Assessing Officer sought to reopen assessment in case of assessee on ground that certain amount of cash was received by assessee for sale of his share of land for project under said JDA and same went unreported by assessee and thus income chargeable to tax had escaped assessment. On writ allowing the petition the Court held that   the  execution of development agreement did not give rise to transfer within meaning of section 2(47)(v) during relevant year. When amount was received by assessee pursuant to development agreement and when sale deed was executed in subsequent year, transfer took place at that point of time.  Further, assessee had offered capital gains to tax in subsequent assessment year 2016-17. The  entire basis of reopening was erroneous of facts and misconceived in law.   Accordingly the notice of reassessment and the order disposing objection was quashed  (AY. 2015-16)