CIT v. Ansal Housing and Construction

PARAMJIT SINGH MOHANSINGH OBHAN ,MUMBAI vs. ASSTT. COMMISSIONER OF INCOME TAX CIRCLE 28(2), MUMBAI

In the result, the appeal of the assessee bearing ITA No

Bench: Shri Om Prakash Kantt & Shri. Anikesh Banerjee

…two projects at Karanjade and Ulwe is valued at Rs.1,31,65,668/-. The assessee had not offered any deemed rent while computing total income. The Ld.AO, by applying the decision of Hon’ble Delhi High Court in case of CIT vs Ansal Housing & Construction (2016) 389 ITR 373 (Del) and another case CIT vs Ansal Housing Finance & Leasing Ltd 354 ITR 180 (Del) calculated the annual rent @8% of the unsold flats which comes to Rs.10,53,250/-. After deduction of standard 3 Paramjit Singh Mohansingh Obhan deduction @30% amount to R. 3,15,9745/-, the balance amount is treated as ‘Income from house property’ which comes to R…

ARIHANT DEVELOPERS ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…{ "clean_text": "IN THE INCOME-TAX APPELLATE TRIBUNAL”A” BENCH, MUMBAI\nBEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER\n&\nSHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER\nITA No.3395/MUM/2024\n(A.Y. 2012-13)\nITA No.3396/MUM/2024\n(A.Y. 2014-15)\nITA No. 3397/MUM/2024\n(Α.Υ. 2015-16)\nITA No. 3398/MUM/2024\n(A.Υ. 2017-18)\nArihant Developers\nArihant Godown Complex,\nKopar Bus Stop, Agra Road,\nVillage Purna, Bhiwandi -\n421302, Maharashtra\nv/s.\nAssistant Commissioner of\nIncome Tax, Circle I, 1st\nFloor, Mohan Plaza, Wayale\nNagar, Khadak Pada,\nKalyan (W) 421 301\nMaharashtra\nस्थायी लेखा सं./जीआइआर सं./PAN/GIR No:…

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…{ "clean_text": "IN THE INCOME-TAX APPELLATE TRIBUNAL”A” BENCH, MUMBAI\nBEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER &\nSHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER\nITA No.3395/MUM/2024\n(A.Y. 2012-13)\nITA No.3396/MUM/2024\n(A.Y. 2014-15)\nITA No. 3397/MUM/2024\n(Α.Υ. 2015-16)\nITA No. 3398/MUM/2024\n(A.Υ. 2017-18)\nv/s.\nArihant Developers\nArihant Godown Complex,\nKopar Bus Stop, Agra Road,\nVillage Purna, Bhiwandi -\n421302, Maharashtra\nAssistant Commissioner of\nIncome Tax, Circle I, 1st\nFloor, Mohan Plaza, Wayale\nNagar, Khadak Pada,\nKalyan (W) - 421 301\nMaharashtra\nबनाम\nस्थायी लेखा सं./जीआइआर सं./PAN/G…

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…{ "clean_text": "IN THE INCOME-TAX APPELLATE TRIBUNAL”A” BENCH, MUMBAI\nBEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER &\nSHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER\nITA No.3395/MUM/2024\n(A.Y. 2012-13)\nITA No.3396/MUM/2024\n(A.Y. 2014-15)\nITA No. 3397/MUM/2024\n(Α.Υ. 2015-16)\nITA No. 3398/MUM/2024\n(A.Υ. 2017-18)\nArihant Developers\nArihant Godown Complex,\nKopar Bus Stop, Agra Road,\nVillage Purna, Bhiwandi -\n421302, Maharashtra\nv/s.\nबना\nAssistant Commissioner of\nIncome Tax, Circle I, 1st\nFloor, Mohan Plaza, Wayale\nNagar, Khadak Pada,\nKalyan (W) - 421 301\nMaharashtra\nस्थायी लेखा सं./जीआइआर सं./PAN/GI…

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1 , KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…{ "clean_text": "IN THE INCOME-TAX APPELLATE TRIBUNAL”A” BENCH, MUMBAI\nBEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER\n&\nSHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER\nITA No.3395/MUM/2024\n(A.Y. 2012-13)\nITA No.3396/MUM/2024\n(A.Y. 2014-15)\nITA No. 3397/MUM/2024\n(A.Y. 2015-16)\nITA No. 3398/MUM/2024\n(A.Y. 2017-18)\nArihant Developers\nArihant Godown Complex,\nKopar Bus Stop, Agra Road,\nVillage Purna, Bhiwandi -\n421302, Maharashtra\nv/s.\nAssistant Commissioner of\nIncome Tax, Circle I, 1st\nFloor, Mohan Plaza, Wayale\nNagar, Khadak Pada,\nKalyan (W) - 421 301\nMaharashtra\nस्थायी लेखा सं./जीआइआर सं./PAN/GIR No…

