https://www.taxtmi.com/caselaws?id=58179 The Tribunal upheld the Commissioner's assumption of jurisdiction under Section 263 due to the ITO's failure to conduct proper inquiries. It also agreed with the Commissioner that the transaction involving National Defence Gold Bonds was a means to introduce unaccounted funds as tax-free capital gains. However, the Tribunal remanded the determination of the correct assessment year for the undisclosed income back to the ITO for reconsideration. The appeal was partially allowed for statistical purposes. en-us Thu, 03 Dec 1987 00:00:00 +0530 Fri, 17 Dec 2010 17:09:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58179 The Tribunal upheld the Commissioner's assumption of jurisdiction under Section 263 due to the ITO's failure to conduct proper inquiries. It also agreed with the Commissioner that the transaction involving National Defence Gold Bonds was a means to introduce unaccounted funds as tax-free capital gains. However, the Tribunal remanded the determination of the correct assessment year for the undisclosed income back to the ITO for reconsideration. The appeal was partially allowed for statistical purposes. Case-Laws Income Tax Thu, 03 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58179