CIT v. Ansal Housing Finance & Leasing Co. Ltd.

354 ITR 180High Court2013#435 most cited

What is CIT v. Ansal Housing Finance & Leasing Co. Ltd. authority for?

Annual Letting Value (ALV) of unsold stock-in-trade flats/shops held by a real estate developer can be assessed under Section 22 of the Income Tax Act, 1961, as income from house property. This approach was followed by the Assessing Officer (AO) based on this decision.

208

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2011 to 2025.

Also referred to as

CIT v. Ansal Housing Finance & Leasing Co. Ltd. · Section 22 · Section 143(3) · Annual Letting Value · ALV · unsold stock-in-trade · house property income · real estate developer · stock in hand · income from house property

Also reported as

29 Taxmann.com 303213 Taxmann 143

Sections most often in play

Section 143(3)Section 22Section 14ASection 23(5)Section 1961Section 23Section 80IB(10)Section 8D
Read the full judgment

Issues it is cited on

section 23(5)annual letting valuesection 23(4)annual valuesection 23(1)section 24(a)section 80ib(10)section 22percentage completion methodproject completion methodsection 24(b)section 43ca

Judgments citing CIT v. Ansal Housing Finance & Leasing Co. Ltd.

ACIT-24(1), Mumbai, Piramal Chamber vs. Akruti SMC Joint Venture, Mumbai

The appeal of the revenue is dismissed

ITA 4567/MUM/2025[2017-18]Status: DisposedITAT Mumbai02 Dec 2025AY 2017-18

Bench: Shri Saktijit Dey, Vp & Ms Padmavathy S, Am

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Shri Surendra Mohan, Sr. DR
Section 250Section 27

…submissions of the assessee and held that the income earned by the assessee is to be taxed under the head "Income from House Property". The AO relied on the decision of Hon'ble Delhi High Court in the case of CIT Vs. M/s Ansal Housing leasing finance Co Ltd (354 ITR 180) in this regard. The AO treated the lease income as "Income from House Property" and the service charges as "Income from Other Sources" to make addition accordingly. Aggrieved the assessee filed further appeal before the CIT(A). The CIT(A) deleted the additions made by the AO on the ground that the issue is covered by the order of the CIT(A) in a…

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

ITA 4863/MUM/2025[2017-18]Status: DisposedITAT Mumbai10 Nov 2025AY 2017-18

Bench: Shri Om Prakash Kantt & Shri. Anikesh Banerjee

For Appellant: Shri Ashok J PatelFor Respondent: Shri Virabhadra Mahajan (SR.DR.)
Section 143(3)Section 250

…e 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 Rs.7,37,275/- which is added back to the total income of the assessee. 4. The…

Arihant Developers, Mumbai vs. Assistant Commissioner of Income Tax Circle -1, Kalyan

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

ITA 3398/MUM/2024[2017-18]Status: DisposedITAT Mumbai09 Sept 2025AY 2017-18

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri K. Gopal & Akhilesh Deshmukh, ARsFor Respondent: Shri Aditya Rai (Sr. DR)
Section 143(3)Section 148Section 22Section 24

…of the Hon'ble Gujarat High Court in the case of CIT vs. Neha Builders Pvt. Ltd. (296 ITR 661) in support of their contentions. However, the AO referring to the decision of the Hon'ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co. Ltd. (354 ITR 180) computed the notional annual letting value on the unsold flats and brought to tax .under Section 23 of the Act as income from house property. 4. On appeal the learned CIT(A) sustained the action of the AO in bringing to tax the notional annual letting value under the head „income from house property in respect of the unsold flats. Aggrieved, ass…

Arihant Developers, Mumbai vs. Assistant Commissioner of Income Tax Circle -1, Kalyan

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

ITA 3397/MUM/2024[2015-16]Status: DisposedITAT Mumbai09 Sept 2025AY 2015-16

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri K. Gopal & Akhilesh Deshmukh, ARsFor Respondent: Shri Aditya Rai (Sr. DR)
Section 143(3)Section 148Section 22Section 24

