TMI Blog2014 (9) TMI 572X X X X Extracts X X X X X X X X Extracts X X X X ..... h Court] – Decided against assessee. - IT Appeal No. 705 of 2008 - - - Dated:- 22-7-2014 - N. Kumar and B. Manohar , JJ. Praveen Kumar Hiremath and K.R. Prasad for the Appellant. Jeevan J. Neeralgi for the Respondent. JUDGMENT 1. The assessee has preferred this appeal against the order passed by the Income Tax Appellate Tribunal, Bangalore, confirming the order of the lower authorities where the assessee was held to be liable to pay the capital gain tax on the transaction in question. 2. The assessee along with his return enclosed a note stating that, he is liable to pay capital gain tax in the United Kingdom as per domestic law and not taxable in India. Acting on the said note, when the return was processed under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied in interpreting Clause 14 of the DTA to mean that the domestic law of the assessee is applicable and not the domestic law of the land where the income accrues is applicable? 4. We have heard the learned Counsel for the parties. 5. Article 14 of the Double Taxation Avoidance Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of India, reads as under: Capitals gains - Except as provided in Article 8 (Air transport) and 9 (Shipping) of this Convention, each Contracting State may tax capital gains in accordance with the provisions of its domestic law. The assessee under the scheme exercised option for sale of 1556 shares in November 1999 resulting in capital gains o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITO has the jurisdiction to reopen the original assessment. It is not necessary that for such reopening of such assessment the information is to be derived from external source of any kind or disclosure of new and important matters subsequent to the original assessment. Even if the information is obtained from the record of the original assessment after a proper investigation from the materials on record or the facts disclosed thereby or from any enquiry or research into facts or law, reassessment is permissible. Income may escape assessment as a result of lack of vigilance of the ITO or due to perfunctory performance of his duties without due care and caution. Even in a case where a return has been submitted to the ITO who erroneously fail ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
