Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 252 - AT - Income TaxRectification u/s 254 - stand of the Revenue is that in para-16 of the Tribunal’s order, as observed that M/s.Jay Corporation was not the owner of the land for which development agreement was executed but this finding is contradictory to the fact narrated in the confirmation letter written by Shri Naresh M. Shah, proprietor of Jay Construction - HELD THAT:- On overall appreciation of all the documents in their setting as a whole, the Tribunal has recorded a finding that Jay Corporation was having development rights. As far as the letter referred by the Revenue dated 2.12.2010 is concerned, in this letter, in para-1 the following narrations is available “we had entered into an agreement with the Ganesh Planatation Ltd for construction of building on the land space owned by us”. The said agreement was entered into on 26.6.2007 assigning them construction work. On the strength of this paragraph, Revenue is pleading that there is a contradiction in the finding of the Tribunal while taking note of the fact. There is no contradiction. Expression used in this letter is also “of building on the land space owned by us” i.e. Jay Corporation”. This would talk of space i.e. development right on the land. It does not say absolute ownership of the land, and the Tribunal has appreciated this factual position ultimately in the order. Therefore, there is no apparent error in this order of the Tribunal. Misc. Application of the Revenue is devoid of any merit, hence dismissed.
|