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2003 (9) TMI 55 - HC - Income Tax"1. Whether, Tribunal was justified in law in holding that the audit report amounted to 'information' within the meaning of section 147(b) of the Income-tax Act, 1961, on the basis of which the assessment could be validly reopened by the Income-tax Officer? - 2. Whether, Tribunal was justified in law in holding that the loss of Rs. 84,261 on the sale of brick kiln was a capital loss and that it could not be set off against the business income but only against capital gains and that it had to be carried forward?" – Both questions are answered in the affirmative i.e., in favour of the Department and against the assessee
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