https://www.taxtmi.com/caselaws?id=55644 The tribunal allowed the appeal, ruling in favor of the appellant. It held that the reopening of the assessment under section 147(a) was unjustified as the voluntary disclosure of the gifted property constituted a true disclosure of primary facts. Additionally, it found that the provisions of section 54 required action to be taken in the year of transfer of the newly acquired asset, which was not the year under consideration. Therefore, the tribunal deleted the addition made by the Income Tax Officer during reassessment proceedings, emphasizing the importance of proper disclosure and adherence to statutory provisions in income tax assessments. en-us Mon, 09 Apr 1990 00:00:00 +0530 Mon, 29 Nov 2010 11:55:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55644 The tribunal allowed the appeal, ruling in favor of the appellant. It held that the reopening of the assessment under section 147(a) was unjustified as the voluntary disclosure of the gifted property constituted a true disclosure of primary facts. Additionally, it found that the provisions of section 54 required action to be taken in the year of transfer of the newly acquired asset, which was not the year under consideration. Therefore, the tribunal deleted the addition made by the Income Tax Officer during reassessment proceedings, emphasizing the importance of proper disclosure and adherence to statutory provisions in income tax assessments. Case-Laws Income Tax Mon, 09 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55644