https://www.taxtmi.com/caselaws?id=219684 A development agreement can trigger capital gains tax when effective control and possession are transferred under the agreement, and not necessarily when constructed apartments are later handed over. Applying the substance-over-form approach, the agreement date was treated as the relevant transfer point, with section 2(47)(v) and section 2(47)(vi) operating despite the amended position under section 53A of the Transfer of Property Act. On that basis, reopening under section 148 was supported by material suggesting escapement of income in more than one year and was valid. The assessee's deduction claims under sections 54 and 54F, raised for the first time before the Tribunal, were remanded to the Assessing Officer for fresh consideration after giving an opportunity of hearing. en-us Fri, 28 Sep 2012 00:00:00 +0530 Tue, 09 Aug 2016 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219684 A development agreement can trigger capital gains tax when effective control and possession are transferred under the agreement, and not necessarily when constructed apartments are later handed over. Applying the substance-over-form approach, the agreement date was treated as the relevant transfer point, with section 2(47)(v) and section 2(47)(vi) operating despite the amended position under section 53A of the Transfer of Property Act. On that basis, reopening under section 148 was supported by material suggesting escapement of income in more than one year and was valid. The assessee's deduction claims under sections 54 and 54F, raised for the first time before the Tribunal, were remanded to the Assessing Officer for fresh consideration after giving an opportunity of hearing. Case-Laws Income Tax Fri, 28 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219684