The assessee entered into an unregistered Joint Development Agreement (JDA) and General Power of Attorney (GPA) with a developer for construction of a residential complex on land owned by him. Under the arrangement, the assessee transferred 62% of the land in exchange for 38% of the developed area to be constructed. The assessee contended that since the JDA and GPA were unregistered and construction was completed only in 2017, no transfer had taken place during the relevant year. The Tribunal held that although, after the 2001 amendments, an unregistered agreement may not qualify as a transfer under section 2(47)(v) read with section 53A of the Transfer of Property Act, the transaction nevertheless fell within section 2(47)(vi), which covers arrangements having the effect of transferring or enabling enjoyment of immovable property. Since the developer acquired enforceable rights over 62% of the land and the consideration was the assessee’s entitlement to 38% of the constructed area, a transfer had taken place in the year of execution of the JDA/GPA and was liable to capital gains tax. The matter was remanded only for recomputation of capital gains in accordance with sections 48 and 50C. Appeal partly allowed for statistical purposes. [AY. 2012-13]