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TMI Blog2004 (1) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... er 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 absolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by 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 principa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 689 (Raj); and (iv) CIT v. Sarabhai Chemicals Pvt. Ltd. [2002] 254 ITR 625 (Guj). Suffice to say that in the instant case, considering the aforesaid factual aspect, the Tribunal has decided the matter and in our opinion, there is no question of law. Learned counsel has stated that lease deed has also been produced on record. We have taken a note of it. Inter se arrangement made between the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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