On writ the Court held that since the assessee had merely granted licence to permit construction on land to such developer but not given any possession in land as contemplated under section 53A of T.P. Act, 1882, there was no transfer as per section 2(47)(v) giving rise to any capital gain in hands of assessee. Notice of reassessment was quashed. SLP of Revenue is dismissed. (AY. 2013-14)
Dy. CIT v. Bharat Jayantilal Patel (2024) 296 Taxman 247 (SC) Editorial: Bharat Jayantilal Patel v.Dy.CIT (2023) 292 Taxman 276 (Bom)(HC)
S. 147 : Reassessment-After the expiry of four years-Transfer-Capital gains-Development rights-Neither any tangible material nor any reason for Assessing Officer to believe that any income chargeable to tax had escaped assessment-SLP of Revenue is dismissed.[S. 2(47)(v) 148, Transfer of Property Act, 1882, S.53A Art. 136]