Income Tax Officer vs Biju Patnaik

Authority: Supreme Court Date: 1990-12-07 AY: 1957-58 Section: 142, 147, 147(b), 147(a), 148 Acts: Income Tax Act 1961, Indian Income Tax Act 1922, Constitution of India Result: Revenue Citation: (1991) 91 CTR (SC) 95 : (1991) 188 ITR 247 (SC) : (1991) 56 TAXMAN 165 Justices: Kuldip Singh & K. Ramaswamy, JJ. Appeal No: Civil Appeal No. 571 of 1976
Whether the Income Tax Officer validly exercised jurisdiction under Section 147(a) read with Section 148 of the Income Tax Act, 1961 to reopen assessment for capital gains tax on Rs. 15,00,000 from transfer of mining business --- Held Yes; Whether the High Court Division Bench erred in quashing reassessment notices based on premature conclusion that the amount represented sale of goodwill not liable to capital gains tax --- Held Yes

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