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

Shamdarshan Properties Private Limited, Mumbai vs. ITO Ward 3(3)(2), Mumbai

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadale

…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…

The Deputy Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Neepa Real Estates Pvt Ltd, Mumbai

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Years: 2017-18 The Deputy Commissioner M/S. Neepa Real Estates Of Income Tax, Pvt. Ltd., 12Th Floor, Hallmark Central Circle -6(1), Room No. 1905, Business Plaza, Vs. 19Th Floor, Sang Dnyaneshwar Marg, Air India Building, Near Gurunanak Hospital, Nariman Point, Bandra East, Mumbai- 400 021 Mumbai- 400 051 Pan: Aaacn1884C (Appellant) (Respondent)

…of deemed income from house property. ii) Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in not considering the judgement of Hon'ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company Ltd (2013) 354 ITR 180 wherein on similar facts, the Hon'ble Court has upheld the action of AO in assessing deemed income from the unsold flats. iii) The appellant craves to leave, to add, to amend and/or to alter any of the ground of appeal if need be". “Cross Objection No.56/M/2023 (Assessee’s) 1) The learned Commissioner Appeals erred in confirming addition of Rs.2…

Cock Brand Sinner Bidis Ltd., Mumbai vs. ACIT-1(1)(1), Mumbai

In the result, appeals are allowed

Bench: Shri Saktijit Dey () & Shri Rajesh Kumar ()

…sets Runwal Constructions & Runwal Builders 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…

Dy. Commissioner of Income Tax -27(3), Mumbai vs. 3 Nn Corporation, Mumbai

In the result, the appeal by the Revenue is dismissed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

…was correct in deleting the order passed u/s.143(3) r.w.s. 263 of the Act on the basis of decision of Hon'ble ITAT which quashed the order u/s.263 of the Act, relying upon the decision of Hon'ble Gujarat High Court in the case of Neha Builders P. Ltd. [2008] 354 ITR 180 (Delhi)] discounting the decision of the Hon'ble Delhi High Court in the case of Ansal Housing Financing & Leasing Co. Ltd. [2013 354 ITR 180 (Delhi)] wherein SLP has been pending before the Hon'ble Supreme Court. 3. The appellant craves leave to add, alter, amend, modify or delete any of the ground.” 3. The brief facts of the case are that the…

ACIT- CC -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S. Magna Distribution & Warehousing Pvt. Ltd.), Mumbai

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

…se of the assessment, had noted that the appellant had a stock of completed units valuing Rs.44,37,57,735/- which were lying vacant and unsold. Referring to the decision of the Hon’ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company (354 ITR 180), the AO held that the vacant units in the possession of the assessee are liable to be assessed at their notional rental income under the head ‘Income from house property’. Since the assessee failed to provide the Annual Lettable Value (ALV) of these vacant units, the AO estimated 8.5% of the value of inventory by way of notional rent income on t…

ACIT- CC -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S. Magna Distribution & Warehousing Pvt. Ltd.), Mumbai

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

…se of the assessment, had noted that the appellant had a stock of completed units valuing Rs.44,37,57,735/- which were lying vacant and unsold. Referring to the decision of the Hon’ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company (354 ITR 180), the AO held that the vacant units in the possession of the assessee are liable to be assessed at their notional rental income under the head ‘Income from house property’. Since the assessee failed to provide the Annual Lettable Value (ALV) of these vacant units, the AO estimated 8.5% of the value of inventory by way of notional rent income on t…

ACIT -CC -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S. Magna Distribution Pvt. Ltd.), Mumbai

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

…se of the assessment, had noted that the appellant had a stock of completed units valuing Rs.44,37,57,735/- which were lying vacant and unsold. Referring to the decision of the Hon’ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company (354 ITR 180), the AO held that the vacant units in the possession of the assessee are liable to be assessed at their notional rental income under the head ‘Income from house property’. Since the assessee failed to provide the Annual Lettable Value (ALV) of these vacant units, the AO estimated 8.5% of the value of inventory by way of notional rent income on t…

ACIT Central Cir -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Sucessor to Magna Distribution & Warehousing Pvt. Ltd), Mumbai

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

…se of the assessment, had noted that the appellant had a stock of completed units valuing Rs.44,37,57,735/- which were lying vacant and unsold. Referring to the decision of the Hon’ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company (354 ITR 180), the AO held that the vacant units in the possession of the assessee are liable to be assessed at their notional rental income under the head ‘Income from house property’. Since the assessee failed to provide the Annual Lettable Value (ALV) of these vacant units, the AO estimated 8.5% of the value of inventory by way of notional rent income on t…

ACIT -CC- 4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S.Magna Distribution & Warehousing Pvt. Ltd.), Mumbai

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

…se of the assessment, had noted that the appellant had a stock of completed units valuing Rs.44,37,57,735/- which were lying vacant and unsold. Referring to the decision of the Hon’ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company (354 ITR 180), the AO held that the vacant units in the possession of the assessee are liable to be assessed at their notional rental income under the head ‘Income from house property’. Since the assessee failed to provide the Annual Lettable Value (ALV) of these vacant units, the AO estimated 8.5% of the value of inventory by way of notional rent income on t…

Chalet Hotels Ltd., Mumbai vs. Dy CIT, Central Circle-4(2), Mumbai

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

…se of the assessment, had noted that the appellant had a stock of completed units valuing Rs.44,37,57,735/- which were lying vacant and unsold. Referring to the decision of the Hon’ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company (354 ITR 180), the AO held that the vacant units in the possession of the assessee are liable to be assessed at their notional rental income under the head ‘Income from house property’. Since the assessee failed to provide the Annual Lettable Value (ALV) of these vacant units, the AO estimated 8.5% of the value of inventory by way of notional rent income on t…

