The assessee converted the property into stock in trade which is accepted by the Revenue. The assessee agreed to sale portion of the property by executing the power of Attorney. The Assessing Officer assessed the 78. 3 percent of the total consideration as capital gains. On appeal the CIT(A) directed the Assessing officer to allow index cost. On appeal the Tribunal held that the sale agreement was entered into though General power of attorney. Sale is not registered. Accordingly the Tribunal held that sale is not complete on handing over of possession hence the sale cannot be chargeable to capital gains tax. (AY. 2016-17)