ITAT Judgment on year of taxability in case of JDA

Owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and consequently entered into the property and thereafter the transferee has taken steps in relation to construction of the building including project plan approval on 11-4-2008, then it is to be considered as transfer under section 2(47)(v) of the Income Tax Act. The fact that the legal ownership continued with the owners to be transferred to the developer at a future distant date really does not affect the applicability of sectio...