https://www.taxtmi.com/caselaws?id=415823 Fresh material coming to the Assessing Officer's notice after the return, including an omitted joint development agreement, was sufficient to justify reopening because it supported a belief that income had escaped assessment. On the capital gains issue, the agreement granted only a permissive licence to enter and develop the property and expressly negatived possession in part performance. As section 53A requires such possession, the precondition for transfer under section 2(47)(v) was absent. The reassessment survived, but capital gains could not be brought to tax on execution of the agreement. en-us Mon, 22 Nov 2021 00:00:00 +0530 Wed, 15 Dec 2021 09:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415823 Fresh material coming to the Assessing Officer's notice after the return, including an omitted joint development agreement, was sufficient to justify reopening because it supported a belief that income had escaped assessment. On the capital gains issue, the agreement granted only a permissive licence to enter and develop the property and expressly negatived possession in part performance. As section 53A requires such possession, the precondition for transfer under section 2(47)(v) was absent. The reassessment survived, but capital gains could not be brought to tax on execution of the agreement. Case-Laws Income Tax Mon, 22 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415823