Tribunal held that the assessee transferred  62 percent of land to a developer in exchange of 38 percent of the developed area to be constructed under an unregistered joint development agreement . Transaction is liable to capital gains under section 2(47)(vi) in the year of agreement . The Tribunal also held  registration of  a contract is not relevant for in the case of section 2(47)(v) . Tribunal held that transaction between the assessee and developer under JDA /GPA constituted a transfer under section 2(47)(v) and was liable to capital gain in the year of entering in to the agreements . As regards quantification of capital gain , the matter was set aside to the file of the Assessing Officer with the observation that since land in question was acquired prior to I st April 2001 fair market value on that date would be considered cost of acquisition ( and further indexed under section 48 )   and sale consideration would be compared to stamp value on transfer date under section 50C .  (AY. 2012 -13) ( ITA No. 1008/ Coch / 2022 dt. 12 -1 -2024 )