9911796707
TMI Blog2005 (1) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... preciated that the assessee as a developer has sold out the development placed on record by dividing into smaller rope ties larger properties which showed that the assessee had no intention to keep the Kandivali Project as one project. 3.Without prejudice to above, the income earned during the year has no connection with completed contract method since it is not in relation to any construction activity, but it is solely profits earned from sale of land on which no rate of profit can be applied. 4.On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the Assessing Officer to assess the income for the year relating to profits arising from development and construction of the Kandivali Project on terms in accordance with the method and basis followed by the assessee of estimating the net profits at 7.5% of the amount received during the year against sale receipts comprising of ( a ) receipts during the year against consideration stated in the agreements executed for assignment of development rights : ( b ) amount withdrawn during the year against credit given by the partnership firm to the account of the assessee for contribution of part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for sale of Kandivali Project with Salsette Catholic Co-operative Hosing Society Ltd., on the terms and conditions as agreed by and between them. The said Society in turn had entered into agreements for sale of the property with Mrs. Nagpal and Mr. Samuel. The Society could not discharge agreement of making payment in consideration in terms of agreement entered into by the Society with the owners . Consequently, at a later date the Society conveyed the property to the owner subject to the agreements entered into by the Society with Mrs. Nagpal and Mr. Samuel. Mrs. Nagpal paid the consideration to the owner. Mr. Samuel, however, could not and did not pay the entire consideration. At the same time, the owners continued to extend the time for payment of the consider-ation to Mr. Samuel. Meanwhile, Mr. Samuel had entered into anoth- er agreement with M/s. Sagar Daphthery of Bombay for obtaining their services in development and construction. Mr. Samuel did not discharge his obligations for payment of consideration to the owners . Hence, the agreement lasts. The owners of the property assigned their rights of development to the assessee subject to the claim of the above referred litig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest, the assessee decided only to assign, the part of the development right held by it to the other builders/developers. These aspects are born out even by the provisions of agreement executed with sub-developers, which are on record in compliance with the provisions. The particulars of area quantified in terms of the agreements executed with the owners of land and available for development and construction of the building in terms of orders passed, and as per Development Control Rules are given in detail by CIT(A) at Pgs. 2 3 of the order. Therein it is also mentioned that the Competent Authority passed - ( a )order under section 8(4) dated 22-3-1980 being declaration of surplus vacant land of Kandivali Project . ( b )Order under section 20(1)( a ) dated 20-10-1989 being declaration passed exempting the surplus vacant land for development by the owners subject to the conditions stipulated therein. It is also relevant to point out certain conditions of exemption order, material and relevant in development and construction of the surplus vacant land of the "Kandivali Project" to ascertain whether the said project is single, indivisible and composite project and if need b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this condition the landholder is permitted to construct separate building for flats to be surrendered to Govt. nominees, subject to such building forming basic amenities. If it is not done so, it is open to the Govt. to take flats for the Govt. nominees from the building constructed for General Public. 5. It is also mentioned that all reserved plots for public amenities to be developed according to specification of BMC and entire land is to be provided with infrastructure comprising of cutting, levelling and filling, building of DP and internal roads to BMC specifications, to provide rain water disposal system, to lay sewerage lines, sewerage treatment facilities, to build sub-stations and distribution of cable network, to provide street lights, to develop recreational grounds to BMC s specifications, to lay water lines and to plant trees in the entire layout. The aggregate estimated cost for providing primary and secondary infrastructure as certified by the Architect is Rs. 33.70 crores. As many as 750 number of occupiers of tenements on the entire land have to be settled by building housing colony in terms of re-settlement scheme of the Government. These are to be provided fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments with various sub-developers, recording the terms and conditions on which the part of the rights of development of the Kandivali Project had been assigned. The agreements stipulated consideration receivable which is quantified at Rs. 25.94 crores. The total area assigned during the year is quantified at 10,72,246 sq. ft. equivalent to 99,651 sq. mts. the approval of the Competent Authority constituted has been obtained in respect of the agreements wherever the approval was required to be obtained 7. In terms of Deed of Partnership, the assessee contributed 2,50,000 sq. ft. buildable/saleable area towards its capital contribution to a firm known as Prerna Conwood Association . The said partnership has given credit to the account of the appellant for such contribution at Rs. 61,25,000 and against such credit given, the assessee has received actual payment of Rs. 3,12,50,000 from the said partnership firm during the year under reference. 