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\u00a0\u00a0 the\u00a0 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.\u00a0 Further, assessee had offered capital gains to tax in subsequent assessment year 2016-17. The\u00a0 entire basis of reopening was erroneous of facts and misconceived in law.\u00a0\u00a0 Accordingly the notice of reassessment and the order disposing objection was quashed \u00a0(AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Transfer-Joint development agreement-Reassessment notice and order disposing the objection was quashed. [S. 2(47)(v), 45(7), 148, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-37768","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Pa","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=37768"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37768\/revisions"}],"predecessor-version":[{"id":38610,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37768\/revisions\/38610"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}