https://www.taxtmi.com/caselaws?id=255452 A development agreement coupled with possession, payment of substantial consideration and performance of the arrangement was treated as a transfer under section 2(47)(v) and 2(47)(vi), so capital gains were held assessable in assessment year 2000-01 and the protective assessment for assessment year 2004-05 was deleted. The valuation of the sale consideration and fair market value as on 1.4.1981 was remitted for fresh determination, as was the claim for section 54 relief in respect of flats obtained under the development agreement. The challenge to reopening was rejected because reasons for reassessment were found to have been recorded. en-us Wed, 31 Dec 2014 00:00:00 +0530 Tue, 13 Jan 2015 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255452 A development agreement coupled with possession, payment of substantial consideration and performance of the arrangement was treated as a transfer under section 2(47)(v) and 2(47)(vi), so capital gains were held assessable in assessment year 2000-01 and the protective assessment for assessment year 2004-05 was deleted. The valuation of the sale consideration and fair market value as on 1.4.1981 was remitted for fresh determination, as was the claim for section 54 relief in respect of flats obtained under the development agreement. The challenge to reopening was rejected because reasons for reassessment were found to have been recorded. Case-Laws Income Tax Wed, 31 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255452