https://www.taxtmi.com/caselaws?id=341321 Reopening under sections 147 and 148 was sustained because the original return omitted capital gains, while the revised return was filed beyond the permitted time and the company accounts supplied a factual basis for reassessment. The 02.04.2007 agreement was treated as a transfer because it recorded receipt of consideration, contemplated delivery of possession, and the later claim of possession only in March 2008 was unsupported. Applying the principle that transfer can occur on the agreement date when possession is handed over or deemed to be handed over, the gain was taxed in the year of agreement and classified as short-term capital gains, with the assessee's appeal failing. en-us Fri, 31 Mar 2017 00:00:00 +0530 Mon, 03 Apr 2017 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341321 Reopening under sections 147 and 148 was sustained because the original return omitted capital gains, while the revised return was filed beyond the permitted time and the company accounts supplied a factual basis for reassessment. The 02.04.2007 agreement was treated as a transfer because it recorded receipt of consideration, contemplated delivery of possession, and the later claim of possession only in March 2008 was unsupported. Applying the principle that transfer can occur on the agreement date when possession is handed over or deemed to be handed over, the gain was taxed in the year of agreement and classified as short-term capital gains, with the assessee's appeal failing. Case-Laws Income Tax Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341321