The Supreme Council of the Allied Principal War Powers recognized the Jewish People as the owners of the political rights to Palestine, but put them in trust for World Jewry until they attained a population majority. They had adopted the British Balfour Policy word for word and that was the intent of the Balfour Declaration. SSRN.com/abstract=5304 SSRN.com/abstract=4738
Article 2 of the Geneva Convention says the Convention doesn't apply to occupation of territory when the occupier is the owner of it and has the right to the exercise of sovereignty over it.
See also 4th Hague Convention (1907) Article 43 which assumes that for a belligerent occupation that is subject to its rules, a displaced sovereign must be involved. Here the Jewish People had the political rights to the territory that they gained in 1920 not by conquest in an aggressive war. A better characterization of the status of Palestine west of the Jordan than "occupied" is "liberated" because in 1967 the Jewish People regained control over the land over which it had attained legal dominion as of May 15, 1948.