Section 102 of ITA, 1961 : Section 102: Definitions

Explanation using Example

Let's consider a hypothetical scenario where these definitions from Section 102 of The Income-tax Act, 1961 could be applied:

Mr. Sharma, an individual, owns a company called XYZ Pvt. Ltd. He decides to transfer a piece of land, which is an "asset", to his company. This transfer is part of a larger "arrangement" where the land will be used by the company to develop a commercial complex. The transfer of land is a "step" in the arrangement.

Mr. Sharma's brother, who is a **"connect...

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