How many judgments cite CIT v. Ansal Housing Finance & Leasing Co. Ltd.?

208 judgments on BharatTax cite CIT v. Ansal Housing Finance & Leasing Co. Ltd. (354 ITR 180), spanning 2011 to 2025.

Which sections of the Income Tax Act does CIT v. Ansal Housing Finance & Leasing Co. Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 22, Section 14A, Section 23(5), Section 1961, Section 23.

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 367,341 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 22 Section 14A Section 23(5)Section 1961 Section 23 Section 80IB(10)Section 8D

Read the full judgment

Issues it is cited on

section 23(5)annual letting value section 23(4)annual value section 23(1)section 24(a)section 80ib(10)section 22 percentage completion method project completion method section 24(b)section 43ca

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

M/S. Ansal Properties & Infrastructure Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 791/DEL/2015[2011-12]Status: DisposedITAT Delhi16 Jul 2021AY 2011-12

Bench: Shri G.S. Pannu & Before Shri G.S. Pannu & Before Shri G.S. Pannu Before Shri G.S. Pannu & Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble Ms. Suchitra Kamble

For Appellant: Shri H. Siva Prasad Reddy

Section 143(3)Section 23Section 80I

…considered for adjudication. 8. The learned DR asserted that the issue was fully covered in favour of the Revenue by the judgment of Hon'ble Delhi High Court in assessee’s own case itself and referred to Ansal Housing Finance & Leasing Company Ltd. – [2013] 354 ITR 180 (Delhi) in this regard. He also referred to subsequent judgment of Hon'ble Delhi High Court in 8 ITA-790 to 792/Del/2015 the case of Ansal Housing & Construction Ltd. – [2016] 389 ITR 373 (Delhi) to show that even the ratio of the judgment of Hon'ble Supreme Court in the case of Chennai Properties & Investments Limited – [2015] 373 ITR 673 (SC)…

M/S. Ansal Properties & Infrastructure Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 790/DEL/2015[2010-11]Status: DisposedITAT Delhi16 Jul 2021AY 2010-11

Bench: Shri G.S. Pannu & Before Shri G.S. Pannu & Before Shri G.S. Pannu Before Shri G.S. Pannu & Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble Ms. Suchitra Kamble

For Appellant: Shri H. Siva Prasad Reddy

Section 143(3)Section 23Section 80I

DCIT, Cir-3(1)(1), Mumbai vs. M/S Bengal Shapoorji Housing Development Pvt. Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 2927/MUM/2019[2014-15]Status: DisposedITAT Mumbai13 May 2021AY 2014-15

Section 143(3)Section 23

…the CIT(A) that the A.O had made the addition towards ALV of the flats held by the assessee as its stock-in-trade by relying on the judgment of the Hon'ble High Court of Delhi in the case of CIT Vs. Ansal Housing Finance & Leasing Company Limited Ltd. (2013) 354 ITR 180 (Del). On the other hand, it was noticed by the CIT(A) that the assessee had drawn support from the judgment of the Hon'ble High Court of Gujarat in the case of CIT Vs. Neha Builders (P) Ltd. (2008) 296 ITR 661 (Guj) and also certain orders of the coordinate benches of the Tribunal. After deliberating on the facts of the case, it was observed by…

Kumar Properties and Real Estate Private Limited, Pune vs. Deputy Commissioner of Income-Tax, Circle - 14, Pune

In the result, the appeal is partly allowed

ITA 2977/PUN/2017[2013-14]Status: DisposedITAT Pune28 Apr 2021AY 2013-14

Bench: Shri R.S. Syal & Shri S.S.Viswanethra Raviआयकर अपील सं. / Ita No.2977/Pun/2017 िनधा"रण वष" / Assessment Year 2013-14 Kumar Properties & Real Estate Vs. Dcit, Circle-14, Private Limited, Pune Ist Floor, Kumar Capital, East Street, Camp, Pune – 411 001 Pan : Aaack7490H Appellant Respondent Assessee By Shri Rajan Vora & Shri Rajendra Agiwal Revenue By Shri Vitthal Bhosale Date Of Hearing 27.04.2021 Date Of Pronouncement 28-04.2021 आदेश / Order Per R.S. Syal, Vp : This Appeal By The Assessee Is Directed Against The Order Passed By The Cit(A)-7, Pune On 01.09.2017 In Relation To The Assessment Year 2013-14. 2. The Assessee Has Assailed Confirmation Of Addition Of Rs.1,47,65,688/- Towards Deemed Rental Income On Stock-In-Trade Of Unsold Flats/Bungalows Held By The Assessee, As A First Major Issue. Succinctly, The Factual Panorama Of The Case Is That The Assessee Has Been Engaged In The Business Of Development Of Properties With The Projects `Kumar Infinia’ & `Kumar Picasso’

