Supreme Court · 1990 INSC 383 · Decided 7 December 1990
Income Tax Officer, Cuttack and ORS. v. Biju Patnaik
- Court
- Supreme Court of India
- Citation
- 1990 INSC 383 · [1990] SUPP. 3 S.C.R. 488
- Case number
- CIVIL APPEAL No. 571/1976
- Decided
- 7 December 1990
- Bench
- KULDIP SINGH, K. RAMASWAMY (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 226; Income Tax Act Section 147, 148, 147(a)
Headnote
Income Tax Act, 1961: Sections 147 & 148--Condition Prcedent for exercise of jurisdiction by I. T. 0. The respondent•assessee was assessed to income tax for the assess­ ment year 1957-58 ending with f"mancial year March 31, 1957. Subse- C quently, it came to the notice of the earned as capital gains by the sale of bis mining business. According to the assessee, the transfer of the business bad been made on 31.3.1956 and as such the capital gain was not Ieviable to taxation since capital gain D was not subjected to taxation in the assessment year 1956-57. But from the
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