https://www.taxtmi.com/caselaws?id=184495 The tribunal upheld the reopening of assessment u/s 147 for the assessee, a trade union leader, who received a gift of immovable property valued at Rs. 1,96,28,314/-. The tribunal ruled that the assessment for AY 2002-03 could be reopened despite an earlier intimation u/s 143(1), as it was not a final assessment. Additionally, the gift was assessed as income u/s 28(iv) due to its connection with the professional services rendered by the assessee to the union. The tribunal affirmed the valuation of the gift at Rs. 1,96,28,314/- for tax purposes. en-us Fri, 13 Aug 2010 00:00:00 +0530 Mon, 11 Jul 2016 11:55:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184495 The tribunal upheld the reopening of assessment u/s 147 for the assessee, a trade union leader, who received a gift of immovable property valued at Rs. 1,96,28,314/-. The tribunal ruled that the assessment for AY 2002-03 could be reopened despite an earlier intimation u/s 143(1), as it was not a final assessment. Additionally, the gift was assessed as income u/s 28(iv) due to its connection with the professional services rendered by the assessee to the union. The tribunal affirmed the valuation of the gift at Rs. 1,96,28,314/- for tax purposes. Case-Laws Income Tax Fri, 13 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184495