Section 2Section 22Section 23Section 27

…e submitted that the flats/bungalows were its stock-in-trade, from which no income could be taxed under the head ‘Income from house property’. Relying on judgment of the Hon’ble Delhi High Court in CIT Vs. Ansal Housing Finance and Leasing Company Ltd. (2013) 354 ITR 180 (Del), the AO computed the annual letting value of the unsold flats u/s.23 of the Income-tax Act, 1961 (hereinafter also called `the Act’) at Rs.1,47,65,688/- and made addition for the same. The ld. CIT(A) echoed the addition, against which the assessee has approached the Tribunal. 3. We have heard the rival submissions through Virtual Court and…

Raheja Universal(Pvt) Ltd., Mumbai vs. DCIT C.C.-4(2), Mumbai

In the result, appeal filed by the assessee is hereby allowed

ITA 4173/MUM/2019[2013-14]Status: DisposedITAT Mumbai07 Apr 2021AY 2013-14

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm

For Appellant: Shri Mayur KisnadwalaFor Respondent: Shri Sanjay J. Sethi (Sr. AR)

Section 115JSection 143(1)Section 143(2)Section 23(5)Section 24B

…ubordinate Tribunals and, all of sudden, the Tribunal started applying the analogy.” 9. Admittedly, the lower authorities had relied on the judgement of the Hon‟ble High Court of Delhi in the case of CIT Vs. Ansal Housing Finance & Leasing Company Ltd. (2013) 354 ITR 180 (Delhi) and had therein concluded that the notional lettable value of the unsold flats held by the assessee was liable to be determined and brought to tax under the head „Income from house property‟. We find that the issue under consideration before us i.e whether the notional lettable value of the property held by an assessee as stock-in-trade i…

DCIT, Circle-3(1)(1), Mumbai vs. Bengal Shapoorji Housing Development Pvt Ltd., Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 4369/MUM/2019[2013-14]Status: DisposedITAT Mumbai23 Mar 2021AY 2013-14

Bench: Shri M.Balaganesh () & Shri Ravish Sood () Dcit, Circle-3(1)(1), M/S Bengal Shapoorji Housing Room No. 628, 6Th Floor, Vs. Development Pvt. Ltd., Aayakar Bhavan, M.K.Road, S.P. Centre, 41-44, Mumbai – 400 020 Minoo Desai Marg, Mumbai - 400005 Pan No. Aaccm1595P (Revenue) (Assessee) Assessee By : Dr. K.Shivaram, Sr. Advocate Revenue By : Shri Tharian Oommen, D.R Date Of Hearing : 10/03/2021 Date Of Pronouncement : 23/03/2021

For Appellant: Dr. K.Shivaram, Sr. AdvocateFor Respondent: Shri Tharian Oommen, D.R

Section 143(2)Section 143(3)Section 22Section 23Section 24

…us. The ld. Departmental Representative (for short „D.R‟) relied on the assessment order. Further, the ld. D.R drew support from the judgment of the Hon’ble High Court of Delhi in the case of CIT Vs. Ansal Housing Finance & Leasing Company Limited Ltd. (2013) 354 ITR 180 (Del) and submitted that the A.O had rightly concluded that the ALV of the flats though held by the assessee as its stock-in-trade was liable to be assessed under Sec.22 of the Act. 6. The ld. Authorized Representative (for short „A.R‟) for the assessee Dr. K. Shivaram, Senior Advocate took us through the facts of the case. The ld. A.R assailed t…

Unique Estates Development Co. Ltd., Mumbai vs. DCIT, Central Circle-4(1), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 4598/MUM/2019[2016-17]Status: DisposedITAT Mumbai22 Mar 2021AY 2016-17

Bench: Shri Shamim Yahya & Shri Pavan Kumar Gadaleunique Estates Dcit, Cc-4(1) बनाम/ Room No. 1906, 19Th Floor, Development Co. Ltd., Vs. Construction House-B, 2Nd Air India Bldg. Nariman Floor, 623, Linking Road, Point, Mumbai – Khar (West), 400 021. Mumbai-400 052. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacu0699N .. (""यथ" / Respondent) (अपीलाथ" /Appellant)

