https://www.taxtmi.com/caselaws?id=762982 Reassessment under the Income-tax Act could not be initiated for Assessment Year 2006-07 where the property transaction had already been completed, disclosed, and reflected in Assessment Year 2005-06. The agreement was executed, consideration received, and possession handed over in the earlier year, and Section 47 of the Registration Act gave the registered sale deed retrospective effect from the date of execution. As a result, the later registration did not shift the transfer to 2006-07, and there was no taxable sale in that year to support reopening for capital gains. The reassessment notice and objection order were therefore quashed. en-us Wed, 06 Nov 2024 00:00:00 +0530 Tue, 10 Dec 2024 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762982 Reassessment under the Income-tax Act could not be initiated for Assessment Year 2006-07 where the property transaction had already been completed, disclosed, and reflected in Assessment Year 2005-06. The agreement was executed, consideration received, and possession handed over in the earlier year, and Section 47 of the Registration Act gave the registered sale deed retrospective effect from the date of execution. As a result, the later registration did not shift the transfer to 2006-07, and there was no taxable sale in that year to support reopening for capital gains. The reassessment notice and objection order were therefore quashed. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762982