High Court Upholds Tribunal Decision: Unregistered Development Agreements Have No Legal Effect u/s 53A, Income Tax Act, 1961.

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....Addition of consideration received on Transfer of land for Development - if the development agreement is not registered, it shall have no effect in law for the purposes of Section 53A which bodily stood incorporated in Section 2(47)(v) of the Income Tax Act, 1961. Thus, the Tribunal was right in allowing the assessee’s appeal and granting the relief sought for - HC....