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2018 (2) TMI 1154 - HC - Income TaxCapital gain computation - year of assessment - transfer within the meaning of Section 2(47)(v) - development agreement by way of Power of Attorney, based on which transfer of possession and development have taken place - reopening of assessment - Held that:- Tribunal has committed no illegality in reversing the order of the Commissioner by holding that the transfer within the meaning of Section 2(47)(v) had taken place only in the Assessment Year 2002-2003 as we find that vide agreement dated 30th April, 2001, the actual possession was given to the Developer and it was not given the basis of Power of Attorneys and so called oral agreement entered into between the Appellants and the Developer in the year 1993-94. Thus, A.O. as also the Tribunal have correctly appreciated and interpreted the Power of Attorney/s the agreement dated 30th April, 2001 and the stand taken by the Appellants in reply to the notice under Section 148 of the Act. We affirm the order passed by the Tribunal by holding that the Tribunal has rightly reversed the order of the Commissioner and while reversing the order of the Commissioner, it has correctly appreciated the facts and law and there is no illegality or perversity in the order of the Tribunal warranting interference. Appeal dismissed.
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