https://www.taxtmi.com/caselaws?id=250878 The ITAT upheld reassessment under section 148 where the return had been processed only under section 143(1) and information in the Revenue's possession supported belief of escapement of income. It further held that capital gains from the development arrangement were taxable in the hands of the individual member, since the society acted only as facilitator and the consideration was payable to the members. Applying sections 45, 48, 2(47)(v), 2(47)(vi) and section 53A of the Transfer of Property Act, the Tribunal held that handing over possession, conferring development rights and executing an irrevocable power of attorney amounted to transfer, and that taxable consideration included both amounts received and amounts accrued, including the flat component. en-us Wed, 09 Jul 2014 00:00:00 +0530 Thu, 28 Aug 2014 08:25:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250878 The ITAT upheld reassessment under section 148 where the return had been processed only under section 143(1) and information in the Revenue's possession supported belief of escapement of income. It further held that capital gains from the development arrangement were taxable in the hands of the individual member, since the society acted only as facilitator and the consideration was payable to the members. Applying sections 45, 48, 2(47)(v), 2(47)(vi) and section 53A of the Transfer of Property Act, the Tribunal held that handing over possession, conferring development rights and executing an irrevocable power of attorney amounted to transfer, and that taxable consideration included both amounts received and amounts accrued, including the flat component. Case-Laws Income Tax Wed, 09 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250878