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DELHI HIGH COURT
A.K.SIKRI, INDERMEET KAUR
Commissioner of Income Tax – Appellant
Versus
Lord Buildcons P. Ltd. – Respondent
JUDGMENT
A.K. Sikri, J. The respondent/assessee (hereinafter referred to as `the assessee) had filed the return for the assessment year 2005-06 at an income of Rs.7,08,334/-. It is in the business of building construction i.e. buying plots, constructing flats thereon and selling the same. During the assessment proceedings, the Assessing Officer noticed that the assessee had purchased the ground floor of an old building constructed on a plot of land measuring 500 sq. yds. At that time, first and second floor of the said property was also constructed and they were owned by some other persons. For the purchase of ground floor, the assessee had paid a consideration of Rs.97,20,000/- which included stamp duty of Rs.7,20,000/-. After purchase of the ground floor, the assessee entered into `Property Development Agreement' with the owners of first and second floor. This agreement, inter alia, stipulated that the old construction existing on the said plot shall be demolished entirely and new building would be constructed which would consist of basement, ground, first, second and third floor. After completion of the construction, the first and second floor were to be handed over to the origi
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