CIT v. D.P. Sandhu & Bros.

Marie Gold Realtors P. Ltd., Mumbai vs. ACIT-CC-8(1), Mumbai

In the result, appeals filed by the assessee are allowed

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…the M/s. Marie Gold Realtors Pvt. Ltd., assessee was from M/s. Harsaran Singh Constructions Pvt Ltd., which had nothing to do with the landlord. Given the fact that tenancy right is a capital asset, as held by the Apex Court in the decision reported in (2005} 273 ITR 1 (SC) (CIT Vs. D.P. Sandhu Bros. Chembur P. Ltd.) that the surrender of tenancy rights amounted to transfer and hence, being a capital receipt, on the facts thus placed before this Court that the amount paid on account of surrender of tenancy rights being given by the assessee to the builder, there is no exchange of one property for the other. Hence…

Rockline Developers P. Ltd, Mumbai vs. ITO 9(3)(4), Mumbai

In the result, ground “A” raised in the appeal by the assessee stands dismissed

…THE INCOME TAX APPELLATE TRIBUNAL “D” Bench, Mumbai Shri Shamim Yahya (AM) & Shri Pavankumar Gadale (JM) I.T.A. No. 6595/Mum/2014 (Assessment Year 2011-12) Vs. ITO-9(3)(4) M/s. Rockline Developers Pvt. Ltd. Mumbai 801, Hubtown Solaris N.S. Phadke Marg, Off Teli Gali, Andheri-East Mumbai-400 069. PAN : AAACR4467F (Appellant) (Respondent) Assessee by Shri Naresh Jain Department by Shri Bharat Andhle Date of Hearing 18.08.2021 Date of Pronouncement 12.11.2021 O R D E R Per Shamim Yahya (AM) : This appeal by the assessee is directed against the order of learned CIT(A) dated 2.9.2014 pertains to A.Y. 2011-12.…

DCIT, CC- 8(1), Mumbai vs. Nirshilp Securities Pvt. Ltd., Mumbai

In the result, the appeal of the revenue in ITA No

…s to grant relief to the assessee:- a) Decision of Hon’ble Supreme Court in the case of S G Mercantile Corporation P Ltd vs CIT reported in 83 ITR 700 (SC) b) Decision of Hon’ble Supreme Court in the case of CIT vs D P Sandu Bros, Chembur (P) Ltd reported in 273 ITR 1 (SC) 13.2. We find that the ld CITA had categorically given a finding that the investment in fixed deposit made with ICICI Bank has got an inextricable link with the business activity of the assessee and hence the interest income thereon is required to be taxed only as business income. Moreover, the ld CITA also recorded the fact that the ld AO him…

DCIT - 4(2)(2), Mumbai vs. Gbtl Ltd. (Formerly Known As M/S. Grasim Bhiwani Textiles Ltd.), Mumbai

In the result, Revenue’s appeal is partly allowed

Bench: Shri Shamim Yahya, Am & Amarjit Singh, Jm Dcit-4(2)(2) M/S. Gbtl Ltd. Room No.640, 6Th Floor (Formerly Known As M/S. Grasim Aaykar Bhawan, Bhiwani Textiles Ltd.) Vs. M.K.Road 409, Cotton Exchange Building Mumbai-400 020 Kalbadevi Road, Mumbai-400 002 Pan/Gir No. Aaccg9347F (Appellant) : (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND AMARJIT SINGH, JM DCIT-4(2)(2) M/s. GBTL Ltd. Room No.640, 6th Floor (formerly known as M/s. Grasim Aaykar Bhawan, Bhiwani Textiles Ltd.) Vs. M.K.Road 409, Cotton Exchange Building Mumbai-400 020 Kalbadevi Road, Mumbai-400 002 PAN/GIR No. AACCG9347F (Appellant) : (Respondent) Appellant by : Shri T.S.Khalsa-DR Respondent by : Dr. K.Shivaram-AR Date of Hearing : 03/03/2021 Date of Pronouncement : 28/05/2021 O R D E R Per Shamim Yahya, A. M.: This appeal by the revenue is directed against the order of the learned Commission…

Batliboi Ltd, Mumbai vs. DCIT Cir 2(1)(1), Mumbai

In the result, appeal of the assessee is partly allowed

…e Jurisdictional High Court in the case of CIT vs. Sambhaji Nagar Co-op Housing Society Ltd., reported in 370 ITR 325 (Bom) dated 11/12/2014. b) Decision of Hon‟ble Supreme Court in the case of Union of India vs. Cadell Weaving Mill Co. Pvt. Ltd., reported in 273 ITR 1 (SC) c) Decision of Hon‟ble Supreme Court in the case of CIT vs. Srinivasa Setty (B.C.) reported in 128 ITR 294 (SC). d) Decision of Hon‟ble Jurisdictional High Court in the case of Commissioner of Income Tax vs. Kailash Jyoti No.2 CHS Ltd., in Income Tax Appeal No.1607 of 2013 ; Commissioner of Income Tax vs. Pushpendra J. Mehta & Ors. in Income…