https://www.taxtmi.com/caselaws?id=16032 The court held that the second draft assessment order issued by the Income-tax Officer was invalid as only one draft order can be issued under Section 144B of the Income-tax Act. The court emphasized that once a draft order is communicated, the Income-tax Officer's quasi-judicial function ends, and he cannot issue a second draft order. Consequently, the court ruled in favor of the assessee, disallowing the enhancement of assessed income. Additionally, the court determined that the compensation received for the destruction of a ship did not constitute capital gains, following the Supreme Court precedent that such destruction does not amount to a transfer under Section 45 of the Act. en-us Tue, 22 Jun 1999 00:00:00 +0530 Mon, 31 Aug 2009 15:52:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16032 The court held that the second draft assessment order issued by the Income-tax Officer was invalid as only one draft order can be issued under Section 144B of the Income-tax Act. The court emphasized that once a draft order is communicated, the Income-tax Officer's quasi-judicial function ends, and he cannot issue a second draft order. Consequently, the court ruled in favor of the assessee, disallowing the enhancement of assessed income. Additionally, the court determined that the compensation received for the destruction of a ship did not constitute capital gains, following the Supreme Court precedent that such destruction does not amount to a transfer under Section 45 of the Act. Case-Laws Income Tax Tue, 22 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16032