Unitech Ltd. & Anr vs Union Of India & Anr

The Supreme Court held that under Section 269UD of the Income Tax Act, 1961, the transaction between Vidarbha Engineering and Unitech was not a transfer of property but a license for construction, as the agreement explicitly stated it should not be construed as a conveyance. The Court emphasized that Vidarbha Engineering, being a lessee, lacked the authority to transfer the land, and the absence of any monetary consideration further supported this interpretation. Consequently, the order of compulsory pre-emptive purchase was set aside, affirming that the transaction did not fall under the purview of the Act.