For Appellant: Shri Sanjay Shah, ARFor Respondent: Usha Gaikwad , CIT-DR

Section 10Section 143(1)Section 143(2)Section 143(3)Section 14ASection 23

…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…

ITO 2(1)(1), Mumbai vs. Arihant Estates P. Ltd, Mumbai

Accordingly, the grounds raised by the revenue stands dismissed

ITA 346/MUM/2019[2014-15]Status: DisposedITAT Mumbai06 Jan 2021AY 2014-15

Bench: Shri Mahavir Singh, Vp & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 346/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2014-15)

For Respondent: Shri Dharan Gandhi, AR

Section 143(2)Section 143(3)Section 2(47)(v)Section 22Section 23

…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 8 I.T.A. No 346/Mum/2019 M/s Arihant Estate Pvt. Ltd. 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…

M/S Osho Developers, Mumbai vs. ACIT-32, Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 2372/MUM/2019[2014-15]Status: DisposedITAT Mumbai03 Nov 2020AY 2014-15

Bench: Shri Shamim Yahya & Shri Ravish Soodita Nos.2372 & 1860/Mum/2019 (Assessment Years: 2014-15 & 2015-16) M/S Osho Developers Acit-32, Mumbai Bldg. No. C-11, 3Rd Floor, Osho, Plot No. 1534A, New Link Road, Vs. Room No. 306, Devki Nagar, Borivali (W), Bandra Kurla Complex, Mumbai – 400 092 Bandra (E), Mumbai – 400 051 Pan – Aabfo2984J (Appellant) (Respondent) Appellant By: Dr. K. Shivram, Senior Advocate & Ms.Neelam Jadhav, A.R Respondent By: Shri Uodal Raj Singh, D.R Date Of Hearing: 06.10.2020 Date Of Pronouncement: 03.11.2020 O R D E R Per Ravish Sood, Jm The Captioned Appeals Filed By The Assessee Are Directed Against The Respective Orders Passed By The Cit(A)-44, Mumbai, Dated 08.02.2019, Which In Turn Arises From The Assessment Orders Passed Under Sec.143(3) Of The Income Tax Act, 1961 (For Short „Act‟), Dated 02.12.2016 & 30.11.2017 For A.Y. 2014-15 & A.Y. 2015-16, Respectively. As The Issues Involved In The Captioned Appeals Are Inextricably Interlinked Or In Fact Interwoven, The Same Are Therefore Being Taken Up & Disposed Off By Way Of A Consolidated Order. We Shall First Take Up The Appeal Of The Assessee For A.Y. 2014-15 Wherein The Impugned Order Has Been Assailed Before Us On The Following Effective Grounds Of Appeal:

For Appellant: Dr. K. Shivram, Senior Advocate &For Respondent: Shri Uodal Raj Singh, D.R

Section 143(1)Section 143(2)Section 143(3)Section 22

…the A.O that the assessee had shown unsold flats in its „closing stock‟ for the year under consideration. Observing, that pursuant to the judgment of the Hon‟ble High Court of Delhi in the case of CIT Vs. Ansal Housing Finance and Leasing Company Ltd. (2013) 354 ITR 180 (Del) the Annual Lettable Value (for short „ALV‟) of the aforesaid flats held by the assessee as its stock-in-trade was liable to be determined under Sec. 22 of the Act, the A.O called upon the assessee to put forth an explanation as regards the same. In reply, it was submitted by the assessee that as the income on the sale of the unsold flats I…

M/S Druva Woolen Mills Pvt. Ltd, Mumbai vs. Dy CIT Central Circle-4(1), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 1980/MUM/2019[2013-14]Status: DisposedITAT Mumbai27 Oct 2020AY 2013-14

Bench: Shri Vikas Awasthy & Shri Rajesh Kumar

For Appellant: Shri Rakesh Joshi, A.RFor Respondent: Shri Akhtar H. Ansari, D.R

Section 22Section 23

The Udhna Udyognagar Sahakari Sangh Ltd., Surat vs. Assistant Commissioner of Income Tax, Circle -1(2), Surat

