinquishment of capital assets. For reassessment, information could include a later judicial or appellate exposition of law, and that material could support a belief that income had escaped assessment. Income assessed under an erroneous legal head was also treated as escaped assessment, so the reassessment notice was valid and not without jurisdiction. Case-Laws Income Tax Thu, 28 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176281