Section 2(47) Not Applicable Due to Unregistered Deed & Lack of Possession

ACIT Vs Jawaharlal L. Agicha (ITAT Mumbai) A tax dispute involving a Mumbai-based assessee, Jawaharlal L. Agicha, and the Revenue department has brought to the forefront complexities surrounding capital gains taxation arising from development agreements concerning slum-occupied land. The central issue revolves around whether a development agreement, particularly one related to slum redevelopment, constitutes a “transfer” for the purpose of capital gains under the Income Tax Act, 1961 (hereinafter “the Act”). The dispute reached the Income Tax Appellate Tribunal (ITAT) a...