The assessee entered in to a Memorandum of understanding on 15 -3 -2009 with Synergy Consultants Pvt ltd to sell the 4156 sq.ft . built up area for consideration of 4, 50, 0000 out of which a sum of Rs , 3, 05 70n, 826 was received as advance . The AO held that the assessee has parted with possession of the premises hence assessable as capital gains tax. CIT (A) also up held the order of the AO , relying on the decision in Chaturbhuj Dwakadas Kapadia v .CIT  ( 2003) 260 ITR 491 ( Bom) (HC) .On appeal the Tribunal held that the Authorities must look in to substance of transaction and matter was remanded to the AO to decide the issue in accordance with law . ( ITA No. 106/ Bang/ 2020 dt 27 -11 -2020) (AY. 2012 -13)