Sec. 2(47)(v) , Sec. 45

The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. The assessee had filed his return of income for A.Y. 2016-17 disclosing total income at Rs. Nil. Assessee was holding land jointly with his wife, son and daughter During the  year  under consideration, the assessee and other family members had entered into development agreement with M/s. ABC, developers for development of the said land vide registered development agreement. In consideration…

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