In the result, the appeal filed by the assessee is allowed

ITA 159/SRT/2017[2013-14]Status: DisposedITAT Surat13 Oct 2020AY 2013-14

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.159/Srt/2017 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) The Udhna Udhyognagar Sahakari Vs. Assistant Commissioner Of Sangh Ltd, Income Tax, Central Road No.10, P. B. No.10, Circle-1(2), Surat Udhna Udhyognagar, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaat2932K (Assessee) (Respondent) Assessee By : Shri Rushi Parekh - Ca Respondent By : Shri O P Meena – Sr. Dr सुनवाईक"तार"ख/ Date Of Hearing : 02/09/2020 घोषणाक"तार"ख/Date Of Pronouncement : : 13/10/2020 आदेश / O R D E R Per Dr. A. L. Saini: By Way Of This Appeal, The Assessee Has Challenged Correctness Of The Order Dated 08.08.2017 Passed By The Learned Cit(A), In The Matter Of Assessment Under Section 143(3) Of The Income Tax Act 1961 ( For Short “The Act”), For The Assessment Year 2013-14. Grievances Raised By The Assessee, Which Are Interconnected & Will Be Taken Up Together, Are As Follows:- “1. The Learned Cit(A) Erred In Taxing The Deemed Rent Of Rs.11,12,720/- While Not Considering The Decision Of Supreme Court In Rayala Corporation Pvt. Ltd. Vs. Acit. 2. That The Cit(A) Erred In Taxing The Unsold Shops Used For The Business Of Assessee Society. 3. That The Cit(A) Erred In Taxing The Deemed Rent On Unsold Shops, Ignoring The Amendment To Section 23(5) W.E.F. Ay. 2018-19. 4. The Appellant Craves Leave To Add, Amend, Alter, Vary & / Or Withdraw Any Or All The Above Ground Of Appeal.”

For Appellant: Shri Rushi Parekh - CAFor Respondent: Shri O P Meena – Sr. DR

Section 143(3)Section 23(5)

…16 Runwal Constructions & Runwal Builders 5 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…

Tata Housing Development Company Ltd., Mumbai vs. Pr. CIT- 8, Mumbai

In the result, the impugned order is quashed and the appeal of the assessee is allowed

ITA 3493/MUM/2019[2014-15]Status: DisposedITAT Mumbai28 Sept 2020AY 2014-15

Bench: Shri Vikas Awasthy & Shri Manoj Kumar Aggarwalआअसं. 3492/मुं/2019 ("न.व.2015-16) आअसं. 3493/मुं/2019 ("न.व.2014-15) Tata Housing Development Company Limited, ‘E’ Block, Voltas Compound, T.B. Kadam Marg, Chinchpokli, Mumbai 400 033 Pan: Aaact0191Q ...... अपीलाथ" /Appellant बनाम Vs. The Pcit- 8, Room No.611, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent

For Appellant: Shri Madhur AgarwalFor Respondent: Shri R. Manjunatha Swamy

Section 142(1)Section 263Section 36(1)(iii)

…fter, the PCIT invoked revisional jurisdiction under section 263 of the Act and issued show cause notice dated 15/03/2019. The PCIT following the decision of Hon’ble Delhi High Court in the case of CIT vs. Ansal Housing Finance & Leasing Co. Ltd., reported as 354 ITR 180 held that notional rental income on vacant flats should have been added to the total income of the assessee by the Assessing Officer. Since, the Assessing Officer failed to consider this aspect, the assessment order is erroneous as well as prejudicial to the interest of revenue. Aggrieved by the order passed under section 263 of the Act, the asse…

Tata Housing Development Company Ltd., Mumbai vs. Pr. CIT- 8, Mumbai

In the result, the impugned order is quashed and the appeal of the assessee is allowed

ITA 3492/MUM/2019[2015-16]Status: DisposedITAT Mumbai28 Sept 2020AY 2015-16

For Appellant: Shri Madhur AgarwalFor Respondent: Shri R. Manjunatha Swamy

Section 142(1)Section 263Section 36(1)(iii)

M/S Ganga Developers, Mumbai vs. DCIT Cen Cir -4(3), Mumbai

In the result this appeal filed by the assessee stands allowed

ITA 3436/MUM/2019[2016-17]Status: DisposedITAT Mumbai24 Sept 2020AY 2016-17

Section 143(2)Section 22

…carried on by the assessee and as long as a person is owner of the property, the provisions of Sec.22 will apply. In this regard, The AO placed reliance on the decision of Hon'ble Delhi High Court in the case of Ansal Housing Finance & Leasing co. Ltd,(2013) 354 ITR 180(DeI), and held that annual letting value of the unsold units is assessable in the hands of the assessee. Since, no details regarding rent prevalent in the area were available for working out the annual value of the property, the AO adopted the ALV of Rs, 4,86,370/- in respect of unsold units and made appropriate addition to the total income of th…

