https://www.taxtmi.com/caselaws?id=59990 Assessment was held within limitation because the period covered by the draft assessment procedure and the waiting time for directions was excluded under the Act. Absence of prior approval of the IAC was treated as an irregularity, not a fatal illegality, so the assessment remained valid. A transfer of shares under a settlement to secure a proportionate share in immovable property was treated as a taxable transfer or exchange, not a mere family settlement, and capital gains tax applied. The valuation of the shares as on 1 January 1954 was remitted for fresh consideration because the assessee had not been given adequate opportunity to place supporting material. en-us Mon, 26 Mar 1984 00:00:00 +0530 Mon, 03 Jan 2011 11:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59990 Assessment was held within limitation because the period covered by the draft assessment procedure and the waiting time for directions was excluded under the Act. Absence of prior approval of the IAC was treated as an irregularity, not a fatal illegality, so the assessment remained valid. A transfer of shares under a settlement to secure a proportionate share in immovable property was treated as a taxable transfer or exchange, not a mere family settlement, and capital gains tax applied. The valuation of the shares as on 1 January 1954 was remitted for fresh consideration because the assessee had not been given adequate opportunity to place supporting material. Case-Laws Income Tax Mon, 26 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59990