https://www.taxtmi.com/caselaws?id=6539 Reopening under sections 147(a) and 148 is valid where the Assessing Officer has reason to believe, on relevant material, that income has escaped assessment because of the assessee's failure to make full and true disclosure; subsequent information on the transfer date provided the required jurisdictional basis. The taxability of the receipt, including whether it represented consideration for goodwill alone or for business assets and goodwill together, had to be examined in reassessment proceedings. The merits of capital gains liability could not be conclusively determined at the notice stage, so quashing the notices on that ground was premature. en-us Fri, 07 Dec 1990 00:00:00 +0530 Fri, 05 Dec 2025 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6539 Reopening under sections 147(a) and 148 is valid where the Assessing Officer has reason to believe, on relevant material, that income has escaped assessment because of the assessee's failure to make full and true disclosure; subsequent information on the transfer date provided the required jurisdictional basis. The taxability of the receipt, including whether it represented consideration for goodwill alone or for business assets and goodwill together, had to be examined in reassessment proceedings. The merits of capital gains liability could not be conclusively determined at the notice stage, so quashing the notices on that ground was premature. Case-Laws Income Tax Fri, 07 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6539