8. The assessee followed the mercantile system of accounting and it had also followed the Completed Contract Method upto 31-3-1992. Upto, 31-3-1992 there was no sale of flats and/or assignment of development rights to sub-developers fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e agreements between the owners and the assessee and the assessee and the sub-developers is called for and the highlights of the same are as following : Vide agreement dated 14-6-1980 between the owners and the assessee the owners constituted and appointed the developers (assessee) to carry out development of 6,35,576 sq. mtrs. of land for a consideration of Rs. 65 lakhs. Vide subsequent agreement dated 28-7-1988 between the owners and the assessee M/s. Conwood Agencies (P.) Ltd. the land has been mentioned at 460146.98 sq. mtrs. As per this latter agreement the developers shall pay to the owners the sum of Rs. 65 lakhs in the manner mentioned therein. The agreement inter alia mentions the following : -The Appropriate Authority has certified that it has no objection to the transfer of the said property by the owners to the developer. -The owners have declared that save and accept the said development agreement executed by the owners in favour of the developers, the owners have not entered into with any one any agreement for sale and/or development of the said property and have not entered into any deed matter or thing in respect of the said property may be impaired or e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .... per sq. ft. of buidable/saleable area agregating. -The sub-development shall have a right to mortgage the Smaller Property, the development rights of which are granted to the sub-developer under this agreement. -It is agreed that all cost charges and expenses of the infrastructural development including construction of internal roads, drainage, street lights in respect of the Smaller Property shall be borne by the sub-developer. -The sub-developer has developed the said Smaller Property in its own name and on its be held and not in the name of agent of the owners and at its own cost and shall alone be liable for the losses if any or for any claim arising from the development of the said Smaller Property and shall indemnify and keep indemnifying the owners and developers and their estates against any actions, proceedings, demands, claims, costs, charges, expenses, losses, damages and for penalties of any sort of nature. -All out of pocket expenses, charges and expenses incidental to this agreement including stamp duty and registration charges payable on this agreement and on the Power of Attorney and their rights to be executed are to be borne and paid by the sub-devel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation charges payable on this agreement is to be borne by the sub-developer." The above is the general tenor of all the agreements made by the assessee with the sub-developers. 10. The Assessing Officer however, has not treated Kandivali Project as one single, indivisible and composite project, as according to him the assessee has not produced any evidence to establish or justify the same. He has further opined that the agreements executed with sub-developers clearly showed that the assessee has washed off its hands from the so called smaller properties which it has transferred. According to the Assessing Officer there are no unfulfilled obligations undertaken by the assessee to be discharged at its cost in terms of agreements executed with sub-developers for assignment of development rights. He was further of the view that assessee has completed sale of land by giving possession and consideration receivable in terms of agreement executed has created debt in favour of assessee. The Assessing Officer has also taken a view that Annexure A filed by the assessee along with letter dated 13-11-1995 giving the particulars of area assigned to the sub-developers in terms of the ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer. The assessee made further submissions with regard to the method of profit adopted by it, which are mentioned in paras 12, 13 and 14 of the order. In this, the assessee has also pointed out the basis of the Assessing Officer for not accepting his claim. The assessee made further submissions before the CIT(A), as mentioned in paras 17 to 36 of the CIT(A) order. The Assessing Officer was required to give the Remand Report on the written submissions made by the appellant, more particularly confining to the mistakes which in the opinion of the appellant have been committed in terms of the order of assessment under reference. The Assessing Officer given Remand Report dated 2-7-1996 which is annexed to this order as Annexure A . The contentions of the appellant that the