https://www.taxtmi.com/caselaws?id=213760 Reassessment under sections 147 and 148 was supported by recorded reasons, approval and written disposal of objections, so the reopening was sustained. A joint development agreement was treated as a transfer for capital gains purposes where it gave the developer effective control, development rights and possession in the statutory sense under section 2(47)(v) read with section 53A of the Transfer of Property Act; the original agreement date was taken as the transfer date and capital gains were assessed in the relevant year. Interest under section 234B was described as consequential and mandatory, with recomputation directed. en-us Fri, 04 May 2012 00:00:00 +0530 Wed, 01 Aug 2012 00:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213760 Reassessment under sections 147 and 148 was supported by recorded reasons, approval and written disposal of objections, so the reopening was sustained. A joint development agreement was treated as a transfer for capital gains purposes where it gave the developer effective control, development rights and possession in the statutory sense under section 2(47)(v) read with section 53A of the Transfer of Property Act; the original agreement date was taken as the transfer date and capital gains were assessed in the relevant year. Interest under section 234B was described as consequential and mandatory, with recomputation directed. Case-Laws Income Tax Fri, 04 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213760