The assessee has entered into a joint development agreement (JDA) with developers for the development of a property. The assessee has received a sum in Feb, 2010 as a refundable deposit and a sum of Rs. 1 crore as a non-refundable deposit on Oct, 2010. The AO computed the capital gain by considering the guideline value and the non-refundable deposit of Rs. 1 crore as the full value of consideration.  The Tribunal held that, from the relevant clauses of the JDA, it becomes clear that the assessee has given only the permissible possession of the land to the developer at the time of executing the JDA and the ownership is not transferred. Further the assessee offered the capital gains to tax as and when the developer handed over the flat as per the JDA. Overall view that no taxable event happened during the year under consideration and the basis on which the capital gain is computed by the AO is not tenable.  The capital gain computed by the AO needs to be deleted. (AY. 2011-12)