Transfer under Income-tax law requires proof of possession and conveyance facts before section 2(47)(v) can apply.

Section 2(47)(v) of the Income-tax Act operates only where the ingredients of section 53A of the Transfer of Property Act are established on the record, including the factual question of possession. Because no finding had been recorded on possession and the basic facts about the plots conveyed, the sale deeds, and whether possession of the entire land had been handed over were missing, the existing record was insufficient to treat a transfer as having occurred. The matter was therefore remitted for fresh consideration on the necessary facts, and the earlier orders were set aside.

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Issues: Whether the applicability of section 2(47)(v) of the Income-tax Act, 1961 read with section 53A of the Transfer of Property Act, 1882 could be determined without findings on possession and the basic facts concerning the plots conveyed.

Analysis: The extended meaning of "transfer" under section 2(47)(v) depends on the ingredients of section 53A of the Transfer of Property Act, 1882, and possession is a crucial factual element. No finding had been recorded on possession, the sale deeds were not on record, and the material facts as to how many plots were conveyed, how many remained, and whether possession of the entire land was handed over were absent. In the absence of these primary facts, the decision in favour of the assessee could not be sustained.

Conclusion: The matter could not be finally decided on the existing record and had to be remitted for fresh consideration.

Final Conclusion: The appeals succeeded, the earlier orders were set aside, and the dispute was sent back to the Tribunal for reconsideration on the necessary facts.

Ratio Decidendi: For invoking section 2(47)(v) read with section 53A of the Transfer of Property Act, 1882, the factual foundation regarding possession and the terms of conveyance must be established on the record before a transfer can be treated as having occurred.

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