https://www.taxtmi.com/caselaws?id=25213 The Court ruled in favor of the Revenue, upholding the reopening of the assessment under section 147(a) of the Income-tax Act due to non-disclosure of crucial facts by the assessee regarding capital gains. The Tribunal found that the assessee failed to disclose relevant information during the assessment proceedings, leading to a tax liability on the sum of Rs. 65,000. However, the amount of Rs. 75,417 received was deemed non-taxable under section 45. The Court directed each party to bear their respective costs and forwarded a copy of the judgment to the Income-tax Appellate Tribunal, Cochin Bench for further action. en-us Thu, 08 Jan 1987 00:00:00 +0530 Wed, 27 Jan 2010 12:05:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25213 The Court ruled in favor of the Revenue, upholding the reopening of the assessment under section 147(a) of the Income-tax Act due to non-disclosure of crucial facts by the assessee regarding capital gains. The Tribunal found that the assessee failed to disclose relevant information during the assessment proceedings, leading to a tax liability on the sum of Rs. 65,000. However, the amount of Rs. 75,417 received was deemed non-taxable under section 45. The Court directed each party to bear their respective costs and forwarded a copy of the judgment to the Income-tax Appellate Tribunal, Cochin Bench for further action. Case-Laws Income Tax Thu, 08 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25213