DCIT CENTRAL CIRCLE-4 (1), MUMBAI vs. OBEROI REALTY LIMITED, MUMBAI

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ITA 5128/MUM/2024Status: DisposedITAT Mumbai10 March 2025AY 2016-17Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)1 pages

In favour of the Revenue: the Revenue's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the issue of annual letting value on unsold stock was decided in favour of the assessee in earlier years. Regarding disallowance under Section 14A, the Tribunal followed the Settlement Commission's order which accepted the assessee's offered disallowance.

What were the facts?

The assessee, a builder and developer, had unsold properties held as stock-in-trade. The Assessing Officer (AO) added the notional annual letting value of these properties to the income. The Commissioner (Appeals) confirmed the addition but reduced the rate. The Revenue also disputed the rate reduction.

What were the issues?

Whether notional annual letting value of unsold stock can be taxed as income from house property, and the validity of disallowance under Section 14A.

Which sections of the Income-tax Act were involved?

Section 22,Section 23(5),Section 14A,Section 37(1)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(6)Show list

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Before: SHRI SANDEEP GOSAIN & SHRI PRABHASH SHANKAR

For Appellant: Shri Yogesh Thar,AR
For Respondent: Shri Mahesh Pamnani (Sr. DR)
Hearing: 25.02.2025Pronounced: 10.03.2025

Heard together (2 matters)

ITA No. 4803/MUM/2024
ITA No. 5130/MUM/2024

Read from the judgment's own cause title. This page is filed under one of them.

आदेश की प्रयियलयि अग्रेयिि/Copy of the Order forwarded to :

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