Assessee, an association of persons (AOP), entered into an agreement of sale of a property via sale deed dated 10-1-2007 which was executed between members of assessee-AOP and a potential buyer.  Thereafter, final conveyance deed was entered into between parties on 22-5-2007. Members of assessee-AOP offered income from sale of said property in their returns of income for assessment year 2008-09. Assessing Officer held that income from sale of property was taxable in relevant assessment year 2007-08 since sale agreement was entered into in January 2007. CIT(A) deleted the addition. On appeal the Tribunal held that only agreement to sell was entered into and part consideration was paid. Since complete payment was made in subsequent year 2007-08 i.e. on 22-5-2007 and registered sale deed as well as possession of property was also transferred in subsequent year, year of taxability of sale proceeds of property sold was assessment year 2008-09. Order of CIT(A) is affirmed. (AY. 2007-08)