https://www.taxtmi.com/caselaws?id=470388 Capital gains arising from the completed sale of a rig in India were examined with reference to the bill of sale, which transferred all rights and acknowledged consideration on the sale date. Subsequent lease termination, discontinuance and removal of the rig did not alter the completed transfer. Reassessment beyond four years was considered supportable where the sale and resulting income were omitted from the return and independently identified by Revenue; recorded reasons need not reproduce the statutory disclosure condition verbatim if non-disclosure and income escapement are evident. Delay in the Tribunal's pronouncement was also addressed in light of a subsequent hearing shortly before the order. en-us Wed, 20 Jun 2012 00:00:00 +0530 Sat, 25 Jul 2026 10:04:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470388 Capital gains arising from the completed sale of a rig in India were examined with reference to the bill of sale, which transferred all rights and acknowledged consideration on the sale date. Subsequent lease termination, discontinuance and removal of the rig did not alter the completed transfer. Reassessment beyond four years was considered supportable where the sale and resulting income were omitted from the return and independently identified by Revenue; recorded reasons need not reproduce the statutory disclosure condition verbatim if non-disclosure and income escapement are evident. Delay in the Tribunal's pronouncement was also addressed in light of a subsequent hearing shortly before the order. Case-Laws Income Tax Wed, 20 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470388