https://www.taxtmi.com/caselaws?id=300261 The Tribunal dismissed the Revenue's appeal, affirming that the initiation of reassessment proceedings was invalid as the reasons recorded did not establish belief of income escapement. It held that the revaluation profit credited to partners' accounts was not taxable, exempt under Section 10(2A). Section 45(3) was deemed inapplicable, and the allegation of colorable transactions to avoid taxes was rejected. The Tribunal upheld the lower authorities' decisions, concluding that the revaluation profit was not taxable in the partners' hands. en-us Wed, 15 Mar 2017 00:00:00 +0530 Thu, 20 Jan 2022 08:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300261 The Tribunal dismissed the Revenue's appeal, affirming that the initiation of reassessment proceedings was invalid as the reasons recorded did not establish belief of income escapement. It held that the revaluation profit credited to partners' accounts was not taxable, exempt under Section 10(2A). Section 45(3) was deemed inapplicable, and the allegation of colorable transactions to avoid taxes was rejected. The Tribunal upheld the lower authorities' decisions, concluding that the revaluation profit was not taxable in the partners' hands. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300261