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TMI Blog2011 (3) TMI 1013X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be said to have suppressed material facts - Development rights were available on the property in question even before the Board of Directors of the company decided to transfer the development rights - The date on which the resolution was passed for transfer of development rights has no relevance in computing the capital gains - Hence, the impugned notice for reopening the assessment and rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... During the pendency of the Writ Petition reassessment order has been passed on 20/12/2010 and therefore, the petition has been amended to challenge the reassessment order dated 20/12/2010, 3. The relevant facts are that Consolidated Pneumatic Tool Co. (India) Ltd. had purchased a property at Mulund in the year 1957. The said Company merged into the petitioner company with effect from 1/4/2000. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is sought to be reopened on the ground that the capital gains ought to have been computed as short term capital gains instead of long term capital gains. 4. The reasons recorded for arriving at such conclusion was that firstly that there was no transfer of land and therefore indexation in respect of the cost of land was not allowable to the assessee. Secondly, the Board of Directors had pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there is not even an allegation of suppression of material facts on the part of the assessee. Moreover, during the course of the assessment proceedings, the assessing officer had called for all the particulars relating to the transfer of development rights and on being satisfied passed an order under Section 143(3) of the Act. Whether indexation is allowable or not is a question to be decided ..... X X X X Extracts X X X X X X X X Extracts X X X X
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