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1990 (12) TMI 6 - SC - Income Tax
Jurisdiction to reopen the assessment under sections 147(a) and 148 - capital gains on transfer of mining business - validity of reassessment - Whether the consideration received for such transfer is towards goodwill and therefore exempt from tax - question is premature as the matter has not been gone into by the ITO - held that Income-tax Officer had validly and legally exercised his jurisdiction and reopened the assessment for the assessment year 1957-58