https://www.taxtmi.com/caselaws?id=445386 Reassessment under section 147 was upheld where the original return had only been processed under section 143(1), the notice under section 148 was issued within four years, and the Assessing Officer had material to form a belief that income had escaped assessment; the challenge based on absence of tangible material and change of opinion failed. The property transaction was not a transfer under section 2(47)(v) because the buyer was not put in possession in part performance under section 53A of the Transfer of Property Act, and the unregistered agreement did not satisfy the legal requirement; the long-term capital gains addition was deleted. Retained advances were not taxable as income in the relevant year, but had to be reduced from cost of acquisition under section 51. en-us Thu, 06 Jul 2023 00:00:00 +0530 Mon, 06 Nov 2023 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445386 Reassessment under section 147 was upheld where the original return had only been processed under section 143(1), the notice under section 148 was issued within four years, and the Assessing Officer had material to form a belief that income had escaped assessment; the challenge based on absence of tangible material and change of opinion failed. The property transaction was not a transfer under section 2(47)(v) because the buyer was not put in possession in part performance under section 53A of the Transfer of Property Act, and the unregistered agreement did not satisfy the legal requirement; the long-term capital gains addition was deleted. Retained advances were not taxable as income in the relevant year, but had to be reduced from cost of acquisition under section 51. Case-Laws Income Tax Thu, 06 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445386