CIT v. Lok

TULJABHAVANI HOUSING DEVELOPMENT PRIVATE LIMITED,MUMBAI vs. ITO WARD 4(3)-1, AAYAKAR BHAWAN,MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary ()

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI RAHUL CHAUDHARY (JUDICIAL MEMBER) ITA Nos. 2249 & 2248/MUM/2024 Assessment Years: 2016-17 & 2017-18 Tuljabhavani Housing PCIT-4, Development Pvt. Ltd., 6th floor, Aayakar Bhavan, Vs. Mehta House No. 4, Block No. 5, Maharishi Karve Road, Churchgate, Bhai Jeevanji Lane S, JSS Road, Mumbai-400020. Kalbadevi H.O. Mumbai-400 002. PAN NO. AACCT 5733 G Appellant Respondent Assessee by : Mr. Jitendra Singh Revenue by : Mr. Biswanath Das, CIT-DR Date of Hearing : 20/02/2025 : 24/02/2025 Date of pronoun…

TULJABHAVANI HOUSING DEVELOPMENT PRIVATE LIMITED,MUMBAI vs. MUMBAI ITO WARD 4(3)-1, AAYAKAR BHAWAN,MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary ()

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI RAHUL CHAUDHARY (JUDICIAL MEMBER) ITA Nos. 2249 & 2248/MUM/2024 Assessment Years: 2016-17 & 2017-18 Tuljabhavani Housing PCIT-4, Development Pvt. Ltd., 6th floor, Aayakar Bhavan, Vs. Mehta House No. 4, Block No. 5, Maharishi Karve Road, Churchgate, Bhai Jeevanji Lane S, JSS Road, Mumbai-400020. Kalbadevi H.O. Mumbai-400 002. PAN NO. AACCT 5733 G Appellant Respondent Assessee by : Mr. Jitendra Singh Revenue by : Mr. Biswanath Das, CIT-DR Date of Hearing : 20/02/2025 : 24/02/2025 Date of pronoun…

DCIT CIRCLE 13(2)(2), MUMBAI vs. NANDANBALA COMMERCIALS PRIVATE LIMITED , MUMBAI

In the result, the appeal filed by the revenue is dismissed and cross objection filed by the assesse is also dismissed

Bench: Shri Aby T Varkey & Shri Amarjit Singhdy. Commissioner Of Vs. Nandanbala Commercials Income Tax Circle 13(2)(2) Private Limited Room No. 452, 4 Th Floor, (Formerly Known As Sanjay Infraspace Limited) Aayakar Bhavan, 1401-A, Wing One Bkc, M.K. Road, Plot No. C-66, G-Block, Mumbai – 400020 Bkc, Bandra-East Mumbai -400 092 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aavcs1575L Appellant .. Respondent

…gain on sale of the same would not be assessable as capital gains but would be assessable under the head "Profits and Gains from Business or Profession". e) Reliance is placed on the judgement of Hon'ble Bombay High Court in case of CIT v. Lok Holdings [2009] 308 ITR 356, wherein assessee-firm was involved in business of development of properties. In course of its business, it received money in advance from its customers intending to purchase flats in properties developed by it. As said moneys could not be utilized immediately for purpose of business, assessee temporarily invested surplus amounts from such moneys…

ACIT-1(1)(1), MUMBAI vs. M/S. CHEMICALS AND FERRO ALLOYS PVT LTD, MUMBAI

In the result, the appeal of the revenue stand dismissed

Bench: Shri Aby T Varkey & Shri Amarjit Singhacit-1(1)(1) Vs. M/S Chemical & Ferro 579, Aaykar Bhavan, Alloys Private Limited M.K. Road, 3Rd Floor, Liberty Mumbai – 400020 Building, Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai – 400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacc4508N Appellant .. Respondent

…of the assessee submitted that Ld. CIT(A) erred in confirming the Assessing Officer's stand bringing interest income to tax under the head 'other sources and not under the head 'business. The Ld. AR also relied upon the judgement titled CIT vs. Lok Holdings (308 ITR 356), High Court of Bombay, dated Jan 15, 2008 wherein it was held that "Interest earned by assessee as properly developer, by making temporary deposits of surplus money out of advance received by it from intending purchases is business income and cannot be assessed as income from other sources" On the other hand Ld. DR appearing on behalf of the rev…

