https://www.taxtmi.com/caselaws?id=58345 The Tribunal dismissed the department's appeal, ruling that the assessment was time-barred, the ITO exceeded jurisdiction by including new income items in the reassessment, the partnership firm was genuine, and the assessee qualified for the Section 47(ii) exemption. Additionally, no capital gains tax was applicable due to the revaluation of business assets and lack of consideration received in a subsequent transfer. en-us Tue, 30 Apr 1985 00:00:00 +0530 Sat, 18 Dec 2010 15:51:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58345 The Tribunal dismissed the department's appeal, ruling that the assessment was time-barred, the ITO exceeded jurisdiction by including new income items in the reassessment, the partnership firm was genuine, and the assessee qualified for the Section 47(ii) exemption. Additionally, no capital gains tax was applicable due to the revaluation of business assets and lack of consideration received in a subsequent transfer. Case-Laws Income Tax Tue, 30 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58345