Assessee entered into sale cum development agreement on 21-10-2010 with developer cum purchaser for transfer of his property Assessing Officer held that possession of property had been handed over by assessee to developer on execution of agreement dated 21-10-2010 and, therefore, transfer of property had taken place in view of section 2(47)(v) read with section 53A of Transfer of Property Act, 1882 as on 21-10-2010. Accordingly taxed the long term capital gains in the assessment year 2011-12. CIT (A), confirmed the addition. On appeal the Tribunal held that as per terms of agreement dated 21-10-2010, possession of property to transferee will be only after he obtained intimation of disapproval (IOD) from Municipal Corporation of Greater Mumbai (MCGM) and IOD was issued by MCGM only on 15-4-2013, i.e., in assessment year 2014-15 and thereafter only assessee needed to hand over possession of property to developer. Accordingly  there was no transfer of property as on 21-10-2010 hence  no capital gain could have been taxed in hands of assessee in assessment year 2011-12.  (AY. 2011-12)