character and status of the Kandivali Project in that of one single indivisible composite project is not supported on account of the following : ( i )During the year there is a transfer of part of the development rights. ( ii )From the details filed in the course of particulars of transfer of development rights the assessee has used the word saleable area in sq. ft. . Hence it is clear that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... obligations which have appeared on the whole of the project and some small initial liabilities. However, there is no definite ascertainable or quantifiable liability. ( b )The assessee has not claimed any such expenses for the year under consideration. ( c )From the return filed for the assessment year 1995-96, it is seen that there is no such expenditure in respect of smaller property. However, even if some expenses are possible in future it does not mean that the sale proceeds are not taxable in this year. By merely adding a contingent clause in agreement on a very small thing the assessee cannot postpone the tax liability. ( d )The contention of the assessee that the Assessing Officer has not considered various clauses of the agreement executed with sub-developers is not correct. Clauses and provisions quoted by the assessee in no way, makes the property as one entity and that the intentions of the assessee was to sell the developments rights of the smaller properties and it had washed off its hands from the said properties. The contention of the assessee in this regard is not correct. Reliance was placed by the assessee to the decision of the Supreme Court in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubject matter of ULC Act, the transfer and sale of land simplicitor cannot take place. This is a statutory provision. This view is also supported by the decision of the Supreme Court in the case of S. Vasudeva v. State of Karnataka . ( d )The assignment of development rights and/or contribution of the development rights to a partnership firm represents one of the mode employed by the assessee in development and construction of the Kandivali Project and that it does not recut into change in the character and status of the Kandivali Project or establishing the character and status of the Kandivali Project as that of not one single, indivisible composite project. ( e )Compliance made by the assessee of the provisions of Chapter XX-C of the Income-tax Act, 1961, in relation to agreements executed for assignment of development rights is an independent act and has no relevance in relation to determination of the character and status of the Kandivali Project , as that of one single, indivisible composite project. ( f )The assessee has never contended that it had given sub-contract to the sub-developers and hence the comments made by the Assessing Officer in this regard are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le system of accounting. ( c )The change is in relation to the recognition of profits i.e. from Completed Contract Method to recognising the income on year-to-year basis, during the currency of the project. ( d )The assessee being engaged in the business of construction project, in terms of AS-9 providing for revenue recognition, the assessee is not required to recognise revenue on accrual basis and if it were not so, recognition of revenue either on year-to-year basis or on completion method would have been accepted either by revenue and/or by judicial authorities. The assessee submits that the Assessing Officer has referred to paras 10 and 11 of AS-9 so as to support his contention that an enterprise engaged in the business of construction has to recognise its income on accrual basis but in the process, it is submitted that he has over-looked and ignored para 2 of AS-9 which says categorically that the said statement does not deal with the recognition of revenue by an enterprise engaged in the business of construction project. Kandivali Project hence the contention of the Assessing Officer that revenue has to be recognised on accrual basis which is not done so by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce on the assessee s case, are totally erroneous and irrelevant on account of the following reasons : ( i )The obligations undertaken are readable from the agreements executed and are of quantifiable and ascertainable nature. Admittedly the quantification has to be done by estimation. ( ii )The obligations undertaken represents definite liability and net contingent liability. ( iii )Question of claiming of the cost of unfulfilled obligations in the return of income filed for the year, does not arise in view of the method and basis followed by the assessee in recognising the income of the Kandivali Project . At the same time, as an alternate submission in the course of assessment proceedings the issue of deduction of cost of estimated unfulfilled obligations was taken. ( iv )The time-limit for meeting the cost of obligation is not relevant for the simple reason that the development and construction of the Kandivali Project has to be completed within the prescribed time-limit, in terms of the Exemption order. ( v )The nature of obligations remains unaltered as that of definite ascertained liability. It is pertinent to mention here that the CIT(A) himself had visited t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d