1989 (1) TMI 100 - HC - Income Tax

Summary

The High Court of Allahabad directed the Tribunal to refer a question regarding the Income-tax Officer's justification in reopening an assessment under section 147(b) of the Income-tax Act, specifically related to the computation of capital gains on jewellery. The Tribunal was instructed to draw a statement of the case for consideration. The court relied on the decision in Indian and Eastern Newspaper Society v. CIT [1979] 119 ITR 996 (SC) and directed each party to bear their own costs.