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1973 (7) TMI 5 - HC - Income TaxLump sum received by an employee on termination of employment was originally exempted as capital receipt - Later on a Commission of Enquiry appointed to enquire into the affairs of the company found that the contract of employment was not genuine - whether the Income-tax Officer had jurisdiction to initiate proceedings for reopening the assessment of the petitioner for the assessment year 1950-51, under section 147(a) - whether such initiation of proceedings is justified having regard to the conditions precedent to be fulfilled before the provisions of the said section can be attracted - notice for initiation of reassessment proceedings will have to be upheld in so far as it relates to the item of Rs. 7 lakhs paid by the company to the petitioner - In the result, the petition is dismissed. As, however, made clear earlier the Income-tax Officer will not be entitled in the conduct of the ment proceedings to go into the question of the loan of Rs. 2 lakhs given by the assessee to V. G Pettie and the interest thereon as forming of the assessment during the relevant assessment year
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