Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2016-17
Properties (P) Ltd. Reported in ITA no. 205 of 2015 where the Hon. Court held that: “Where during assessment, though assessee disclosed before Assessing Officer about joint development agreement with developer and conversion of land by it as investment into stock-in-trade, Assessment Officer did not invoke Section 45(2) to tax consideration as capital gains, subsequent reopening