TaxTMI 
TaxTMI 
2019 (12) TMI 378
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....cost of the construction incurred by M/s Prabhu Construction deeming it as a contract? (B) Whether consequent provision of sec 40(a)(ia) would also apply in making disallowing of expenditure in computing his income from business and profession? 4. Ms. Razaq, the learned Standing Counsel for the applicant submits that in the present case, the Assessee was itself the contractor who had undertaken to complete two projects i.e. Mount Mary's project and M/s. Alfraz Plaza project. The Assessee by Agreement dated 23.11.2003 had purported to assign its rights in favour of M/s Prabhu Construction, a proprietary concern of Shri Venkatesh Prabhu Moni. Ms. Razaq submits that since the Assessee could not transfer or assign any better rights or ti....
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....greements concluded that the Asseesee assigned the rights in favour of M/s. Prabhu Construction. They have concurrently held that this was sale of area in the two projects and this was not a case where the Assessee had merely engaged M/s. Prabhu Construction as its contractor. These findings of fact, concurrently recorded cannot be said to be vitiated by any perversity or misreading of the documents on record. The two authorities have basically taken a plausible view on the basis of the interpretation of the agreements which forms part of the record. In the absence of any use of perversity being made out, it would not be proper for us to interfere in such finding of fact in exercise of the jurisdiction under Section 260 A of the IT Act. 7.....