Supreme Court of India
Income Tax Officer, Cuttack and Ors. v. Biju Patnaik
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the reasons mentioned by the Income- tax Officer in the proceedings drawn on July 2, 1965.
Judgment, page 6
From the headnote
Income Tax Act, 1961: Sections 147 & 148--Condition Prcedent for exercise of jurisdiction by I. T. 0. The respondent•assessee was assessed to income tax for the assess ment year 1957-58 ending with f"mancial year March 31, 1957. Subse- quently, it came to the notice of the Income Tax Officer that the assessee bad not shown in bis return a sum of Rs.15 Iakbs which be bad earned as capital gains by the sale of bis mining business. According to the assessee, the transfer of the business bad been made on 31.3.1956 and as such the capital gain was not Ieviable to taxation since capital gain was
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