TaxTMI 
TaxTMI 
2002 (2) TMI 22
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....ppeals Nos. 972, 973, 974 and 359/JP of 1993. The assessment years involved are 1986-87 to 1989-90. The assessments for the assessment years 1986-87, 1987-88 and 1988-89 were completed under section 143(1) and thereafter notice was issued under section 148 of the Act of 1961. During the course of the reassessment proceedings, the Income-tax Officer had inquired that after the transfer of the plant....
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....fer of the plant and machinery has been treated as income from other sources. The Tribunal has remitted that matter back to the Assessing Officer to examine the lease agreement and also examine the balance-sheet and then find out whether on transfer the receipt on account of the lease amount can be taxed as income from business or income from other sources. Mr. Singhal, learned counsel for the....
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....reassess and tax that income, which is escaped, on the merits. The assessee can make his submissions before the Assessing Officer. Whether the amended provisions of section 147 which was amended with effect from April 1, 1989, are applicable or not, the same issue has been considered by this court in the case of Chandi Ram v. ITO [1997] 225 ITR 611 wherein this court has considered and held that....