In the result, appeals filed by the assessee are hereby ordered to be allowed
Bench: Shri M. Balaganesh & Shri Amarjit Singh
29A, Janata Colony, Jaipur. The assessee on the basis of Memorandum of Understanding dated 16/11/2006, handed over development rights to M/s Ashirwad Buildtech Pvt. Ltd on the understanding that ABPL construct a building on the said plot at its own cost and after development ABPL would sell the flats constructed on the said plot and the assessee and ABPL would