https://www.taxtmi.com/caselaws?id=57977 The Tribunal upheld the Commissioner's assumption of jurisdiction under section 263 of the Income Tax Act, finding the original assessment erroneous and prejudicial to Revenue's interests. The Tribunal agreed with treating the difference between declared and market prices of National Defence Gold Bonds as undisclosed income. The matter was remanded to the ITO to determine the appropriate assessment year for the undisclosed income, with the appeal partly allowed for statistical purposes. en-us Thu, 03 Dec 1987 00:00:00 +0530 Wed, 15 Dec 2010 16:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57977 The Tribunal upheld the Commissioner's assumption of jurisdiction under section 263 of the Income Tax Act, finding the original assessment erroneous and prejudicial to Revenue's interests. The Tribunal agreed with treating the difference between declared and market prices of National Defence Gold Bonds as undisclosed income. The matter was remanded to the ITO to determine the appropriate assessment year for the undisclosed income, with the appeal partly allowed for statistical purposes. Case-Laws Income Tax Thu, 03 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57977