https://www.taxtmi.com/caselaws?id=431185 Section 153C proceedings may be sustained where a seized document has a direct bearing on determination of another person's total income, even if it is not separately labelled incriminating; on that basis, the joint development agreement justified action under section 153C. A joint development agreement that irrevocably transfers possession and development rights, with steps taken in furtherance of the contract, triggers transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act; capital gains are therefore taxable in the year of execution, not on later sale of flats or completion of construction. For computation, the developer's estimated construction cost was rejected as an unreliable measure, and guideline value was accepted as the basis for capital gains. en-us Thu, 13 Oct 2022 00:00:00 +0530 Wed, 07 Dec 2022 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431185 Section 153C proceedings may be sustained where a seized document has a direct bearing on determination of another person's total income, even if it is not separately labelled incriminating; on that basis, the joint development agreement justified action under section 153C. A joint development agreement that irrevocably transfers possession and development rights, with steps taken in furtherance of the contract, triggers transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act; capital gains are therefore taxable in the year of execution, not on later sale of flats or completion of construction. For computation, the developer's estimated construction cost was rejected as an unreliable measure, and guideline value was accepted as the basis for capital gains. Case-Laws Income Tax Thu, 13 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431185