Transaction - Definition / Legal Terminology - Income Tax

As per section 92F (v) of the Income tax Act 1961. In sections 92, 92A, 92B, 92C, 92D and 92E, unless the context otherwise requires,- Transaction includes an arrangement, understanding or action in concert,- ( A ) whether or not such arrangement, understanding or action is formal or in writing; or ( B ) whether or not such arrangement, understanding or action is intended to be enforceable by legal proceeding.