Assistant Commissioner of Income Tax 3(1)(2), Mumbai vs. Faery Estates Private Limited, Mumbai

In the result, this appeal of Revenue is dismissed

ITA 6419/MUM/2017[2013-14]Status: DisposedITAT Mumbai13 Jul 2020AY 2013-14

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am Acit-3(1)(2) Vs. M/S. Faery Estates Pvt. Room No.607, 6Th Floor Ltd., Aayakar Bhavan 70, Nagindas Master Road Mumbai – 400 020 Fort, Mumbai – 400 023 Pan/Gir No.Aaacf5718K (Appellant) .. (Respondent)

Section 143(3)Section 22Section 24Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT DB-II), MUMBAI BEFORE SHRI C.N. PRASAD, JM & SHRI M.BALAGANESH, AM ACIT-3(1)(2) Vs. M/s. Faery Estates Pvt. Room No.607, 6th Floor Ltd., Aayakar Bhavan 70, Nagindas Master Road Mumbai – 400 020 Fort, Mumbai – 400 023 PAN/GIR No.AAACF5718K (Appellant) .. (Respondent) Revenue by Shri Rahul Raman, CIT DR Assessee by Shri Chetan Karia Date of Hearing 07/07/2020 Date of Pronouncement 13/07/2020 आदेश / O R D E R PER C.N. PRASAD (J.M): This appeal in ITA No.6419/Mum/2017 for A.Y.2013-14 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-8, M…

Archie Creations, Thane vs. Pr. CIT - 32, Mumbai

In the result, this appeal by the assessee stands allowed

ITA 4449/MUM/2019[2014-15]Status: DisposedITAT Mumbai13 Jul 2020AY 2014-15

Bench: Shri Shamim Yahya & Shri Pawan Singh: A.Y : 2014-15

For Appellant: Shri Devendra JainFor Respondent: Shri Rajiv Harit

Section 23Section 23(5)Section 263

…ound that assessee has not offered notional rent on its unsold flats, which are assessee’s stock in trade. The learned PCIT in this regard has referred to the decision of Hon'ble Delhi High Court in the case of CIT vs Ansal Housing Finance & Leasing Co. Ltd., 354 ITR 180 (Delhi). Against this order, assessee is in appeal before us. 5. We have heard both the Counsel and perused the records. Learned counsel of the assessee submitted that the flats are unsold stock in trade of the assessee. He referred to the decision of Hon'ble Gujarat High Court in the case of CIT vs Neha Builders (P.) Ltd., 296 ITR 661 (Gujarat)…

M/S Akshar Commercial Complex LLP, Mumbai vs. DCIT Circle 15(1)(1), Mumbai

ITA 1917/MUM/2019[2015-16]Status: DisposedITAT Mumbai07 Jul 2020AY 2015-16

Bench: Sri Mahavir Singh, Vp & Sri Manoj Kumar Aggarwal, Am आयकर अपील िं./ Ita No. 1917/Mum/2019 (ननर्ाारण वर्ा / Assessment Years 2015-16) Akshar Commercial Complex Dy. Commissioner Of Ltd. Income Tax, Circle (Erstwhile M/S. Akshar 15(1)(1), Mumbai Room बनाम/ Commercial Complex Pvt. Ltd.) No. 517, 5 Th Floor, 203, Big Splash, Plot No.78 & Aayakar Bhavan, M.K. Vs. 79, Sector 17, Vashi, Navi Road, Mumbai-400 020 Mumbai-400 703 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा िं./Pan No. Abnfa9846Q अपीलार्थी की ओर े/ Appellant By : Shri Ritika Agarwal, Ar प्रत्यर्थी की ओर े/ Respondent By : Shri Michael Jerald, Dr ुनवाई की तारीख / Date Of Hearing: 07.07.2020 घोर्णा की तारीख / Date Of Pronouncement: 07.07.2020

For Appellant: Shri Ritika Agarwal, ARFor Respondent: Shri Michael Jerald, DR

Section 143(3)Section 23(1)(a)

