CIT v Gita Duggal ITA No. 1237/2011 (Del HC) dtd 21.02.2013 Background: Assessee was the owner of property in New Delhi comprising of the basement, ground floor, first floor and second floor. On 08.05.2006 she entered into a collaboration agreement with a developer for redeveloping the property. According to its terms, the assessee being desirous of getting the property redeveloped/reconstructed and not being possessed of sufficient finance and lacking in experience in construction, approached the builder to develop the property for and on behalf of the owner at the cost of the builder. The builder was to demolish the existing structure on the plot of land and develop, construct, and/or put up a building consisting of basement, ground floor, first floor, second floor and third floor with terrace at its own costs and expenses. In addition to the cost of construction incurred by the builder on development of the property, a further payment of Rs. four crores was payable to the assessee as consideration against the rights of the assessee. The builder was to get the third floor.