Supreme Court · 1991 INSC 59 · Decided 21 February 1991
A.L.A. Firm v. Commissioner of Income Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1991 INSC 59 · [1991] 1 S.C.R. 624
- Case number
- CIVIL APPEAL No. 570/1976
- Decided
- 21 February 1991
- Bench
- S. RANGANATHAN, N.M. KASLIWAL, S.C. AGRAWAL (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 147(b)
Headnote
Income Tax Act, 1961: Section 147(b)-Scope of-Assessment year 1961-62-Reassessment-Interpretation and meaning of the word "information"-Material coming to the notice of the Income Tax Officer subsequent to original assessment-Meaning of the word. "Escape". Dissolution of at cost or market price which ever is lower-Where business is discontinued, the closing stock D to be valued at market price. The Appellant-Assessee, a partnership firm was engaged mainly, in Malaya, in money lending business since 1949 and incidental to this business was also doing the
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