Assessee entered into a development agreement with a builder, in lieu of which flats were to be received later. AO taxed capital gains on signing of the agreement. Tribunal noted that only a licence for construction was given and no possession as per section 53A of Transfer of Property Act was handed over. Hence, no transfer u/s 2(47)(v) took place, and capital gains were not chargeable. (AY. 2012-13)