Capital Gain payable on Transfer of Property to Builder through Sale Agreement alongwith POA

Shri Tirumalasetti Srinivasa Rao Vs. DCIT (ITAT Visakhapatnam) The issue under consideration is whether the transaction of transferring the possession of property to the builder by entering into sale agreement coupled with power of attorney will give rise to Capital Gain? In the present case, the assessee argued that he has not sold the property, it was only the sale agreement, hence, the case does not cover for the purpose of capital gains. Further he argued that the assessee has given the property for development to Vanadurga Constructions and the assessee has neither received consideration ...