https://www.taxtmi.com/caselaws?id=356435 Reassessment under section 147 was sustained because the development agreement came to the Assessing Officer's notice only through later survey material, so the reopening was not a mere change of opinion. Capital gains were held to arise in the year of the development agreement under section 2(47)(v), as the agreement granted possession and development rights amounting to part performance; section 45(5A) was treated as inapplicable to the assessment year. The questions whether the asset was short-term or long-term and the correct basis for computing consideration were remanded for fresh factual examination because the period of holding and valuation had not been properly verified. en-us Wed, 28 Feb 2018 00:00:00 +0530 Tue, 06 Mar 2018 06:34:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356435 Reassessment under section 147 was sustained because the development agreement came to the Assessing Officer's notice only through later survey material, so the reopening was not a mere change of opinion. Capital gains were held to arise in the year of the development agreement under section 2(47)(v), as the agreement granted possession and development rights amounting to part performance; section 45(5A) was treated as inapplicable to the assessment year. The questions whether the asset was short-term or long-term and the correct basis for computing consideration were remanded for fresh factual examination because the period of holding and valuation had not been properly verified. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356435