https://www.taxtmi.com/caselaws?id=122667 Agricultural land transferred under an exchange agreement was treated as completed on 9-2-1993 because possession had been delivered, civil decrees obtained and mutation effected; later disputes over balance consideration did not defer transfer, so the land remained outside the capital asset definition and no capital gains arose on the later dates. A block assessment could not be reopened by notice under section 148, because Chapter XIV-B is a special code and the general reassessment machinery was unavailable. For wealth-tax, the value of plots received in exchange had to be determined under section 7 and Schedule III, and a bank valuation report could not by itself be the sole basis. en-us Fri, 27 Nov 2009 00:00:00 +0530 Thu, 16 Aug 2012 13:27:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122667 Agricultural land transferred under an exchange agreement was treated as completed on 9-2-1993 because possession had been delivered, civil decrees obtained and mutation effected; later disputes over balance consideration did not defer transfer, so the land remained outside the capital asset definition and no capital gains arose on the later dates. A block assessment could not be reopened by notice under section 148, because Chapter XIV-B is a special code and the general reassessment machinery was unavailable. For wealth-tax, the value of plots received in exchange had to be determined under section 7 and Schedule III, and a bank valuation report could not by itself be the sole basis. Case-Laws Income Tax Fri, 27 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122667