Dismissing the appeal of the revenue the Court held that   the sale or transfer was not complete on the date of the execution of the agreement. Merely because it was registered, it did not partake of the character of a conveyance or a sale deed automatically. Possession was not handed over but was to be handed over on compliance with certain obligations by the vendor. The total consideration was received on June 16, 2011 and the vendor was in possession of the premises from February to June 2011 and carried on its business from those premises up to April 2011. Accordingly not liable to capital gains tax during the relevant year.  (AY.2011-12)