2004 (1) TMI 12

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r passed by the Income-tax Appellate Tribunal in I.T.A. No. 2150/Delhi of 1998 for the assessment year 1994-95 decided on February 28, 2003, has preferred this appeal, inter alia raising the question that, the appellant being the owner of the property in question and receiving the entire rent, the Tribunal has committed grave error in arriving at the conclusion that the assessee is not the absolut....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 70 per cent, and 30 per cent., respectively, from the date of renting of the property. 4. That the owners further assure the builders that they are the exclusive owners of the said plot of land and as such they are competent to enter into this agreement. 11. That the builders shall become owners of the superstructure and the ownership of land rights shall remain with the owners, i.e., the party....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y both the parties or their nominees/assignees in the ratio of 70 per cent, and 30 per cent. 17. That the owners undertake to assist and sign immediately all such documents as may be necessary from time to time to enable the builders/developers, to discharge the obligations undertaken by them without any delay. 18. That the owners and builders have entered into this agreement purely on principal....