TaxTMI 
TaxTMI 
1990 (3) TMI 12
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.... 226 of the Constitution of India, the petitioners, a registered partnership firm, have challenged the legality and validity of the notice dated March 21, 1984, issued under section 148 read with section 147(a) of the Income-tax Act. 1961 for the petitioners' assessment for the assessment year 1975-76. The assessment was originally completed under section 143(3) read with section 144B on December ....
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....re for every 3 shares held 3 1,08,747 ... 41,422 1967 1 share for every 5 shares held 2 82,844 ... 21,849 1968 1 share for every 3 shares held 3 65,547 1,004 10 10,040 ----------- --------------- ------------------ 7,613 + 1,22,387 = 1,30,000 shares 4,67,842 ----------- --------------- ------------------ 1,30,000 shares were sold at the rate of Rs. 56.75 realising Rs. 73,77,500 as agai....
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.... Officer for reopening the assessment under section 147(a) have a direct nexus or live link with the formation of the belief that the income of the assessee chargeable to tax had escaped assessment. For this purpose, it is desirable to refer to the reasons recorded by the Income-tax Officer. They are : "It is seen from the records that the assessee has shown long-term capital gains of Rs. 69,09,6....
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....ssessee had not filed complete particulars as regards computation of the valuation of the bonus shares. From that fact, he assumed that the assessee's income chargeable to tax must have escaped assessment. For the present, it may be assumed that the petitioners had not given the basis as to how they had valued their bonus shares at Rs. 2 per share in some years and at Rs. 3 per share in other year....