Transfer of Property Act : When the title of the property always remained with the

assessee so also possession, there is no basis for the finding of the AO that there was
any part performance of the contract within the meaning of section 53A of the transfer of
property Act, 1982 and thereby a transfer of asset within the meaning of section 2 (47)
especially when the agreement to sell had never culminated in to a contract of sale and
the sale deed was never executed as proposed transfer of capital asset was aborted.
Refer, Asst CIT v Hotel Harbour View, 44 DTR 41.
The assessee had given possession and received the sale consideration in pursuance
of the agreement dated march 1993.As the provisions of section 53A, of transfer of
Property Act is attracted ,the capital gains would accrue in the year of possession.
Refer, D.Kasturi (Smt) v CIT, 42 DTR 288.

Mrs. Duradana Khatoon Vs ACIT 33 Taxman.com 311 (Hyd)- The Hon Bench after analyzing provisions of
Section 2(47) , S. 45 & Section 53A of CA VIPIN K GUJARATHI the Transfer of Property Act held that
Capital Gain was taxable in the year the development agreement giving vacant possession to the
developer has taken place.Charanjit Singh Atwal Vs ITO 448/CHD/2011 (Chd)