…rty of ₹56,66,976/-. Aggrieved, assessee preferred the appeal before CIT(A). The CIT(A) also confirmed the action of the Assessing Officer. The CIT(A) relied on the Delhi High court decision in the case of CIT v Ansal Housing Finance & Leasing Co. Ltd. (2013) 354 ITR 180 (Delhi). 4. At the outset, the learned Counsel for the assessee Ms. Ritika Aggarwal stated that the issue is squarely covered in favour of assessee by the Tribunal’s decision in assessee’s own case for Assessment Year 2014-15 in ITA No.666/Mum/2019 vide order dated 28.01.2020, wherein Tribunal has considered this issue vide Para 10 to 13 as unde…

Akshar Commercial Complex Pvt. Ltd. (Now M/S. Akshar Commercial Complex LLP), Mumbai vs. DCIT- Circle -15 (1)(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 666/MUM/2019[2014-15]Status: DisposedITAT Mumbai28 Jan 2020AY 2014-15

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

Section 153(3)Section 23Section 23(1)(a)

…IT(A) has erred in law and facts confirming the additions of Rs. 58,81,176/- on account of notional rental income on unsold stock u/s 23(a) made by the AO by following the decision of Hon’ble Delhi High Court in the case of Ansal Housing Finance & leasing Ltd 354 ITR 180 (Delhi) (2) Because the ld CIT(A) has failed to appreciate that calculation of notional rental income on commercial property is outside the scope of section 23(1)(a). 3. Brief facts of the case are that the assessee is engaged in the business of construction of building, development and selling of immovable property etc., filed its return of inco…

M/S.Kiran Promoters & Developers, Mumbai vs. Dy.CIT Central Circle 5(4), Mumbai

In the result, ground 1 of the appeal is allowed

ITA 5321/MUM/2018[2015-16]Status: DisposedITAT Mumbai06 Jan 2020AY 2015-16

Bench: Shri Shamim Yahya & Shri Pawan Singhm/S Kiran Promoters & Vs Dy.Cit, Cent.Cir.5(4), Room No. 1927, 19Th Floor, Developers, C/O Thar & Co 203, Capri Bldg, Air India Building, Nariman Opposite Hdil Towers, Point, Mumbai-400021 Anant Kanekar Marg, Bandra (E) Mumbai- 400 051 Pan : Aaefk1475F Appellant Respondednt

Section 143Section 23Section 234BSection 24

…eated the remaining amount of Rs.44,800/- as “Income from house property. On appeal before CIT(A), the action of AO was affirmed. The ld. CIT(A) affirmed the action of AO by relying upon the decision of Hon’ble Delhi High Court in Housing Finance & Leasing 354 ITR 180 (Delhi). Thus, further aggrieved by the order of CIT(A), the assessee filed the present appeal. 3. The assessee has raised the following grounds of appeal:- “Grounds of appeal against the Appellant Order & Grounds of Decision dated 04/06/2018 passed by the Hon'ble Commissioner of Income Tax (Appeals) - 53, Mumbai. Following grounds of appeal ar…

M/S.Emgee Homes Private Limited, Mumbai vs. ACIT 6(3)(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 4551/MUM/2018[2013-14]Status: DisposedITAT Mumbai04 Dec 2019AY 2013-14

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Blem/S. Emgee Homes Pvt. Ltd., V. Acit – 6(3)(1) C/O. 301 & 304, A Wing, 3Rd Floor Aayakar Bhavan Naman Midtown, Senapati Bapat Marg Mumbai Elphinstone, Mumbai – 400 013 Pan: Aabce2749Q (Appellant) (Respondent) Assessee By : Shri P. Daniel Department By : Shri Maurya Pratap

For Appellant: Shri P. DanielFor Respondent: Shri Maurya Pratap

Section 23

…of sudden, the Tribunal started applying the analogy.” 9. Admittedly, the lower authorities had relied on the judgement of the Hon’ble High Court of Delhi in the case of 6 M/s. Emgee Homes Pvt. Ltd., CIT Vs. Ansal Housing Finance & Leasing Company Ltd. (2013) 354 ITR 180 (Delhi) and had therein concluded that the notional lettable value of the unsold flats held by the assessee was liable to be determined and brought to tax under the head „Income from house property‟. We find that the issue under consideration before us i.e whether the notional lettable value of the property held by an assessee as stock-in-trade i…