1982 (8) TMI 82

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e purpose of computing income from propery the assessee could be considered as the owner only in respect of the four halts and the cottage allotted to the assessee and not in respect of the other 20 flats in the same building of which the assessee is the legal owner. Consequently, it is the grievance of the revenue that the assessee only in respect of the four flats and the cottage allotted to him....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....to the assessee. Further, also it was agreed that the purchaser would provide to the vendor that is the assessee, a cottage admeasuring 700 sq.ft. in the said garden outside the main building to be constructed by the purchasers. The sale has to be finalised with the Gautam Builders or with a Co-operative Society or any other Co-operation body or any other person nominated by M/s Gautam Builders. L....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he owner of the entire property consisting of the land and building of 24 flats and the cottage. He estimated the income from the property and taxed it from the hands of the assessee. 4. On appeal by the assessee before the CIT (A), the CIT (a) relied on the Bombay High Court decision in the case of CIT vs. Fazabhory Investment Co. P. Ltd. (1977) 109 ITR 802 (Bom) and held that on the facts and....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....fully considered the facts and circumstances of the case and according to the terms and conditions of the agreement to sell all that the purchaser got was the land. As per the express terms of the agreement the building was to be constructed by the purchaser at the cost to be provided by the purchaser of flats. As held by the ld. Judges of the Bombay High Court in case of CIT vs.Fazalbhoy Investme....