I am using jQuery UI Selectable plugin. I want to select one item at a time. But jQuery UI Selectable plugin allows multiple selection by clicking/ dragging / holding CTRL
yes, you can prevent this behavior, just set the toletance option to 'fit'
This might be a better solution:
$('#selectable').selectable({
    selecting: function (event, ui) {
        $(event.target).children('.ui-selecting').not(':first').removeClass('ui-selecting');
    }
});
                                                                        There are some good solutions here, but most of them assume that you always want to select the first element as it appears in the DOM in a multiple selection case.
To remedy this, I keep a variable (lastSelection) that contains the last element that was requested successfully (rather than the first in the DOM) to fallback to in the case of an unwanted selection.
var lastSelection;// this will record our last successful selection
$('#selectable').selectable({
    filter: '.element',
    selecting: function () {
        if ($('.ui-selecting').length > 1) {
            // if selecting multiple (lasso) we will ignore the selection and fallback
            $('.ui-selecting').removeClass('ui-selecting');
            $(lastSelection).addClass('ui-selecting');// if no value, nothing will be selected
        }     
    },
    stop: function () {
        if ($('.ui-selected').length > 1) {
            // looks like we have an invalid selection, fallback to lastSelection
            // this handles the ctrl (windows), cmd (OSX) multi-select cases
            $('.ui-selected').removeClass('ui-selected');
            $(lastSelection).addClass('ui-selected');// if no value, nothing will be selected
        } else {
            if ($('.ui-selected').first().is('.element')) {
                // if we successfully found a selection, set it as our new lastSelection value
                lastSelection = $('.ui-selected')[0];
            }     
        }     
    }
});
Note: If you want to deselect without ctrl / cmd + click you will have to implement a work-around with this method.
I also wanted to point out that tolerance: 'fit' simply requires that the lasso completely surrounds a target element in order to select it, it will not disable the lasso selection unless your elements cannot be surrounded in the available lasso area. http://api.jqueryui.com/selectable/#option-tolerance
An interesting discussion about this you can find on this jQuery forum thread.