Mere occupancy right under leave & licence agreement not sufficient to attract Explanation 1 of section 32(1)

ORDER Per R. V. Easwar Senior Vice President: This is an appeal by the assessee relating to assessment year 2004- 05 and it is directed against the order passed by the CIT under section 263 of the Act on 18.09.2008. 2. The brief facts giving rise to the appeal may be noted. The assessee is a public limited company engaged in the sales and service of automobiles. It filed a return of income declaring a loss of Rs. 4,33,62,100/-. It was accompanied by audited profit and loss account, balance sheet and the tax audit report. The return was first processed under section 143(1) but later selected fo...