Chalet Hotels Ltd., Mumbai vs. Dy CIT, CC-4(2), Mumbai

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

…se of the assessment, had noted that the appellant had a stock of completed units valuing Rs.44,37,57,735/- which were lying vacant and unsold. Referring to the decision of the Hon’ble Delhi High Court in the case of Ansal Housing Finance and Leasing Company (354 ITR 180), the AO held that the vacant units in the possession of the assessee are liable to be assessed at their notional rental income under the head ‘Income from house property’. Since the assessee failed to provide the Annual Lettable Value (ALV) of these vacant units, the AO estimated 8.5% of the value of inventory by way of notional rent income on t…

DCIT-Circle-3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

…t there was finished properties, however, no demand income was offered to tax on the said unsold flat. The AO made addition of Rs.115,96,021/- on the basis decision of Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing Finance and Leasing Co. Ltd. (354 ITR 180) 31. The ld. CIT(A) has deleted the addition after following the decision of the ITAT Mumbai in the case of M/s Runwal Construction Vs. ACIT in ITA No. 5408 & 5409/Mum/2016 dated 22.02.2018 wherein decision of Hon’ble Gujarat High Court in the case of Neha Builder & Pvt. Ltd. is considered wherein held that unsold flats are stock in trade any inc…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

…t there was finished properties, however, no demand income was offered to tax on the said unsold flat. The AO made addition of Rs.115,96,021/- on the basis decision of Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing Finance and Leasing Co. Ltd. (354 ITR 180) 31. The ld. CIT(A) has deleted the addition after following the decision of the ITAT Mumbai in the case of M/s Runwal Construction Vs. ACIT in ITA No. 5408 & 5409/Mum/2016 dated 22.02.2018 wherein decision of Hon’ble Gujarat High Court in the case of Neha Builder & Pvt. Ltd. is considered wherein held that unsold flats are stock in trade any inc…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

…t there was finished properties, however, no demand income was offered to tax on the said unsold flat. The AO made addition of Rs.115,96,021/- on the basis decision of Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing Finance and Leasing Co. Ltd. (354 ITR 180) 31. The ld. CIT(A) has deleted the addition after following the decision of the ITAT Mumbai in the case of M/s Runwal Construction Vs. ACIT in ITA No. 5408 & 5409/Mum/2016 dated 22.02.2018 wherein decision of Hon’ble Gujarat High Court in the case of Neha Builder & Pvt. Ltd. is considered wherein held that unsold flats are stock in trade any inc…

DCIT-Circle-3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

…t there was finished properties, however, no demand income was offered to tax on the said unsold flat. The AO made addition of Rs.115,96,021/- on the basis decision of Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing Finance and Leasing Co. Ltd. (354 ITR 180) 31. The ld. CIT(A) has deleted the addition after following the decision of the ITAT Mumbai in the case of M/s Runwal Construction Vs. ACIT in ITA No. 5408 & 5409/Mum/2016 dated 22.02.2018 wherein decision of Hon’ble Gujarat High Court in the case of Neha Builder & Pvt. Ltd. is considered wherein held that unsold flats are stock in trade any inc…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Ltd, Mumbai

In the result, the appeal of the revenue vide ITA Nos

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

…t there was finished properties, however, no demand income was offered to tax on the said unsold flat. The AO made addition of Rs.115,96,021/- on the basis decision of Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing Finance and Leasing Co. Ltd. (354 ITR 180) 31. The ld. CIT(A) has deleted the addition after following the decision of the ITAT Mumbai in the case of M/s Runwal Construction Vs. ACIT in ITA No. 5408 & 5409/Mum/2016 dated 22.02.2018 wherein decision of Hon’ble Gujarat High Court in the case of Neha Builder & Pvt. Ltd. is considered wherein held that unsold flats are stock in trade any inc…

DCIT Circle 3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

…t there was finished properties, however, no demand income was offered to tax on the said unsold flat. The AO made addition of Rs.115,96,021/- on the basis decision of Hon’ble Delhi High Court in the case of CIT Vs. Ansal Housing Finance and Leasing Co. Ltd. (354 ITR 180) 31. The ld. CIT(A) has deleted the addition after following the decision of the ITAT Mumbai in the case of M/s Runwal Construction Vs. ACIT in ITA No. 5408 & 5409/Mum/2016 dated 22.02.2018 wherein decision of Hon’ble Gujarat High Court in the case of Neha Builder & Pvt. Ltd. is considered wherein held that unsold flats are stock in trade any inc…

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

…from A.Y. 2018-19 onwards. 13. The Ld. CIT (A) and AO relied upon following case laws to substantiate their view on the taxability of deemed rent on unsold stock of flats hold by assessee as under: 1. CIT vs. Ansal Housing Finance & Leasing Co. Ltd. (2013) 354 ITR 180 2. CIT v. Ansal Housing & Construction [2016] 72 taxmann.com 254 (Delhi). 9 M/s Ravi Developments 3. Ansal Housing & Construction Ltd. v. ACIT [2018] 89 taxmann.com 238 (Delhi) 4. CIT v. Sane & Doshi Enterprises [2015] 58 taxmann.com 111 (Bombay). 5. CIT v. Gundecha Builders [2019] 102 taxmann.com 27 (Bombay) 6. Dimple Enterprises v. DCIT [2021…