https://www.taxtmi.com/caselaws?id=177449 The Tribunal upheld the validity of the assessment order under Section 153A/143(3) of the Income Tax Act, finding it correctly made. It ruled that the capital account balance received on retirement was not taxable as it did not involve a transfer of capital assets. Exemptions under specific sections were deemed applicable, and allegations of tax evasion through colorable devices were rejected. The Tribunal determined there was no double taxation on the revaluation of land and disallowed reliance on a statement made during search and seizure operations. The appeal of the assessee was allowed, with certain additions to the assessment order not being justified. en-us Fri, 06 Jan 2012 00:00:00 +0530 Thu, 07 Sep 2017 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177449 The Tribunal upheld the validity of the assessment order under Section 153A/143(3) of the Income Tax Act, finding it correctly made. It ruled that the capital account balance received on retirement was not taxable as it did not involve a transfer of capital assets. Exemptions under specific sections were deemed applicable, and allegations of tax evasion through colorable devices were rejected. The Tribunal determined there was no double taxation on the revaluation of land and disallowed reliance on a statement made during search and seizure operations. The appeal of the assessee was allowed, with certain additions to the assessment order not being justified. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177449