https://www.taxtmi.com/caselaws?id=327311 The High Court of Delhi dismissed the Revenue's appeals against the ITAT's common judgment for AYs 1998-99 and 1999-2000. The central issue was the necessity of incriminating material for assessments under Section 153A of the Income Tax Act. The ITAT's decision to reopen assessment proceedings under Section 147 and classify gold and silver utensils as capital assets or personal effects was upheld. As no incriminating material was found, following the precedent in CIT v. Kabul Chawla [2016] 380 ITR 573 (Delhi), the Court found the ITAT's order legally sound, resulting in the dismissal of the appeals. en-us Fri, 29 Apr 2016 00:00:00 +0530 Sun, 08 May 2016 17:22:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327311 The High Court of Delhi dismissed the Revenue's appeals against the ITAT's common judgment for AYs 1998-99 and 1999-2000. The central issue was the necessity of incriminating material for assessments under Section 153A of the Income Tax Act. The ITAT's decision to reopen assessment proceedings under Section 147 and classify gold and silver utensils as capital assets or personal effects was upheld. As no incriminating material was found, following the precedent in CIT v. Kabul Chawla [2016] 380 ITR 573 (Delhi), the Court found the ITAT's order legally sound, resulting in the dismissal of the appeals. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327311