partnership firm to whom part of the development rights have been assigned and contributed during the year. It is also to be noticed that a sum of Rs. 31,29,37,580 is inclusive of Rs. 6,25,00,000 being credit given by a partnership firm for contribution development rights to the assessee as capital contribution. It is contended that such a credit cannot be taxed in any view of the matter in the year of such contribution. The CIT(A) dealt with each and every aspect of the matter and then came to the conclusion that it is a single composite, indivisible project. As regard the said change has not resulted in change in the method of accounting employed to cash basis and he also agreed with the contentions of the assessee that Accounting Standard (AS-9) issued by the Institute of Chartered Accountants of India for recognition of revenue of an enterprise on accrual basis is not applicable to the assessee in recognising the revenue from the Kandivali Project being in the nature of construction project. It was also mentioned that the said change has not been resorted to, by the assessee for the purpose of avoiding and/or defending the tax liability in relation to the profits expected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s . In order to substantiate and justify the quantification made by the assessee, the assessee has given working and details in support of the same during the course of appellate proceedings." He has also discussed Annexure E in the end of the above para. 11. With regard to disallowance of Rs. 1,25,000 under section 40A(3) of the I.T. Act compensation paid for removal of two occupants, the CIT(A) directed the Assessing Officer to allow the said amount as admissible. Therefore, he allowed the appeal of the assessee on this issue. 12. The ld. D.R. relied on the order of the Assessing Officer and took us through relevant clauses of agreement between the assessee and M/s. Renuka Builders given at pages 5, 7, of assessment order and specifically his observation at pages 8, 9, 12, 14 to 17. It was submitted that the land has been disposed of. So, the assessee cannot take the value of work in progress. He submitted that the agreement with the parties show that these are separate contracts and not single, individual contract. It is further pointed out that the sub-developers are obliged to do all the things. Therefore, there is no obligation on the assessee to discharge any lia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed out that 25% of the open recreational space is to be provided on the basis of the net plot area vide BMC order dated 18-11-1993. It was next contended that the assessee being the principal developer the assignees were sub-developers and the assessee alone was responsible for compliance with all statutory conditions. In this connection, our attention was invited to sub-development agreement dated 25-6-1992 entered into with Renuka Builders and also the supplemental agreement dated 23-11-1992, appearing at pages 217 to 276 of the paper-book. It was submitted that the area to be developed by the assessee is referred to as larger property and the area to be developed by sub-developers is referred to as smaller property . Our attention was specifically invited to the operative clause 2, clauses 4, 6, 14, 15, 16, 17, 20 and 24 to 26 of the agreement. 15. It was submitted that the Kandivali Project because of magnitude of size and other facts, was implemented by the assessee by different modes and irrespective of the method selected for development the source of income was the same viz. development rights of the Kandivali property. The learned counsel further submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not disputed by the Assessing Officer in the Remand Report as well as in the grounds of appeal. Further, it was submitted that the Assessing Officer erred in not considering that development and construction in Mumbai must conform to ( a ) conditions prescribed by the Competent Authority under Urban Land Ceiling Act, ( b ) the building rules and regulations laid down by the Municipal Corporation as also the development plan of Mumbai City and various statutory and other requirements. In this connection, it was pointed out that the exemption order and its conditions are applicable to the entire Kandivali Project as one single layout was sanctioned requiring compliance with conditions covering the entire property. It was also submitted that the Assessing Officer has erred in relying on the selected clauses without considering all the relevant clauses of the agreement as a whole. The case laws relied upon by the Assessing Officer, the learned counsel submitted, are distinguishable from facts. In this regard our attention was invited to the analysis appearing to pages 198 to 216 of the paper-book. 18. The department is aggrieved. The assessee has also filed the C.O. and also fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to pay compensation estimated at Rs. 5.46 crores to settle claims of these Adivasis. It is very pertinent to state that the total infrastructure development of the project is on the assessee land sub-developers have no obligations to participate in the development of the land. 21. The assessee employed the following modes of construction : ( i )Construction of residential building. ( ii )Assignment of part of the