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<h1>Definition of 'transaction' under Income Tax Act 1961 includes any arrangement, understanding, or concerted action, formal or informal.</h1> In the context of the Income Tax Act 1961, particularly sections 92, 92A, 92B, 92C, 92D, and 92E, the term 'transaction' encompasses any arrangement, understanding, or action taken in concert. This definition applies regardless of whether the arrangement or understanding is formal, written, or intended to be legally enforceable.