Dismissing the appeal of the Revenue  the Court held that from the clauses in the joint development agreement, it was crystal clear that the assessee continued to be the owner of the property throughout the development of the property and there was no transfer of ownership to the developer. This aspect was rightly noted by the Tribunal. Thus reading of the entire agreement would show that there was no transfer or sale of asset under the joint development agreement rather the agreement was to develop the land making it saleable and in view of the construction of the same, the developer would take a part of the stock-in-trade. The Tribunal had also taken note of how the registering authorities had treated the joint development agreement. The registering authorities had not treated the agreement as a deed of conveyance. The Tribunal took note of the factual position and applied the correct legal principle and granted relief to the assessee. (AY.2014-15)