https://www.taxtmi.com/caselaws?id=339094 A deceased person's property-related tax liability cannot be fastened on one legal heir alone without examining the succession position of all heirs and the statutory scheme governing legal representatives; the assessment was therefore set aside for fresh consideration. Capital gains arising from a joint development agreement also required de novo examination, including whether a transfer had occurred under section 2(47) read with section 53A of the Transfer of Property Act and whether the computation wrongly treated unrealised consideration as notional gain; the section 54F claim likewise had to be reconsidered. The matter was remanded for reassessment on these issues. en-us Fri, 30 Dec 2016 00:00:00 +0530 Sat, 18 Feb 2017 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339094 A deceased person's property-related tax liability cannot be fastened on one legal heir alone without examining the succession position of all heirs and the statutory scheme governing legal representatives; the assessment was therefore set aside for fresh consideration. Capital gains arising from a joint development agreement also required de novo examination, including whether a transfer had occurred under section 2(47) read with section 53A of the Transfer of Property Act and whether the computation wrongly treated unrealised consideration as notional gain; the section 54F claim likewise had to be reconsidered. The matter was remanded for reassessment on these issues. Case-Laws Income Tax Fri, 30 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339094