…of the Hon'ble Gujarat High Court in the case of CIT vs. Neha Builders Pvt. Ltd. (296 ITR 661) in support of their contentions. However, the AO referring to the decision of the Hon'ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co. Ltd. (354 ITR 180) computed the notional annual letting value on the unsold flats and brought to tax .under Section 23 of the Act as income from house property. 4. On appeal the learned CIT(A) sustained the action of the AO in bringing to tax the notional annual letting value under the head „income from house property in respect of the unsold flats. Aggrieved, ass…

Arihant Developers, Mumbai vs. Assistant Commissioner of Income Tax Circle -1, Kalyan

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

ITA 3396/MUM/2024[2014-15]Status: DisposedITAT Mumbai09 Sept 2025AY 2014-15

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri K. Gopal & Akhilesh Deshmukh, ARsFor Respondent: Shri Aditya Rai (Sr. DR)
Section 143(3)Section 148Section 22Section 24

…of the Hon'ble Gujarat High Court in the case of CIT vs. Neha Builders Pvt. Ltd. (296 ITR 661) in support of their contentions. However, the AO referring to the decision of the Hon'ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co. Ltd. (354 ITR 180) computed the notional annual letting value on the unsold flats and brought to tax .under Section 23 of the Act as income from house property. 4. On appeal the learned CIT(A) sustained the action of the AO in bringing to tax the notional annual letting value under the head „income from house property in respect of the unsold flats. Aggrieved, ass…

Arihant Developers, Mumbai vs. Assistant Commissioner of Income Tax Circle -1, Kalyan

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

ITA 3395/MUM/2024[2012-13]Status: DisposedITAT Mumbai09 Sept 2025AY 2012-13

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri K. Gopal & Akhilesh Deshmukh, ARsFor Respondent: Shri Aditya Rai (Sr. DR)
Section 143(3)Section 148Section 22Section 24

…of the Hon'ble Gujarat High Court in the case of CIT vs. Neha Builders Pvt. Ltd. (296 ITR 661) in support of their contentions. However, the AO referring to the decision of the Hon'ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co. Ltd. (354 ITR 180) computed the notional annual letting value on the unsold flats and brought to tax .under Section 23 of the Act as income from house property. 4. On appeal the learned CIT(A) sustained the action of the AO in bringing to tax the notional annual letting value under the head „income from house property in respect of the unsold flats. Aggrieved, ass…

M/S. Ansal Housing & Construction Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 1473/DEL/2017[2013-14]Status: DisposedITAT Delhi12 Jun 2025AY 2013-14

Bench: Shri Vikas Awasthy & Shri Amitabh Shuklaआअसं.2627/िद"ी/2013(िन.व. 2008-09) आअसं.1695 और 1696/िद"ी/2016(िन.व. 2009-10 और 2010-11)

For Appellant: Shri Rohit Jain & Ms. Manisha Sharma, Advocates &For Respondent: Shri Ashish Tripathi, Sr. DR
Section 80I

…in so far as vacant residential flat and commercial spaces held as stock in trade, the issue is squarely covered against the assessee by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Ansal Housing Finance Leasing Company reported as 354 ITR 180 (Del.) In so far as determination of Notional Annual Letting Value on farm lands, we find that in AY 2005-06 in ITA No. 1254/Del/2009 (supra) in assessee’s own case the Tribunal has restored the issue back to the AO with following directions: 7 ITA Nos. 1695 & 1696/DEL/2016(A.Ys.2009-10 & 2010-11) ITA Nos. 195 & 196/DEL/2015 (A.Ys.2011-12 & 20…

M/S. Ansal Housing & Construction Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 1696/DEL/2016[2010-11]Status: DisposedITAT Delhi12 Jun 2025AY 2010-11

