https://www.taxtmi.com/caselaws?id=7679 Reassessment under section 34(1)(a) was upheld because the assessee had not fully and truly disclosed all material facts, and section 6(e) of the General Clauses Act did not create any immunity from reopening. Under section 12B, capital gains arose on the real sale of investments to a distinct legal person, but not on the company's admission as a partner in relation to goodwill, since the firm itself did not effect a transfer of goodwill. For computation, the full value of consideration meant the agreed sale price, not market value, and goodwill could not be included where no taxable transfer by the assessee-firm existed. The assessable gain was confined to the transfer of investments. en-us Fri, 13 Sep 1968 00:00:00 +0530 Tue, 17 Mar 2009 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7679 Reassessment under section 34(1)(a) was upheld because the assessee had not fully and truly disclosed all material facts, and section 6(e) of the General Clauses Act did not create any immunity from reopening. Under section 12B, capital gains arose on the real sale of investments to a distinct legal person, but not on the company's admission as a partner in relation to goodwill, since the firm itself did not effect a transfer of goodwill. For computation, the full value of consideration meant the agreed sale price, not market value, and goodwill could not be included where no taxable transfer by the assessee-firm existed. The assessable gain was confined to the transfer of investments. Case-Laws Income Tax Fri, 13 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7679