https://www.taxtmi.com/caselaws?id=431070 Reassessment under sections 147 and 148 must rest on a rational nexus between the recorded material and alleged escapement in the relevant assessment year. Where the transaction was a development agreement, the transfer in law occurred in the subsequent year, and the related capital gains were already offered to tax in that later year, reopening for the earlier year could not be sustained. The reasons could not treat the receipt as triggering transfer and chargeability in the wrong year, and tax cannot be imposed on hypothetical income. The result is that a reopening based on alleged escapement for the earlier year lacks a valid factual and legal foundation. en-us Fri, 25 Nov 2022 00:00:00 +0530 Mon, 25 Sep 2023 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431070 Reassessment under sections 147 and 148 must rest on a rational nexus between the recorded material and alleged escapement in the relevant assessment year. Where the transaction was a development agreement, the transfer in law occurred in the subsequent year, and the related capital gains were already offered to tax in that later year, reopening for the earlier year could not be sustained. The reasons could not treat the receipt as triggering transfer and chargeability in the wrong year, and tax cannot be imposed on hypothetical income. The result is that a reopening based on alleged escapement for the earlier year lacks a valid factual and legal foundation. Case-Laws Income Tax Fri, 25 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431070