https://www.taxtmi.com/caselaws?id=325395 Reassessment under Section 148 was sustained because the Assessing Officer had tangible material from Investigation Wing information, obtained the requisite approval, and could validly form a belief that income had escaped assessment. In a joint development agreement, the assessee's parting with possession and grant of irrevocable rights over 47% of the undivided land share satisfied the transfer conditions under Section 2(47)(v), so capital gains arose in the year of the agreement rather than on the later sale deed. The computation made by the Assessing Officer was not accepted, however, because the construction cost was taken from the developer's books without proper enquiry and could include items not directly attributable to the assessee's capital gains computation. en-us Wed, 18 Nov 2015 00:00:00 +0530 Fri, 18 Mar 2016 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325395 Reassessment under Section 148 was sustained because the Assessing Officer had tangible material from Investigation Wing information, obtained the requisite approval, and could validly form a belief that income had escaped assessment. In a joint development agreement, the assessee's parting with possession and grant of irrevocable rights over 47% of the undivided land share satisfied the transfer conditions under Section 2(47)(v), so capital gains arose in the year of the agreement rather than on the later sale deed. The computation made by the Assessing Officer was not accepted, however, because the construction cost was taken from the developer's books without proper enquiry and could include items not directly attributable to the assessee's capital gains computation. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325395