1987 (1) TMI 51

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....sment was not reopened in valid and legal manner and that the corresponding notice issued under section 148 was not valid and legal? (3) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the sanction accorded by the Board was not valid and proper? (4) Whether, on the facts and in the circumstances of the case, the assessee was under an obligation to disclose the investments made in gold and gold ornaments in its return of income? (5) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in holding that the reassessment proceeding made for the year 1952-53 was a 'protective assessment'? (6) Whether, on the facts and in the circumstances of....

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....upport of his stand, he relied upon a will dated February 18, 1952. We have been furnished a copy of the said will, which has in the meantime been probated, and may note that the will recites that the gold mentioned therein by Keshrimal was " amassed out of my personal exertion "...and " which I have purchased gradually from my own income ......... The Income-tax Officer entertained doubts about the genuineness of the will and proposed, on February 15, 1969, to the Central Board of Direct Taxes that the assessee's assessment for the assessment year 1952-53 be reopened by invoking the provisions of section 147 of the Income-tax Act so as to bring to tax the value of the said gold. The assessment was reopened upon the sanction of the Central ....

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.... all material facts relevant to the assessment. In the instant case, therefore, the Revenue must show that the assessee had failed to disclose its ownership of the said gold and source of its acquisition. This necessarily postulates that the assessee was the owner of the said gold. Now, it was the contention of Nemkumar that Keshrimal had bequeathed the said, gold under will dated February 18, 1952, and he relied upon the will. That will, as we have noted above, makes it clear that the said gold belonged to Keshrimal in his individual capacity and not to the assessee. The Tribunal records, in paragraph 24 of its judgment, that the taxing authorities had also based their case upon that will. This would suggest that the taxing authorities had....