INCOME TAX : Assessee entered into a joint develpoment agreement with a firm for development of a property under which assessee got 60 per cent share viz 9 flats – Assessee sold such flats in 2003 – During assessment proceedings for assessment years 2003-04 and 2004-05, Tribunal held that capital gains arose to assessee on sale of flats would be taxable for relevant assessment year 2000-01 and not for assessment years 2003-04 and 2004-05 – On basis of same, a reopening notice dated 10-6-2011 wasINCOME TAX : Assessee entered into a joint develpoment agreement with a firm for development of a property under which assessee got 60 per cent share viz 9 flats – Assessee sold such flats in 2003 – During assessment proceedings for assessment years 2003-04 and 2004-05, Tribunal held that capital gains arose to assessee on sale of flats would be taxable for relevant assessment year 2000-01 and not for assessment years 2003-04 and 2004-05 – On basis of same, a reopening notice dated 10-6-2011 waswww.taxmann.com Latest Case LawsRead More