Bench: Shri Vikas Awasthy & Shri Amitabh Shuklaआअसं.2627/िद"ी/2013(िन.व. 2008-09) आअसं.1695 और 1696/िद"ी/2016(िन.व. 2009-10 और 2010-11)

For Appellant: Shri Rohit Jain & Ms. Manisha Sharma, Advocates &For Respondent: Shri Ashish Tripathi, Sr. DR
Section 80I

…in so far as vacant residential flat and commercial spaces held as stock in trade, the issue is squarely covered against the assessee by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Ansal Housing Finance Leasing Company reported as 354 ITR 180 (Del.) In so far as determination of Notional Annual Letting Value on farm lands, we find that in AY 2005-06 in ITA No. 1254/Del/2009 (supra) in assessee’s own case the Tribunal has restored the issue back to the AO with following directions: 7 ITA Nos. 1695 & 1696/DEL/2016(A.Ys.2009-10 & 2010-11) ITA Nos. 195 & 196/DEL/2015 (A.Ys.2011-12 & 20…

M/S. Ansal Housing & Construction Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 1695/DEL/2016[2009-10]Status: DisposedITAT Delhi12 Jun 2025AY 2009-10

Bench: Shri Vikas Awasthy & Shri Amitabh Shuklaआअसं.2627/िद"ी/2013(िन.व. 2008-09) आअसं.1695 और 1696/िद"ी/2016(िन.व. 2009-10 और 2010-11)

For Appellant: Shri Rohit Jain & Ms. Manisha Sharma, Advocates &For Respondent: Shri Ashish Tripathi, Sr. DR
Section 80I

…in so far as vacant residential flat and commercial spaces held as stock in trade, the issue is squarely covered against the assessee by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Ansal Housing Finance Leasing Company reported as 354 ITR 180 (Del.) In so far as determination of Notional Annual Letting Value on farm lands, we find that in AY 2005-06 in ITA No. 1254/Del/2009 (supra) in assessee’s own case the Tribunal has restored the issue back to the AO with following directions: 7 ITA Nos. 1695 & 1696/DEL/2016(A.Ys.2009-10 & 2010-11) ITA Nos. 195 & 196/DEL/2015 (A.Ys.2011-12 & 20…

M/S. Ansal Housing & Construction Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 196/DEL/2015[2012-13]Status: DisposedITAT Delhi12 Jun 2025AY 2012-13

Bench: Shri Vikas Awasthy & Shri Amitabh Shuklaआअसं.2627/िद"ी/2013(िन.व. 2008-09) आअसं.1695 और 1696/िद"ी/2016(िन.व. 2009-10 और 2010-11)

For Appellant: Shri Rohit Jain & Ms. Manisha Sharma, Advocates &For Respondent: Shri Ashish Tripathi, Sr. DR
Section 80I

…in so far as vacant residential flat and commercial spaces held as stock in trade, the issue is squarely covered against the assessee by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Ansal Housing Finance Leasing Company reported as 354 ITR 180 (Del.) In so far as determination of Notional Annual Letting Value on farm lands, we find that in AY 2005-06 in ITA No. 1254/Del/2009 (supra) in assessee’s own case the Tribunal has restored the issue back to the AO with following directions: 7 ITA Nos. 1695 & 1696/DEL/2016(A.Ys.2009-10 & 2010-11) ITA Nos. 195 & 196/DEL/2015 (A.Ys.2011-12 & 20…

M/S. Ansal Housing & Construction Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 195/DEL/2015[2011-12]Status: DisposedITAT Delhi12 Jun 2025AY 2011-12

Bench: Shri Vikas Awasthy & Shri Amitabh Shuklaआअसं.2627/िद"ी/2013(िन.व. 2008-09) आअसं.1695 और 1696/िद"ी/2016(िन.व. 2009-10 और 2010-11)

For Appellant: Shri Rohit Jain & Ms. Manisha Sharma, Advocates &For Respondent: Shri Ashish Tripathi, Sr. DR
Section 80I

