https://www.taxtmi.com/caselaws?id=258218 The Tribunal upheld the validity of reopening the assessment under section 147, finding tangible material suggesting income escapement. It determined a transfer of property under section 2(47) occurred based on the agreement and power of attorney. Section 50C was deemed inapplicable as the property was not registered. The assessee was allowed indexation benefits for the building's cost. The Tribunal admitted additional legal grounds challenging the jurisdiction to reopen assessments for 2004-05 and 2005-06. Assessments completed beyond the due date under section 153(2) were deemed invalid. The appeal outcome resulted in partial allowance for one appeal and full allowance for two appeals by the assessee, with the Revenue's appeal being dismissed. en-us Thu, 29 Aug 2013 00:00:00 +0530 Thu, 02 Apr 2015 22:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258218 The Tribunal upheld the validity of reopening the assessment under section 147, finding tangible material suggesting income escapement. It determined a transfer of property under section 2(47) occurred based on the agreement and power of attorney. Section 50C was deemed inapplicable as the property was not registered. The assessee was allowed indexation benefits for the building's cost. The Tribunal admitted additional legal grounds challenging the jurisdiction to reopen assessments for 2004-05 and 2005-06. Assessments completed beyond the due date under section 153(2) were deemed invalid. The appeal outcome resulted in partial allowance for one appeal and full allowance for two appeals by the assessee, with the Revenue's appeal being dismissed. Case-Laws Income Tax Thu, 29 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258218