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TMI Blog1982 (8) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 and not in respect of the other 20 flats in the same building of which the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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. Later there was an agreement deed between the parties on 9th November 1973, modifyi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 under circumstances of the present case, the assessee continued to be the owner o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 Investment Co. Pvt. Ltd. in order that s. 9 of the IT Act, 1922 might be attracted, the on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he circumstances, in our opinion, the CIT(A) was fully justified in allowing the assessee's appeal and deciding that the assessee was liable only in respect of the income arising from the two flats and one cottage allotted to him. The income from the remaining property was to be taxed in the hands of the respective purchasers of the flats. 7. In the circumstances, the appeal filed by the revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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