https://www.taxtmi.com/caselaws?id=327389 An unregistered redevelopment memorandum that only permitted limited possession to a developer for demolition and reconstruction did not amount to a transfer in part performance under section 53A of the Transfer of Property Act read with section 2(47)(v) of the Income-tax Act, because the developer was treated as a licensee and the arrangement was terminated before completion; no capital gains arose in the relevant year and the addition was deleted. The property income was held assessable in the hands of the co-owners according to their definite shares under section 26, as inheritance did not create an Association of Persons. Reopening under sections 147 and 148 was sustained because it was based on fresh tangible material with a nexus to possible escapement of income. en-us Mon, 02 May 2016 00:00:00 +0530 Fri, 12 Aug 2016 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327389 An unregistered redevelopment memorandum that only permitted limited possession to a developer for demolition and reconstruction did not amount to a transfer in part performance under section 53A of the Transfer of Property Act read with section 2(47)(v) of the Income-tax Act, because the developer was treated as a licensee and the arrangement was terminated before completion; no capital gains arose in the relevant year and the addition was deleted. The property income was held assessable in the hands of the co-owners according to their definite shares under section 26, as inheritance did not create an Association of Persons. Reopening under sections 147 and 148 was sustained because it was based on fresh tangible material with a nexus to possible escapement of income. Case-Laws Income Tax Mon, 02 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327389