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i) In regard to the above, land situated at New Town was purchased by Shristi Infrastructure Development Corporation Ltd i.e. shareholder of the appellant company from West Bengal Housing Infrastructure Development Corporation Ltd [WBHIDCO] vide conveyance deed dated 22.03.2007.Before that, a Permissive possession certificate was given by WBHIDCO to the said company on 25.08.2005 for undertaking soil tests and preparation of the master plan for the construction of the 5 Star Hotel Complex. The said permissive possession certificate was cancelled and a Revised Permissive Possession Certificate dated 16.05.2006 issued for the said purpose by WBHIDCO. In the said Revised Permissive Possession Certificate, it was clearly written that the actual physical possession of the land will be given after full payment of the land price and execution of the Deed of Conveyance. A copy of the Revised Permissive Possession Certificate is enclosed at pages 92-94 of the paper book.

iv) Thereafter, Shristi Infrastructure Development Corporation Ltd [SIDCL] purchased land (approx 8 acres) in New Town from West Bengal Housing Infrastructure Development Corporation Ltd. on 22.03.2007 for a sum of Rs.24,00,00,000/- so as to enable SIDCL to erect buildings thereon for the purpose of setting up a Five Star Hotel Complex. (Purchase deed of the same is enclosed at pages 96-125 of the paper book)

v) On 31 .03.2007,ShristiInfrastructure Development Corporation Ltd [SIDCL] entered into a lease agreement (copy enclosed at pages 126-144 of the paper book) with the appellant company to lease land of an area of approx 3.5 acres to the appellant company out of approx 8 acres purchased by SIDCL on 22.03.2007.

SIDCL leased the said land to Shristi Hotel Ltd. for a period of 50 years at a monthly rent of Rs.20000/- exclusive of rates and taxes.

vi) The appellant company vide letter dated 24.05.2007 issued to West Bengal Housing Infrastructure Development Corporation Ltd seeking permission for the supply of construction water for constructing Five Star hotel at Rajarhat.

vii) In response to the same, West Bengal Housing Infrastructure Development Corporation Ltd. vide letter dated 11.06.2007 granted permission to the appellant company to sink 2 nos. Deep tubewells for the purpose of construction of 5 star hotel Project subject to clearance from SWID, Govt. of West Bengal. The said letter is enclosed at pages 145 of the paper book.

viii) On 26.06.2007, the appellant company issued a letter to the West Bengal Housing Infrastructure Development Corporation Ltd. [WBHIDCO] for seeking permission for the piling work for the proposed 5 Star Hotel Complex at the said plot.

Shristi Hotel Pvt. Ltd., AY- 2012-13

ix) In response to the same, WBHIDCO vide letter dated 19.07.2007 granted permission to the appellant company for the piling work for the proposed 5 Star Hotel complex at the said premises subject to the following conditions: (The said letter is enclosed at pages 146-147 of the paper book) No construction work shall be taken up at or above the ground level till the building plan is formally sanctioned by WBHIDCO No construction work can be done other than the piling work below the ground level