A Joint Venture (JV) agreement for construction of building/s was entered into by seven co-owners with the Developer on 4^th February, 2011. Both the GPA and JV agreement were not registered.  In view of the Assessing Officer, it amounted to a transfer under Section 2(47(v) in view of part performance, as defined under Section 53 of Transfer of Property Act, 1882.  CIT (A) held that since the portion of land was transferred by assessee for transferee’s disposal in its capacity as owner, construction by such transferee on portion of land belonging to transferor would amount to consideration for said transfer of land to him, hence, provisions of Section 2(47)(vi) would squarely apply irrespective of the fact that the construction remained incomplete. Since the Commissioner (Appeals) did not extend any opportunity to assessee before applying the provisions of Section 2(47(vi) in the interest of justice, matter was remanded back to the CIT(A) to decide the issue of deduction under Section 54F and also the Board Circular 672 dated 16^th December, 1993 and give the hearing to both the parties and pass the Speaking Order.  (AY. 2011-12)