1990 (8) TMI 61

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..... ct, 1961. The Department has sought to raise the following question as a question of law "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling the assessment made under section 143 (3) read with sections 147 and 144 B holding that the reopening of the proceedings itself was void ab initio and bad in law ? The proceedings relate to the assessment .....

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..... ar, the Income-tax Officer took the view that the assessee's contributing his immovable property to the firm as capital amounted to transfer of a capital asset and the surplus computed was liable to tax as income under the head "Capital gains". The addition was deleted by the Commissioner (Appeals) on the ground that the surplus was not assessable as income for that assessment year, i.e., 1977-78. .....

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..... ucidation and clarification about it was actually given for the first time only before the appellate authority. The Tribunal held and, in our judgment, rightly, that there was no fresh information within the meaning of section 147(b) and, therefore, there was no valid assumption of jurisdiction. The condition precedent for assumption of jurisdiction under section 147(b) is fresh information whic .....

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