Assessee builder had entered into a Joint Development Agreement (JDA) with developer for construction of an apartment project in respect of a land owned by it. Assessing Officer took view that assessee had purchased land for investment purposes and held same as capital asset and thus, by invoking provisions of section 2(47)(v), Assessing Officer held that there was transfer of asset within meaning of section 53A of Transfer of Property Act and accordingly,  computed short term capital gain and assessed same in hands of assessee. On appeal the Tribunal held that what was given was not possession contemplated under section 53A of Transfer of Property Act, 1882, but was merely a license for developer to enter property. Thee assessee had given permissive possession and not legal possession as contemplated within meaning of section 53A,therefore, provisions of section 53A of Transfer of Property Act and provisions of section 2(47)(v) would not be applicable to JDA and thus, capital gains assessed in hands of assessee under section 2(47)(v) were liable to be deleted. Reassessment is held to be valid. (AY. 2006-07)