Land given to developer under land development agreement- Whether constitutes transfer
Where
it was proved that assessee being the land owner had handed over the
possession of property to the developer under the development agreement
executed between assessee and developer, the said transaction
was
rightly treated as 'transfer' within the meaning of section 2(47)(v) and
consequently, assessee was liable for capital gain tax. - Vide Krishna
Kumar D. Shah (HUF) v. Dy. CIT (2012) 47 (II) ITCL 194 (Hyd 'B'-Trib)