Transfer of property by way of GPA is not a valid transfer, So no capital gain arises

Smt. Maniza Jumabhoy Vs. Asst. Commissioner of Income Tax (ITAT Hyderabad) Assessee has entered into is not a ‘sale deed’ as considered by the AO and CIT(A) but only an ‘agreement of sale cum Irrevocable General Power of Attorney’ for a property, which the Hon’ble Court has held that these three parties have no ownership rights or title and now property was/is in the possession of Hyderabad Water Works Department for a long period. Without establishing that the assessee has title to the property and also without any sale deed of the transaction, the agreement of sale registered m...