Dismissing the appeal of the revenue the Court held that, possession of property was given to the developer for specific purposes to develop the property . The amount received by the Godrej Properties Ltd shown as deposit .As per the agreement makes it clear that Godrej Properties Ltd has been granted license to enter the upon and develop the property and the possession of the land continued with the assessee. Further the development agreement clearly provides that nothing contained in the agreement shall be construed as grant of possession in part performance of the agreement under S.. 2(47)(v), and 2(47)(vi) of the Act. Accordingly addition of Rs 55 crores as full value of consideration for computing the capital gains is rightly deleted by the Tribunal. However  taxability will be examined in the year in which the transfer of land as stock in trade has taken place and also value at that point of time will be examined independently .   ( AY.2008 -09)

( Note .  Fardeen Khan L/H Late Firoz Khan v ACIT( 2015) 169 TTJ 398 (Mum) (Trib) is affirmed . Chaturbhuj Kapadia  v.CIT ( 2003) 260 ITR 491 (Bom) (HC) is dintigushed . Ratio in CIT v. Balbir Singh maini ( 2017) 398 ITR 531 (SC) is followed . )