Document Fragment View
Fragment Information
Showing contexts for: Palam in Charanjiv Charitable Trust, New Delhi vs Assessee on 24 February, 2006Matching Fragments
14.4. On the other hand, in this case the payments were made to AIPL in the Financial Year 2003-2004. Clause 16 of the Agreement clearly states that:
"As the second party has already made payment of 95% of sale consideration, therefore, physical possession of the said plot has been handed over by the first party to the second party".
14.5. All the six agreements to sell were duly signed on 18th and 24th of March 2004 by Mr. Aditya Wadhera Addl. G. M. (Mktg) & Mr. Bawa Kapoor -A.G.M. (Sales) of AIPL on behalf of that company. All the six plots purchased were located in plots approved for school and dispensary in Palam Vihar, which was already a well-developed colony. These personnel are unrelated, professional executives of a public limited company which is listed on major stock exchanges. The Assessing Officer has cast a doubt on the genuineness of these agreement without even bothering to examine the authorized signatories of AIPL who signed the agreements on behalf of AIPL or the Chief Project Manager (services), Palam Vihar Project, who handed over the possession of six plots to the assessee trust.
14.8. As pointed out by the CIT(A), the Assessing Officer is not factually correct in saying that evidence of handing over of the possession of the impugned plots of land was not furnished. Apart from copy of six agreements to sell, the AIPL had filed copy of the following documents along with letter dt. December 26, 2008 in response to summons u/s 131 from the Assessing Officer:-
i) Letter dt. 18.3.2004 from AIPL authorizing Chief Project Manager (Services), Palam Vihar Project to hand over the possession of Dispensary Plot 'H' Block Palam Vihar to the assessee trust. (Pg. 140/PB)
ii) Letter dt. 18.3.2004 from AIPL authorizing Chief Project Manager (Services), Palam Vihar Project to hand over the possession of Health Centre Plot 'F' Block Palam Vihar to the assessee trust. (Pg. 141/PB)
iii) Letter dt. 18.3.2004 from AIPL authorizing Chief Project Manager (Services), Palam Vihar Project to hand over the possession of Dispensary Plot 'D' Block Palam Vihar to the assessee trust. (Pg. 142/PB)
iv) Letter dt. 24.3.2004 from AIPL authorizing Chief Project Manager (Services), Palam Vihar Project to hand over the possession of High School Plot - CII Block Palam Vihar to the assessee trust. (Pg. 143/PB)
v) Letter dt. 24.3.2004 from AIPL authorizing Chief Project Manager (Services), Palam Vihar Project to hand over the possession of Primary School Plot 'I' Block Palam Vihar to the assessee trust. (Pg. 144/PB)
vi) Letter dt. 24.3.2004 from AIPL authorizing Chief Project Manager (Services), Palam Vihar Project to hand over the possession of Primary School 'D' Block Palam Vihar to the assessee trust. (Pg. 145/PB) These documents along with letter dt. 18.3.2004 in response to AO's summons to AIPL and there summary are at Pgs. 135-147.