Makewaves Sea Resort Pvt. Ltd., Mumbai vs. DCIT Cent. Cir. 4(1), Mumbai
In the result, both the appeals filed by the assessee for assessment years 2013-14 and 2014-15 are allowed
ITA 36/MUM/2018[2013-14]Status: DisposedITAT Mumbai20 Mar 2019AY 2013-14
Bench: Shri Rajesh Kumar (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2013-2014 Assessment Year: 2014-2015 Makewaves Sea Resort Pvt. Ltd., The Deputy Commissioner Of Construction House, ‘B’, 2Nd Floor, Income Tax, Central Circle – 4(1), 623, Linking Road, Khar (W), 19Th Floor, Air India Bldg., Mumbai - 400052 Vs. Nariman Point, Mumbai - 400021 Pan: Aaacm0673J (Appellant) (Respondent) Assessee By : Shri Sanjay B. Sawant (Ar) Revenue By : Shri D.G. Pansari (Dr) Date Of Hearing: 13/02/2019 Date Of Pronouncement: 20/03/2019
For Appellant: Shri Sanjay B. Sawant (AR)For Respondent: Shri D.G. Pansari (DR)
Section 143
…the said unsold unit is assessable as income from house property and asked the assessee to furnish its ALV. However, assessee did not provide the same. Accordingly, AO following the decision of the Hon’ble Allahabad High Court in the case of Radha Devi Dalmia 4 Taxmann 183, determined the value of the property @ 7% of the investment and determined the ALV at Rs. 1,53,795/- and after allowing the standard deduction @ 30%, an addition of Rs. 1,07,657/- was made to the income of the assessee. In the first appeal, Ld. CIT (A) confirmed the action of the AO. The assessee is in appeal against the said findings of the L…