…in so far as vacant residential flat and commercial spaces held as stock in trade, the issue is squarely covered against the assessee by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Ansal Housing Finance Leasing Company reported as 354 ITR 180 (Del.) In so far as determination of Notional Annual Letting Value on farm lands, we find that in AY 2005-06 in ITA No. 1254/Del/2009 (supra) in assessee’s own case the Tribunal has restored the issue back to the AO with following directions: 7 ITA Nos. 1695 & 1696/DEL/2016(A.Ys.2009-10 & 2010-11) ITA Nos. 195 & 196/DEL/2015 (A.Ys.2011-12 & 20…

M/S. Ansal Housing & Construction Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 2627/DEL/2013[2008-09]Status: DisposedITAT Delhi12 Jun 2025AY 2008-09

Bench: Shri Vikas Awasthy & Shri Amitabh Shuklaआअसं.2627/िद"ी/2013(िन.व. 2008-09) आअसं.1695 और 1696/िद"ी/2016(िन.व. 2009-10 और 2010-11)

For Appellant: Shri Rohit Jain & Ms. Manisha Sharma, Advocates &For Respondent: Shri Ashish Tripathi, Sr. DR
Section 80I

…in so far as vacant residential flat and commercial spaces held as stock in trade, the issue is squarely covered against the assessee by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Ansal Housing Finance Leasing Company reported as 354 ITR 180 (Del.) In so far as determination of Notional Annual Letting Value on farm lands, we find that in AY 2005-06 in ITA No. 1254/Del/2009 (supra) in assessee’s own case the Tribunal has restored the issue back to the AO with following directions: 7 ITA Nos. 1695 & 1696/DEL/2016(A.Ys.2009-10 & 2010-11) ITA Nos. 195 & 196/DEL/2015 (A.Ys.2011-12 & 20…

ACIT Circle-2(2), New Delhi vs. Ansal Housing & Construction Ltd., New Delhi

ITA 6673/DEL/2019[2014-15]Status: DisposedITAT Delhi22 May 2025AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandraassessment Year: 2014-15 M/S. Ansal Housing Ltd. Vs. Acit, (Formerly Known As M/S. Ansal Circle-2(2), Housing & Construction Ltd.), New Delhi 606, 6Th Floor, Indra Prakash, 21, Barakhamba Road, New Delhi Pan: Aaaca0377R (Appellant) (Respondent) With Assessment Year: 2014-15 Acit, Vs. M/S. Ansal Housing & Circle-2(2), Construction Ltd., New Delhi 15, Ugf, Indraprakash Building, 21 Barakhamba, Cp, New Delhi Pan: Aaaca0377R (Appellant) (Respondent) Assessee By Sh. Rohit Jain, Adv. Ms. Manisha Sharma, Adv. Sh. Jitendra Bhati, Ca Department By Sh. Rajesh Tiwari, Sr. Dr

Section 143(3)Section 23Section 43C

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI NAVEEN CHANDRA, ACCOUNTANT MEMBER Assessment Year: 2014-15 M/s. Ansal Housing Ltd. Vs. ACIT, (formerly known as M/s. Ansal Circle-2(2), Housing & construction Ltd.), New Delhi 606, 6th Floor, Indra Prakash, 21, Barakhamba Road, New Delhi PAN: AAACA0377R (Appellant) (Respondent) With Assessment Year: 2014-15 ACIT, Vs. M/s. Ansal Housing & Circle-2(2), Construction Ltd., New Delhi 15, UGF, Indraprakash Building, 21 Barakhamba, CP, New Delhi PAN: AAACA0377R (Appellant) (Respondent) Assessee by…

Ansal Housing Ltd (Formerly Known As M/S Ansal Housing & Construction Ltd.), New Delhi vs. ACIT Circle-2(2), New Delhi

