9911796707
TMI Blog2004 (1) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... nd receiving the entire rent, the Tribunal has committed grave error in arriving at the conclusion that the assessee is not the absolute owner of the property and is entitled to receive only 30 per cent, of the annual rent of the property and, therefore, is eligible for a deduction of 1/5th on only 30 per cent, of the rent which he was actually receiving. – Held that Tribunal has decided the matte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for a deduction of 1/5th on only 30 per cent, of the rent which he was actually receiving. There is an agreement on the record styled as a collaboration agreement between S.K. Pawha, P.P. Pawha and Varun Pawha on the one hand and the assessee/appellant, on the other. Following are the relevant clauses to be taken into consideration: "2. It is further agreed between the parties that after the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lot has been completed by the second party in accordance with the sanctioned building plans, the property will be given on rent and the rent proceeds will be shared by the first party and the second party in the ratio of 70 per cent, and 30 per cent, respectively. 14. That in case both the parties wish to sell the superstructure and the land beneath, they can do so and divide the proceeds in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs nor shall builders and owners in any manner constitute an association of person(s). Both the parties shall be liable in respect of income-tax and other fiscal liabilities only in respect of their own share." Learned counsel has relied upon various decisions to convey that he, being the owner of the building in question, is entitled to get the benefit not of 30 per cent, but of 100 per cent, o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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