https://www.taxtmi.com/caselaws?id=376440 Capital gains were held not taxable in assessment year 2009-10 on the basis of the development agreement because the requirements of section 53A of the Transfer of Property Act and section 2(47)(v) were not satisfied: mere possession or municipal approval was insufficient, and the record showed no real performance, continuing uncertainty and no meaningful development activity. Reassessment of the co-owners under sections 147 and 148 was also held invalid because the additions arose from search material relating to another person, for which section 153C was the proper jurisdictional route. The Tribunal therefore treated the reassessments as lacking valid search-linked jurisdiction. en-us Fri, 15 Feb 2019 00:00:00 +0530 Fri, 08 Mar 2019 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376440 Capital gains were held not taxable in assessment year 2009-10 on the basis of the development agreement because the requirements of section 53A of the Transfer of Property Act and section 2(47)(v) were not satisfied: mere possession or municipal approval was insufficient, and the record showed no real performance, continuing uncertainty and no meaningful development activity. Reassessment of the co-owners under sections 147 and 148 was also held invalid because the additions arose from search material relating to another person, for which section 153C was the proper jurisdictional route. The Tribunal therefore treated the reassessments as lacking valid search-linked jurisdiction. Case-Laws Income Tax Fri, 15 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376440