ACIT vs N. Ramachandran

Authority: ITAT Tribunal/Court: Chennai Date: 2018-07-24 AY: 2010-11 Section: 148, 263, 2(47), 56(2)(vii), 147 Acts: Income Tax Act 1961, Hindu Succession Act 1956 Result: Assessee Citation: 718Taxpundit354 Justices: N.R.S. GANESAN JM & A. MOHAN ALANKAMONY AM Appeal No: ITA No.7/Chny/2017
Whether transfer of shares and receipt of non-compete fee under a family arrangement is taxable as income under the Income Tax Act, 1961? --- Held No. Whether the Assessing Officer was justified in reopening the assessment under Section 148? --- Held No.

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