Assessee along with 17 other co-owners entered into a development agreement dated 18-1-2008 with a builder in respect of a plot of land for consideration and transferred development rights in land to builder and also handed over possession of land. Thereafter an agreement for sale was entered amongst parties on 30-3-2010.Assessee in response to notice issued under section 148 filed return for assessment year 2010-11 and submitted that land was sold on 18-1-2008 and, therefore, no capital gain arising in transaction is  assessable in assessment year 2010-11.Assessing Officer held that although assessee entered into a development agreement on 18-1-2008, but agreement for sale was entered amongst parties on 30-3-2010, and assessed 1/18th of capital gain arising in transaction in hands of assessee in assessment year 2010-11. CIT(A) affirmed the order of the Assessing Officer. On appeal the Tribunal held that  even though agreement for sale was executed on 30-3-2010, land was already transferred on 18-1-2008 at time of execution of development agreement and, therefore, capital gain, if any, could not be taxed in assessment year 2010-11. Reassessment notice is valid. (AY. 2010-11)