https://www.taxtmi.com/caselaws?id=275027 The Tribunal quashed the assessment, ruling the reopening invalid as possession was not handed over as per agreement terms. Capital gains were determined to arise in 2003, not 2010-11, based on the transfer of possession to the developer. The sale consideration for capital gains calculation was adjusted to the construction cost, not stamp duty value, with an error in indexation corrected. The notice under Section 148 was deemed faulty, leading to its quashing. The Tribunal directed a recalculation of capital gains for the assessment year 2003-04, indexing costs from 1981. en-us Fri, 25 May 2018 00:00:00 +0530 Sat, 15 Sep 2018 10:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275027 The Tribunal quashed the assessment, ruling the reopening invalid as possession was not handed over as per agreement terms. Capital gains were determined to arise in 2003, not 2010-11, based on the transfer of possession to the developer. The sale consideration for capital gains calculation was adjusted to the construction cost, not stamp duty value, with an error in indexation corrected. The notice under Section 148 was deemed faulty, leading to its quashing. The Tribunal directed a recalculation of capital gains for the assessment year 2003-04, indexing costs from 1981. Case-Laws Income Tax Fri, 25 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275027