Housing society failed to give facilities as promised

We are a Housing Society formed under the Karnataka Apartment Owners' Association Act,1972. Recently the builder of our Complex has offered us a vacant flat which he had constructed over and above the sanctioned number of apartments in return for our cooperating with him to dispose of the remaining few flats of similar nature and as compensation for not providing certain promised facilities such as open parking, squash court etc., as also for utilizing part of the undivided area for the additional flats. The aforesaid flats are not covered by the Occupation Certificate; but have received Katha. Our queries are: (1) Can the Association (which is not a registered society ( but was registered before the Registrar of SD and Properties) own a flat in its name? (2) Considering the nature of the consideration ( in lieu of depriving the promised facilities and giving only slightly reduced per capita undivided share of land /common area) will there be any tax implications such as income tax ?