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10. The learned D.R., however, relied on the order of the A.O. and submitted that assessee never offered income on project completion method and since the properties were given on leave and license they are to be assessed as owner of the property.

11. We have considered the issue. As seen from the documents placed on record there is no dispute with reference to acquiring only tenancy rights from the Trust and right to construct a building and allow tenancy rights. Assessee accordingly demolished the existing structure settling with three of the erstwhile tenants and gave alternate accommodation to the two protected tenants and assigned tenancy rights to others on leave and license basis by accepting substantial amount as deposit and entered into irrevocable permanent leave and license agreements. Therefore, as far as the M/s. Priyadarshini Properties and Estates P. Ltd.