https://www.taxtmi.com/caselaws?id=234599 Reopening under section 147 cannot rest on material already on record alone; even where the return was processed under section 143(1), the recorded reasons must show a live link to escapement of income and be supported by tangible fresh material, so reassessment on mere reappraisal is invalid. A development agreement attracts deemed transfer under section 2(47)(v) only when the requirements of section 53A of the Transfer of Property Act are satisfied, including an enforceable contract, possession in part performance, and the transferee's readiness and willingness to perform; on these facts, the agreement did not trigger capital gains in assessment year 2006-07. en-us Fri, 07 Jun 2013 00:00:00 +0530 Fri, 20 Dec 2024 21:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234599 Reopening under section 147 cannot rest on material already on record alone; even where the return was processed under section 143(1), the recorded reasons must show a live link to escapement of income and be supported by tangible fresh material, so reassessment on mere reappraisal is invalid. A development agreement attracts deemed transfer under section 2(47)(v) only when the requirements of section 53A of the Transfer of Property Act are satisfied, including an enforceable contract, possession in part performance, and the transferee's readiness and willingness to perform; on these facts, the agreement did not trigger capital gains in assessment year 2006-07. Case-Laws Income Tax Fri, 07 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234599