https://www.taxtmi.com/caselaws?id=256548 Reopening under sections 147 and 148 is considered valid where the assessee has not filed a return and the Assessing Officer has tangible information about property transactions, provided reasons are recorded and approval is obtained. In a redeveloped-flat context, transfer of the right to acquire the flat is treated as completed on the agreement date when the agreement is intended to operate as the transfer instrument, so the holding period is measured from that date and the gain may be taxable as short-term capital gain if held for less than 36 months. Section 50C may also apply where stamp-duty valuation governs the sale agreement, supporting adoption of the valuation framework for capital gains computation. en-us Fri, 19 Sep 2014 00:00:00 +0530 Sat, 14 Feb 2015 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256548 Reopening under sections 147 and 148 is considered valid where the assessee has not filed a return and the Assessing Officer has tangible information about property transactions, provided reasons are recorded and approval is obtained. In a redeveloped-flat context, transfer of the right to acquire the flat is treated as completed on the agreement date when the agreement is intended to operate as the transfer instrument, so the holding period is measured from that date and the gain may be taxable as short-term capital gain if held for less than 36 months. Section 50C may also apply where stamp-duty valuation governs the sale agreement, supporting adoption of the valuation framework for capital gains computation. Case-Laws Income Tax Fri, 19 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256548