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2014 (10) TMI 327 - HC - Income TaxPower of revision by Commissioner u/s 263 - Prejudicial to the interest of the Revenue or not – Held that:- The Tribunal had rightly found that after the property was developed in phases and the Assessee was partly compensated by giving the share assured under the agreement, later on, the Assessee decided to terminate the agreement and give up all the right, title and interest which vested in him in respect of the property - That was in lieu of payment of a sum of ₹ 3 crores and built up area of 2200 sq. ft. approximately comprising of two flats - The Tribunal has rightly understood this not as a joint venture or a development activity jointly undertaken but a pure investment in the project and for which the returns were assured in the form of 10% - The Assessee shared the costs to the extent indicated but this cannot in any manner be termed as an association with the project and particularly as a joint venture – these are the finding of fact and no substantial question of law arises for consideration – Decided against revenue.
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