https://www.taxtmi.com/caselaws?id=300217 A joint development agreement coupled with handing over of possession may amount to transfer for capital gains purposes under section 2(47)(v), and recorded reasons based on that material can support reopening if they form a rational belief of escapement of income. The reassessment was therefore upheld. For computation, however, capital gains must be worked out on the correct market-value basis as on the date of the agreement for the asset to be received, and not by substituting the cost of construction of the built-up area. The assessment on quantum was remitted for fresh determination on that basis. en-us Wed, 20 Jul 2016 00:00:00 +0530 Tue, 18 Jan 2022 08:36:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300217 A joint development agreement coupled with handing over of possession may amount to transfer for capital gains purposes under section 2(47)(v), and recorded reasons based on that material can support reopening if they form a rational belief of escapement of income. The reassessment was therefore upheld. For computation, however, capital gains must be worked out on the correct market-value basis as on the date of the agreement for the asset to be received, and not by substituting the cost of construction of the built-up area. The assessment on quantum was remitted for fresh determination on that basis. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300217