M/S. RAVI DEVELOPMENTS,MUMBAI vs. DCIT CENTRAL CIRCLE -2, MUMBAI

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Vikas Awasthy & Shri Gagan Goyalm/S. Ravi Developments 76, Laxmi Palace, Mathuradas Road, Kandivali (West) Mumbai-400 067 Pan: Aaafr2516G ...... Appellant Vs. Acit Cc – 2, Ashar It Park, 6Th Floor, Road No. 16Z, Wagle Industrial Estate, Thane Thane- 400 064 ..... Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER M/s. Ravi Developments 76, Laxmi Palace, Mathuradas Road, Kandivali (west) Mumbai-400 067 PAN: AAAFR2516G ...... Appellant Vs. ACIT CC – 2, Ashar IT Park, 6th floor, Road No. 16Z, Wagle Industrial Estate, Thane Thane- 400 064 ..... Respondent Appellant by : Shri Akshay Jain, Ld. AR Respondent by : Smt. Mahita Nair, Ld. CIT-DR Date of hearing : 28/06/2023 Date of pronouncement : 25/08/2023 O R D E R PER GAGAN GOYAL, A.M: This appeal by assessee is directed against…

DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RUSTOMJEE EVERSHINE JOINT VENTURE , MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

…tificate of the unsold flats and shops only to the tune of Rs.20,52,53,093/- (and not Rs.54,41,25,101/- shown as inventories in balance-sheet) and pleaded that the decision of the Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing and Construction (389 ITR 373) was not applicable to the facts of the case; and also cited the decision of this Tribunal in M/s. Runawal Construction Pvt. Ltd. which was based on the decision of the Hon’ble Gujarat High Court in the case of CIT Vs. Neha Builders Pvt. Ltd., (296 ITR 661). However, the AO rejected the contention of the assessee and was of the opinion that the d…

DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RUSTOMJEE EVERSHINE JOINT VENTURE , MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

…tificate of the unsold flats and shops only to the tune of Rs.20,52,53,093/- (and not Rs.54,41,25,101/- shown as inventories in balance-sheet) and pleaded that the decision of the Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing and Construction (389 ITR 373) was not applicable to the facts of the case; and also cited the decision of this Tribunal in M/s. Runawal Construction Pvt. Ltd. which was based on the decision of the Hon’ble Gujarat High Court in the case of CIT Vs. Neha Builders Pvt. Ltd., (296 ITR 661). However, the AO rejected the contention of the assessee and was of the opinion that the d…

DCIT CENTRAL CIRCEL-2(4), MUMBAI vs. RUSTOMJI EVERSHINE JOINT VENTURE, MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

…tificate of the unsold flats and shops only to the tune of Rs.20,52,53,093/- (and not Rs.54,41,25,101/- shown as inventories in balance-sheet) and pleaded that the decision of the Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing and Construction (389 ITR 373) was not applicable to the facts of the case; and also cited the decision of this Tribunal in M/s. Runawal Construction Pvt. Ltd. which was based on the decision of the Hon’ble Gujarat High Court in the case of CIT Vs. Neha Builders Pvt. Ltd., (296 ITR 661). However, the AO rejected the contention of the assessee and was of the opinion that the d…

DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 2(4), MUMBAI vs. KEYSTONE REALTORS PRIVATE LIMITED, MUMBAI

In the result, appeal of the Revenue in ITA No

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.1807/मुं/ 2022 एवं 1808/मुं/ 2022 ("न.व.2016-17 एवं 2017-18)

…ecided the issue against the assessee. 4.2 In respect of ground No.3 of appeal, the ld. Departmental Representative submits that the issue is squarely covered by the decision of Hon'ble Delhi High Court in the case of CIT vs. Ansal Housing and Construction, 389 ITR 373 and CIT vs. Ansal Housing Finance & Leasing Ltd., 354 ITR 180. She further submits that section 23 of the Act has been amended by the Finance Act, 2017 w.e.f. 01/04/2018, whereby sub-section(5) was inserted. As per the amended section relief from annual deemed rent in respect of closing stock of unsold flats where occupancy certificate is issued…

DY CIT CC 2(4), MUMBAI vs. KEYSTONE REALTORS PVT LTD., MUMBAI

In the result, appeal of the Revenue in ITA No

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.1807/मुं/ 2022 एवं 1808/मुं/ 2022 ("न.व.2016-17 एवं 2017-18)

…ecided the issue against the assessee. 4.2 In respect of ground No.3 of appeal, the ld. Departmental Representative submits that the issue is squarely covered by the decision of Hon'ble Delhi High Court in the case of CIT vs. Ansal Housing and Construction, 389 ITR 373 and CIT vs. Ansal Housing Finance & Leasing Ltd., 354 ITR 180. She further submits that section 23 of the Act has been amended by the Finance Act, 2017 w.e.f. 01/04/2018, whereby sub-section(5) was inserted. As per the amended section relief from annual deemed rent in respect of closing stock of unsold flats where occupancy certificate is issued…