Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD89(Pat.)
..... derived from foreign exchange asset cannot include capital gain arising on transfer of foreign exchange asset for purposes of chapter xii-a of the i.t. act. realisation of capital through transfer of capital asset cannot be income derived from the asset. for this reason legislature separately defined long term capital gain and ..... for remitting such sum to the non-resident indian or for crediting such sum to his non-resident (external) account maintained in accordance with the foreign exchange regulation act, 1973 (46 of 1973) and any rules made thereunder; (a) "non-resident indian" and "foreign exchange asset" shall have the meanings assigned to them ..... short-term capital gains within the scope of the expression "investment income" used in section 115e such an approach would overlook the distinction consistently made in the act between the short-term capital gains and long-term capital gains and also, as already observed, render the expression "long-term capital gains or both redundant .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at570
..... be travesty of justice to allow the assessee that latitude." the assessment had been reopened on the basis of a letter from the chief mining officer that there had been no reporting of the coal raised. it was held that at the stage of reopening it was not necessary to go into the correctness or otherwise of the ..... the rival contentions. it is well settled principle of law that an assessment made under section 143(3) is not to be disturbed lightheartedly. section 147 of the it act, 1961 empowers the ao to reopen an assessment subject to certain conditions contained in the said section. one of the conditions precedent for taking action under section 147 ..... mewal das (supra), their lordships of the supreme court held as under : "the reasons for the formation of the belief contemplated by section 147(a) of the it act, 1961, for the reopening of an assessment must have a rational connection or relevant bearing on the formation of the belief, rational connection postulates that there must be a .....
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