On 09-02-2005, assessee entered into an agreement to purchase a vacant site for Rs.27.60 lakh. Assessee paid an advance of Rs.2.75 lakh and agreed to pay remaining sum at time of registration of sale deed.  Under said agreement, vendor was required to make out a marketable title to property and assessee had a right to enforce terms of agreement by way of specific performance. On 08-12-2011, vendor and assessee as confirming party sold said property to a third party.  As per sale deed Rs.44.50 lakh was paid to vendor while Rs.48.30 lakh was paid to assessee as instructed by vendor towards full and final satisfaction of entire sale consideration amount. The AO assessed the said amount as income from other sources. Tribunal held that-in CIT v. H Anil Kumar (2011) 242 CTR 537 (Karn)(HC) has held that giving up of a right to claim specific performance by conveyance in respect to an immovable property amounts to relinquishment of capital asset and there would be a transfer of capital asset within meaning of Act. Accordingly amount received by assessee in lieu of giving up right to claim specific performance would constitute capital gain and it would exigible to tax accordingly. (AY. 2012-13)