Development to sub-developers. ( iii )Construction of part of development rights to a partnership firm towards capital contribution in the capacity as a partner. During the accounting year under appeal the assessee applied the mode carried under ( ii ) and ( iii ) above and in the subsequent year, the assessee applied the mode at ( i ) above by commencing the construction of four buildings. The assessee assigned such development rights to sub-developers the total infrastructural development. The agreements with the sub-developers stipulated consideration receivable which is quantified at 25.06 crores. In terms of the Deed of partnership dated 5th October, 1992, the assessee has contributed 2,50,000 sq. ft. buildable/saleable area towards its capital contribut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of ULC Act, 1976, any person holding vacant land in excess of 500 sq. metres is required to file an application declaring the particulars of the vacant land held by such person in Urban Land. Having made such declarations, the competent authority constituted under the ULC Act after declaration, made an order under section 8(4) of the Act thereby quantifying and declaring the area of the Urban Land held by such person as surplus vacant land. The State Government is empowered in terms of section 20 or 21 of the ULC Act to permit development of such surplus vacant land by land owners on such terms as the State deems fit. The land of Kandivali Project is permitted to be developed for constructions of residential tenements meant for weaker sections of the society by the State Government in terms of the scheme framed under section 20(1)( a ) of the ULC Act. The development of Kandivali Project in terms of the Exemptions order and the layout plan has two characteristics ( i ) development of land, ( ii ) constructions of residential tenements. The project is therefore governed by the terms and conditions stipulated in the Exemption Order. The Exemption Order is related to and governs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder ULC Act, neither the owner of the land nor the assessee in the capacity as developers, nor the sub-developers have any right to transfer or sale of land. The land has to be developed for construction of residential flats for weaker sections of the society subject to terms stipulated in Exemption Order under the layout plans. The assessee has rightly pointed that as per the decision of the Supreme Court in the case of S. Vasudeva v. State of Karnataka wherein it has been laid down that even the State Government does not have the right to transfer or sale the excess vacant land covered under ULC Act. Looking to the magnitude of the project and the intricacies and time-limit involved the assessee had decided to apply the different modes of construction for completion of the project in time. Regarding the assignment of development rights to outside agencies, the assessee continues to discharge the various obligations mentioned below: ( i )Undertaking of infrastructural development comprising of primary development, secondary development and removal of encumbrances and encroachment of the area. ( ii )Construction of residential tenements reserved for Government nominees att ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii )Construction of compound wall for plots under DP Reservations and entire peripheral compound wall. ( c )Expenditure of secondary development comprising of : ( i )Provision of Sewerage lines. ( ii )Provisions of water receiving stations and distribution network. ( iii )Street lights provisions other than MHADA land. ( iv )Tree plantations other than MHADA land. ( v )Construction of DP other than MHADA land. ( vi )Construction of DP Roads in MHADA land inclusive of sewer lines, water mains, street lights, tree plantations, etc. ( vii )Tree plantations in plots under DP Reservations. ( viii )Providing electric stations/laying cables. ( ix )Cost of expenditure in conveying DP Reservations area to BMC. ( d )Expenditure on Removal of encroachment comprising : ( i )Cost of completion for eviction of area, occupied by Adivasis. ( ii )Cost of eviction of tenements occupying the structure by providing them re-accommodation plots of 25 sq. mts. of area. ( iii )For eviction of other occupants occupying the land. 28. The terms and conditions of the exemptions order, if looked judiciously, establishes contentions of the assessee that Kandivali Project is o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer also held that there is a change in the method of accounting from Mercantile system to cash system. According to the Assessing Officer there is no liability on the part of the assessee for paying out roads, providing drainage system and installation of lights etc. in respect of the land transferred and there are no unfulfilled preconditions to be fulfilled in respect of the sale of land as evidenced from the agreements. According to the Assessing Officer the assessee has also not claimed any expenditure in the year under consideration. The Assessing Officer has also accepted the method and basis employed by the assessee in recognizing the estimated net profit on the basis that in the past, the assessee had been adopting mercantile system of accounting and now the method of accounting is being changed from this year to cash system on the basis of