https://www.taxtmi.com/caselaws?id=235760 Reassessment beyond four years is impermissible unless the recorded reasons expressly allege that the assessee failed to disclose fully and truly all material facts necessary for assessment; where the reasons contained no such allegation and the transaction was already disclosed in the return, reopening was held invalid. A completed transfer of development rights also cannot be taxed as continued ownership of the land merely because the conveyance deed remains unexecuted; on the facts, the impugned land was not sustainable as a wealth-tax asset in the assessee's hands. The reassessment and the wealth-tax addition were therefore set aside. en-us Wed, 24 Jul 2013 00:00:00 +0530 Fri, 02 Aug 2013 06:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235760 Reassessment beyond four years is impermissible unless the recorded reasons expressly allege that the assessee failed to disclose fully and truly all material facts necessary for assessment; where the reasons contained no such allegation and the transaction was already disclosed in the return, reopening was held invalid. A completed transfer of development rights also cannot be taxed as continued ownership of the land merely because the conveyance deed remains unexecuted; on the facts, the impugned land was not sustainable as a wealth-tax asset in the assessee's hands. The reassessment and the wealth-tax addition were therefore set aside. Case-Laws Wealth-tax Wed, 24 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235760