https://www.taxtmi.com/caselaws?id=59187 The Tribunal ruled in favor of the assessee, canceling the reassessment under section 147(b) as the silver utensils were deemed personal effects, not capital assets. The Tribunal held that the assessing officer lacked jurisdiction to proceed under section 147(b) after proceedings under section 263 were dropped by the Commissioner. The reassessment was deemed unnecessary as a higher authority had already considered and rejected the matter. en-us Mon, 12 Apr 1982 00:00:00 +0530 Sat, 25 Dec 2010 14:20:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59187 The Tribunal ruled in favor of the assessee, canceling the reassessment under section 147(b) as the silver utensils were deemed personal effects, not capital assets. The Tribunal held that the assessing officer lacked jurisdiction to proceed under section 147(b) after proceedings under section 263 were dropped by the Commissioner. The reassessment was deemed unnecessary as a higher authority had already considered and rejected the matter. Case-Laws Income Tax Mon, 12 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59187