which income is offered at 7.5% of receipts which is subject to final quantifications of income on completion of the project. In this connection, the Assessing Officer also referred to the accounting standards and has stated that one of the fundamental accounting assumptions is accrual. The Assessing Officer also referred to Accounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the project and not of method of accounting. Our attention was also drawn to the Accounting Standard (AS) issued by the Institute of Chartered Accountants of India for revenue recognisation. The following are the relevant aspects contained in the said AS-9 : ( i )The said standard provers for recognisations of revenue by an entity mainly on accrual basis. ( ii )The statement is concerned with recognisation of revenue arising in the course of ordinary activities of an enterprise from the sale of goods; rendering of services and the use by others of enterprise resources yielding interest, royalties and dividends. ( iii )In terms of para 2 of Statement forming part of AS-9, the standard does not deal with the following aspects of revenue recognisations to which special consideration apply : ( a )Revenue arising from construction contracts ( b )Revenue arising from hire-purchase ( c )Revenue arising from Government grants and other similar subsides ( d )Revenue of insurance companies arising from insurance contracts. 32. The above referred factual aspects have not been properly understood by the Assessing Officer and he has formed an opinion that there is a change in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities, then all fairness and in law, the Assessing Officer is bound to compute the income on the method and basis followed hither to by the assessee duly accepted by the Assessing Officer for and upto assessment year 1992-93 i.e., completed contract method under which the profits are recognized only upon completion of the project and not before. We find substance in the arguments of the learned counsel that the entire considerations as stated in the agreements executed during the year did not accrue either upon execution perse or during the year. The accrual of various amounts forming part of consideration is related to : ( i )Execution of the agreement. ( ii )Obtaining of no objection certificate from the authorities constituted under Chapter XX-C of the Income-tax Act, 1961. ( iii )Obtaining of IOD/CC. ( iv )The date on which instalments fall due. We agree with the learned counsel that the enforceable right in favour of the assessee crystallizes on the happening of the above referred various events and on due date of instalment and not earlier and that all such events in respect of all agreements executed did not arise during the year and similarly all the instalme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... development rights towards capital contribution is a provisional and notional credit and hence represents unascertained consideration; ( b )Hence, such contribution per se does not result or create taxable event; ( c )This proposition is supported by the decision of the Supreme Court of India in the case of Sunil Siddarthbhai v. CIT [1985] 156 ITR 509 relied upon by the learned Counsel. 39. It is also an admitted and accepted fact that : ( a ) Kandivali Project" is of large magnitude; Kandivali Project . ( b )There are uncertainties embedded arising on account of requirement for fulfilment of statutory and commercial obligations/compulsions which will have its own vital impact on the commercial profits expected to be earned finally by the assessee on completion of the project. ( c )Uncertainties also includes recession in the market wherein selling of flats is a difficult proposition. ( d )It is not an easy proposition to estimate during the currency of the project the final net profits which the assessee will be upon completion of the assessee. ( e )Under the circumstances, if one has to recognize the profits during the currency of the project, profits h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 42. The learned CIT(A) visited the site of the project he also directed the Assessing Officer to pay a similar visit to the site and offer his comments on the matter under reference. The Assessing Officer visited the site of the Kandivali Project on 31-8-1996. The Assessing Officer submitted his Remand Report subsequent to the visit at site of the project, in this Remand Report, the AP has opined that the profit arising on agreements executed during the year can be worked out by deducting various liabilities of unfulfilled obligations as estimated by the assessee. He has also further opined that all the liabilities can be ascertained and quantified as the assessee had already done in Annexures A, B, D and E of the compilation. The Annexure A deals with area of Kandivali Project , Annexure B provides details of estimated cost to be incurred and cost incurred upto 31-12-1995 on land and infrastructure development and Annexure E contains statement of working surplus, if any, on area assigned to sub-developers and contributed to a partnership firm during the previous year relevant to assessment year 1993-94. Annexure F is the statement showing working of estimated net profits to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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