https://www.taxtmi.com/caselaws?id=55905 The Tribunal quashed the initiation of proceedings under Section 147(a) read with Section 148, ruling that the ITO lacked jurisdiction as the taxable event occurred on 1st April 1966, not 31st March 1966. Consequently, the capital gains tax of Rs. 8 lakhs was not applicable for the assessment year 1966-67. The charge of interest under Section 139(8) was deemed unjustified due to the invalidity of the Section 147(a) proceedings. The appeal was accepted, and the previous order was set aside. en-us Tue, 15 Mar 1988 00:00:00 +0530 Tue, 30 Nov 2010 16:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55905 The Tribunal quashed the initiation of proceedings under Section 147(a) read with Section 148, ruling that the ITO lacked jurisdiction as the taxable event occurred on 1st April 1966, not 31st March 1966. Consequently, the capital gains tax of Rs. 8 lakhs was not applicable for the assessment year 1966-67. The charge of interest under Section 139(8) was deemed unjustified due to the invalidity of the Section 147(a) proceedings. The appeal was accepted, and the previous order was set aside. Case-Laws Income Tax Tue, 15 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55905