https://www.taxtmi.com/caselaws?id=29440 The High Court upheld the Income-tax Officer's competency to reopen the assessment under section 147(b) based on the Appellate Assistant Commissioner's order. The Court found the ITO's actions in initiating proceedings for taxing compensation as capital gains to be legal, even if it affected the finality of the assessment. The Court emphasized the importance of information from a formal source for reopening assessments and held that the AAC's order provided valid information. Ultimately, the Court ruled in favor of the department on both issues, affirming the legality of the ITO's actions under section 147(b). en-us Thu, 03 Sep 1981 00:00:00 +0530 Fri, 12 Mar 2010 18:18:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29440 The High Court upheld the Income-tax Officer's competency to reopen the assessment under section 147(b) based on the Appellate Assistant Commissioner's order. The Court found the ITO's actions in initiating proceedings for taxing compensation as capital gains to be legal, even if it affected the finality of the assessment. The Court emphasized the importance of information from a formal source for reopening assessments and held that the AAC's order provided valid information. Ultimately, the Court ruled in favor of the department on both issues, affirming the legality of the ITO's actions under section 147(b). Case-Laws Income Tax Thu, 03 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29440