June 2005

Sec. 41(2), Section 41

Gujarat H.C : Whether the Tribunal was right in law and on facts in holding that what was sold by the assesseefirm to the limited company was its running business as a going concern together with all the assets and liabilities and the provisions of s. 41(2) of the Act cannot be invoked under the facts and circumstances of the assessee’s case ?

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High Court Of Gujarat CIT vs. Garden Silk Weaving Factory Section 41(2) Asst. Year 1973-74 D.A. Mehta & Ms. H.N.

Section 147

Karnataka H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee had not disclosed all the primary facts necessary for completing the assessment, as available with the assessee, and before completion of the original assessment and hence, the AO had jurisdiction to reopen the assessment under s. 147(a) of the Act ?

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High Court Of Karnataka Venkatesh Power Works vs. CIT Sections 147(a), 147(b) Asst. Year 1973-74 H.L. Dattu & H.N. Nagamohan

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