DEPUTY COMMISSIONER OF INCOME TAX -23(1), MUMBAI vs. LAXMI FINANCE AND LEASING COMPANIES CO-OP. SOCIETY LTD, MUMBAI

ITA 4233/MUM/2023Status: DisposedITAT Mumbai29 August 2024AY 2015-16Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the municipal rateable value should be adopted for computing the annual value of vacant properties, upholding the CIT(A)'s direction. Regarding transfer fees, the Tribunal followed the Supreme Court's decision in ITO vs. Venkatesh Premises Co-operative Society Ltd., holding that such fees are not taxable.

What were the facts?

The assessee, a co-operative society, earned rental income from let-out properties and also received transfer fees. The Assessing Officer (AO) made additions for both rental income and transfer fees, which the Commissioner (Appeals) deleted. The Revenue appealed this deletion.

What were the issues?

Whether transfer fees received by a co-operative society are taxable as income, and how the annual value of vacant properties should be determined.

Which sections of the Income-tax Act were involved?

Section 23(1)(a),Section 23(1)(b),Section 23(1)(c)

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Cases cited in this judgment(17)Show list

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Heard together (2 matters)

CO No.125/Mum/2024
CO No.126/Mum/2024

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

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT RENU JAUHRI, ACCOUNTANT MEMBER Deputy Commissioner Vs. M/s.

Laxmi Finance of Income Tax-23(1)

And Leasing Company Room No.511, Fifth Co-op Society Ltd.

Floor, Piramal Laxmi Towres, Chambers, Lalbaug Plot C-25 Maharashtra-400 012 BKC, Bandra East Maharashtra-400 051 PAN/GIR No.AAAJL0006F (Appellant) .. (Respondent) CO No.125/Mum/2024 (Arising out of ITA No.4232/Mum/2023) (Assessment Year :2014-15) M/s. Laxmi Finance Vs. Deputy Commissioner of And Leasing Income Tax-23(1)

Company Co-op Room No.511, Fifth Floor, Society Ltd.

Piramal Chambers, Laxmi Towres, Lalbaug Plot C-25 Maharashtra-400 012 BKC, Bandra East Maharashtra-400 051 PAN/GIR No.AAAJL0006F (Appellant) .. (Respondent)

Deputy Commissioner Vs. M/s.

Laxmi Finance of Income Tax-23(1)

And Leasing Company Room No.511, Fifth Co-op Society Ltd.

Floor, Piramal Laxmi Towres, Chambers, Lalbaug Plot C-25 M/s. Laxmi Finance and Leasing Company Co-operative Society Ltd., Maharashtra-400 012 BKC, Bandra East Maharashtra-400 051 PAN/GIR No.AAAJL0006F (Appellant) .. (Respondent) CO No.126/Mum/2024 (Arising out of ITA No.4233/Mum/2023)

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