https://www.taxtmi.com/caselaws?id=240063 Reassessment was upheld where the original return had been processed under section 143(1) and later information indicated transfer of society land to a developer, as fresh material justified reopening under sections 147 and 148. A development agreement with an irrevocable power of attorney was treated as a deemed transfer under sections 2(47)(v) and 2(47)(vi) read with section 53A of the Transfer of Property Act because the developer obtained effective possession, control and development rights; the promised flat component also formed part of the consideration, so capital gains were taxable in the year of the agreement. The gains were assessed in the hands of the individual member, not the society, because the society only facilitated member-wise transfer of rights. en-us Fri, 23 Aug 2013 00:00:00 +0530 Mon, 25 Nov 2013 00:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240063 Reassessment was upheld where the original return had been processed under section 143(1) and later information indicated transfer of society land to a developer, as fresh material justified reopening under sections 147 and 148. A development agreement with an irrevocable power of attorney was treated as a deemed transfer under sections 2(47)(v) and 2(47)(vi) read with section 53A of the Transfer of Property Act because the developer obtained effective possession, control and development rights; the promised flat component also formed part of the consideration, so capital gains were taxable in the year of the agreement. The gains were assessed in the hands of the individual member, not the society, because the society only facilitated member-wise transfer of rights. Case-Laws Income Tax Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240063