https://www.taxtmi.com/caselaws?id=56393 The Tribunal allowed the Department's appeal, vacating the cancellation of reassessment under section 147(b). It held that a subsequent High Court decision could be valid information for reopening. The matter of quantification of capital gains was remanded to the CIT(A) for further review, emphasizing the need to consider specific circumstances. The original assessment's method of averaging out cost for bonus shares was questioned, suggesting a review based on original cost rather than substituted fair market price. Both parties were directed to be given a fair opportunity to present their arguments on the quantification of capital gains. en-us Mon, 13 Sep 1993 00:00:00 +0530 Fri, 03 Dec 2010 13:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56393 The Tribunal allowed the Department's appeal, vacating the cancellation of reassessment under section 147(b). It held that a subsequent High Court decision could be valid information for reopening. The matter of quantification of capital gains was remanded to the CIT(A) for further review, emphasizing the need to consider specific circumstances. The original assessment's method of averaging out cost for bonus shares was questioned, suggesting a review based on original cost rather than substituted fair market price. Both parties were directed to be given a fair opportunity to present their arguments on the quantification of capital gains. Case-Laws Income Tax Mon, 13 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56393