ITA 6626/DEL/2019[2014-15]Status: DisposedITAT Delhi22 May 2025AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandraassessment Year: 2014-15 M/S. Ansal Housing Ltd. Vs. Acit, (Formerly Known As M/S. Ansal Circle-2(2), Housing & Construction Ltd.), New Delhi 606, 6Th Floor, Indra Prakash, 21, Barakhamba Road, New Delhi Pan: Aaaca0377R (Appellant) (Respondent) With Assessment Year: 2014-15 Acit, Vs. M/S. Ansal Housing & Circle-2(2), Construction Ltd., New Delhi 15, Ugf, Indraprakash Building, 21 Barakhamba, Cp, New Delhi Pan: Aaaca0377R (Appellant) (Respondent) Assessee By Sh. Rohit Jain, Adv. Ms. Manisha Sharma, Adv. Sh. Jitendra Bhati, Ca Department By Sh. Rajesh Tiwari, Sr. Dr

Section 143(3)Section 23Section 43C

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI NAVEEN CHANDRA, ACCOUNTANT MEMBER Assessment Year: 2014-15 M/s. Ansal Housing Ltd. Vs. ACIT, (formerly known as M/s. Ansal Circle-2(2), Housing & construction Ltd.), New Delhi 606, 6th Floor, Indra Prakash, 21, Barakhamba Road, New Delhi PAN: AAACA0377R (Appellant) (Respondent) With Assessment Year: 2014-15 ACIT, Vs. M/s. Ansal Housing & Circle-2(2), Construction Ltd., New Delhi 15, UGF, Indraprakash Building, 21 Barakhamba, CP, New Delhi PAN: AAACA0377R (Appellant) (Respondent) Assessee by…

DCIT Central Circle-4 (1), Mumbai vs. Oberoi Realty Limited, Mumbai

In the result, the appeals of the assessee in ITA No

ITA 5128/MUM/2024[2016-17]Status: DisposedITAT Mumbai10 Mar 2025AY 2016-17

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Yogesh Thar,ARFor Respondent: Shri Mahesh Pamnani (Sr. DR)
Section 143(3)Section 22Section 23Section 23(5)

…l be chargeable to income-tax under the head “Income from House Property”. The Annual value has to be determined as per section 23 of the Act. He referred to the decision of Hon’ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co Ltd [2013] 354 ITR 180 (Del). Also in order to arrive at the annual letting value of the property, reliance was placed on the ratio laid down by Hon’ble Allahabad High Court in the case of Radha Devi Dalmia 4 Taxmann 183 (All). The total investment of the assessee in two properties was worked out to Rs. 124,91,70,704/-. Therefore, the annual P a g e | 4 ITA No. 4802,…

Oberoi Realty Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle -4(1), Mumbai

In the result, the appeals of the assessee in ITA No

ITA 4803/MUM/2024[2017-18]Status: DisposedITAT Mumbai10 Mar 2025AY 2017-18

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Yogesh Thar,ARFor Respondent: Shri Mahesh Pamnani (Sr. DR)
Section 143(3)Section 22Section 23Section 23(5)

…l be chargeable to income-tax under the head “Income from House Property”. The Annual value has to be determined as per section 23 of the Act. He referred to the decision of Hon’ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co Ltd [2013] 354 ITR 180 (Del). Also in order to arrive at the annual letting value of the property, reliance was placed on the ratio laid down by Hon’ble Allahabad High Court in the case of Radha Devi Dalmia 4 Taxmann 183 (All). The total investment of the assessee in two properties was worked out to Rs. 124,91,70,704/-. Therefore, the annual P a g e | 4 ITA No. 4802,…

Oberoi Realty Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle -4(1), Mumbai

In the result, the appeals of the assessee in ITA No

ITA 4802/MUM/2024[2015-16]Status: DisposedITAT Mumbai10 Mar 2025AY 2015-16

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Yogesh Thar,ARFor Respondent: Shri Mahesh Pamnani (Sr. DR)
Section 143(3)Section 22Section 23Section 23(5)

