The assessee executed registered JDA with developer along with registered GPA for development of property which authorised developer a provisional permission to enter in to land, authorising them to develop, execute sale deed or other conveyance in respect of the impugned property and authorised to sell constructed area of both assessee as well as developer. The Assessing Officer held that entire consideration as referred in the agreement is liable to tax capital gains, though the entire consideration was not received. On appeal CIT(A) affirmed the order of the Assessing Officer. On appeal the Tribunal held that since assessee had a right to receive profit in assessment year under consideration, it would be liable to pay capital gains tax on transfer of capital asset and actual receipt of profit would not be a relevant consideration. (AY. 2007-08)