SANDEEP SADASHIV DESHPANDE ,MUMBAI vs. DCIT-CIRCLE -42(3)(1), MUMBAI
Before: SHRI NARENDER KUMAR CHOUDHRY & SMT. RENU JAUHRIAssessment Year: 2011-12
Per : Narender Kumar Choudhry, Judicial Member:
This appeal has been preferred by the Assessee against the order dated 06.02.2025, impugned herein, passed by the Ld.
Addl./Joint Commissioner of Income Tax (Appeals) (in short
“Ld. Addl./Joint Commissioner”) under section 250 of the Income
Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2011-12. Mr. Sandeep Sadashiv Deshpande
2
2. In the instant case, the Assessee being a member of society namely MIG Co-operative Housing Society (Bandra East), Group -5, who had entered into development agreement with M/s. Key Stone
Realtors Pvt. Ltd. and M/s. Rustomjee Constructions Pvt. Ltd. during the AY under consideration, had received an amount of Rs.6,20,500/- on dated 17.10.2010 from M/s. Key Stone Realtors
Pvt.
Ltd.
and M/s.
Rustomjee
Constructions
Pvt.
Ltd.
as compensation and claimed the same as exempt. Somehow the Assessing Officer (AO) vide assessment order dated 24.12.2018 u/s 143(3) r.w.s. 147 of the Act, disallowed the said exemption claimed and consequently added the same in the income of the Assessee.
On appeal the Ld. Commissioner, vide impugned order affirmed the said addition. Thus, the Assessee being aggrieved challenged the impugned order by filling instant appeal.
We have heard the parties and perused the material available on record. Admittedly, the tribunal in the case of Narayan Devrajan Iyengar Vs. ITO, Ward 2(2)(1), Mumbai { ITA No.106/M/2023 decided on 10.05.2023} has also dealt with the same society and same issue qua receiving the compensation from the same builder by the then Assessee and by respectfully following the judgment passed by the Tribunal in the case of Lawrence Rebello vs. ITO- 1(30), Indore in ITA No.132/Ind/2020 order dated 29.09.2021, has ultimately allowed the said compensation being exempt and consequently deleted the identical addition, as involved in this case.
Therefore, respectfully following the judgment of the Hon’ble Co-ordinate Bench of the Tribunal in the aforesaid cases, we are inclined to delete the addition under consideration, thus the same is deleted. Mr. Sandeep Sadashiv Deshpande
3
4. In the result, the appeal filed by the Assessee is allowed.
Order pronounced in the open court on 30.05.2025. (RENU JAUHRI) (NARENDER KUMAR CHOUDHRY)
ACCOUNTANT MEMBER JUDICIAL MEMBER
* Kishore, Sr. P.S.
Copy to: The Appellant
The Respondent
The CIT, Concerned, Mumbai
The DR Concerned Bench
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By Order
Dy/Asstt.