…l be chargeable to income-tax under the head “Income from House Property”. The Annual value has to be determined as per section 23 of the Act. He referred to the decision of Hon’ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co Ltd [2013] 354 ITR 180 (Del). Also in order to arrive at the annual letting value of the property, reliance was placed on the ratio laid down by Hon’ble Allahabad High Court in the case of Radha Devi Dalmia 4 Taxmann 183 (All). The total investment of the assessee in two properties was worked out to Rs. 124,91,70,704/-. Therefore, the annual P a g e | 4 ITA No. 4802,…

ACIT - 14(1)(2), Mumbai vs. Sabarmati Capital One Limited, Mumbai

In the result, appeal of the assessee is partly allowed and that of

ITA 3687/MUM/2023[2015-16]Status: DisposedITAT Mumbai25 Feb 2025AY 2015-16

Bench: Shri Saktijit Dey, Hon'Ble & Shri Narendra Kumar Billaiya, Hon'Ble

For Appellant: Ms. Fereshte Sethna - AdvocateFor Respondent: Shri Dr. Kishor Dhule, CIT D/R
Section 143(3)Section 22Section 23(4)Section 23(5)Section 24Section 263

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, HON'BLE VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER I.T.A. No. 3633/Mum/2024 Assessment Year: 2015-16 Sabarmati Capital One Limited The IL&FS Financial Centre Plot No. C-22, G Block Bandra Kurla Complex Bandra (East) Mumbai - 400051 [PAN: AACCI8033N] अपीलार्थी/ (Appellant) Vs Deputy Commissioner of Income Tax – 14(1)(2), Mumbai प्रत्यर्थी / (Respondent) I.T.A. No. 3687/Mum/2024 Assessment Year: 2015-16 Deputy Commissioner of Income Tax – 14(1)(2), Mumbai Vs Sabarmati…

Sabarmati Capital One Ltd., Mumbai vs. DCIT, Ward-14(1)(2), Mumbai

In the result, appeal of the assessee is partly allowed and that of the revenue is dismissed

ITA 3633/MUM/2023[2015-16]Status: DisposedITAT Mumbai25 Feb 2025AY 2015-16

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

For Appellant: Ms. Fereshte Sethna – AdvocateFor Respondent: Shri Dr. Kishor Dhule, CIT D/R
Section 143(3)Section 22Section 23(4)Section 23(5)Section 24Section 263

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, HON’BLE VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 3633 /Mum/2024 Assessment Year: 2015-16 Sabarmati Capital One Limited Deputy Commissioner of The IL&FS Financial Centre Income Tax – 14(1)(2), Vs Mumbai Plot No. C-22, G Block Bandra Kurla Complex Bandra (East) Mumbai - 400051 [PAN: AACCI8033N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) I.T.A. No. 3687 /Mum/2024 Assessment Year: 2015-16 Deputy Commissioner of Sabarmati Capital One Limited Income Tax – 14(1)…

Jaiprakash Khanchand Aswani, Surat vs. ACIT, Circle-1(2), Surat.

In the result, the appeals filed by the assessee are allowed

ITA 1130/SRT/2024[2013-14]Status: HeardITAT Surat16 Jan 2025AY 2013-14

Bench: Shri Pawan Singh & Shri Bijayananda Pruseth(Hybrid Hearing) Jaiprakash Khanchand Aswani, A.C.I.T., Top Floor, Ason City, City Light Circle-1(2), Vs. Road, City Light, Surat. Surat. Pan No. Aaspa 3016 C Appellant/ Assessee Respondent/ Revenue

For Appellant: “1. The ld. CIT(A) has erred in not following the
Section 254(1)

…erein it was held that in respect of assets held as business, income from the same is not assessable u/s.23(1) of the IT Act. 4. On the other hand, ld. DR relied on the order of Hon'ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co. Ltd., 354 ITR 180 (Delhi) in support of the proposition that even in respect of unsold flats by the developer is liable to be taxed as income from house property. 5. We have considered rival contentions and perused the record. The issue under consideration has been restored by the CIT(A) to the file of AO to compute the annual value. Recently the Hon'ble Supreme C…