DCIT CEN CIR 10, MUMBAI vs. SUCCESS DEVELOPERS P. LTD, MUMBAI

In the result, the appeal of the revenue stand dismissed

Bench: Shri Amit Shukla & Shri Amarjit Singhdcit, Central Circle-10 Vs. M/S Success Developers Room No. 802, 8 Th Floor, Pvt. Ltd., 3Rd Floor, Old Cgo Annex, M.K. Jmc House, Bislery Road, Compound, Andheri (E) Mumbai – 400 020 Mumbai - 400099 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aafcs8030C Appellant .. Respondent Appellant By : Dinesh Chourasia Respondent By : Naresh Kumar

…dle with the assesse company for a short period. Therefore, the ld. CIT(A) held that interest income earned was assessable under the head business income. The ld. CIT(A) also referred the decision of Hon’ble Bombay High Court in the case of CIT(A) Lok Holding 308 ITR 356 (Bom), Varun shipping company. 4. Heard both the sides on this issue and perused the material on record. During the year under consideration the assesse has obtained loan from the bank for timely completion of its project and also received advance from the sale of flats. These funds were laying idle temporary, therefore, the same were given as te…

DCIT CENT. CIR 1(2) , MUMBAI vs. M/S. HIRANANDANI CONSTRUCTION PVT. LTD, MUMBAI

In the result, the appeal filed by the revenue is dismissed

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadaledcit, Vs. M/S. Hiranandani Central Circle – 1(2) Constructions Pvt Ltd 906, 9Th Floor, Pratishta 511, Dalmal Towers, Bhavan, Old Cgo Bldg 211, Nariman Point, (Annexe), Mk Road, Mumbai – 400021. Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach0409H Appellant .. Respondent Appellant By : Shri Tejinder Pal Singh Anand, Sr Dr Respondent By : Shri K Gopal Sr. Adv & Shri Om Kandalkar, Adv Date Of Hearing 03.11.2022 Date Of Pronouncement 15.11.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Passed By The Commissioner Of Income Tax (Appeals)(Cit(A)-47, Mumbai Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI M BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER DCIT, Vs. M/s. Hiranandani Central Circle – 1(2) Constructions Pvt Ltd 906, 9th Floor, Pratishta 511, Dalmal Towers, Bhavan, Old CGO Bldg 211, Nariman Point, (Annexe), MK Road, Mumbai – 400021. Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACH0409H Appellant .. Respondent Appellant by : Shri Tejinder Pal Singh Anand, Sr DR Respondent by : Shri K Gopal Sr. Adv and Shri Om Kandalkar, Adv Date of Hearing 03.11.2022 Date of Pronouncement 15.11.2022 आदेश / O R D E…

DCIT- CC- 5(3), MUMBAI vs. IRB JAIPUR DEOLI TOLLWAY LTD., MUMBAI

In the result, the appeal filed by the revenue stands dismissed

Bench: Shri B. R. Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No. 2542/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit, Central Circle-5(3) बिधम/ M/S. Irb Jaipur Deoli Tollway Room No. 1906, 19Th Floor, Ltd. Vs. Air India Building, Irb Complex, Chandivali Nariman Point, Mumbai- Village, Andheri, East, 400021. Mumbai-400072. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacci1724Q (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri P. D. Chougule (Sr. Ar) Assessee By: Shri Nishit Gandhi & Ms. Dhanalaxmi Iyyar सुनवाई की तारीख / Date Of Hearing: 06/10/2022 घोषणा की तारीख /Date Of Pronouncement: 10/11/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By Revenue Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)- 53, Mumbai Dated 03.06.2021. 2. The Main Grievance Of The Revenue Is Against The Action Of The Ld. Cit(A) To Have Deleted The Addition Of Rs.4,70,67,196/- Which Was Added By The Ao U/S 56 Of The Income Tax Act, 1961 (Hereinafter “The Act”).

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI B. R. BASKARAN, AM AND SHRI ABY T. VARKEY, JM आयकर अपील सं/ I.T.A. No. 2542/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) DCIT, Central Circle-5(3) बिधम/ M/s. IRB Jaipur Deoli Tollway Room No. 1906, 19th Floor, Ltd. Vs. Air India Building, IRB Complex, Chandivali Nariman Point, Mumbai- Village, Andheri, East, 400021. Mumbai-400072. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCI1724Q (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri P. D. Chougule (Sr. AR) Assessee by: Shri Nishit Gandhi & Ms. Dhanalaxmi Iyyar सुनवाई की तारीख…

TRHIRUVANANTHAPURAM ROAD DEVELOPMENT COMPANY LTD.,MUMBAI vs. DY CIT 14 (3)91), MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Trhiruvananthapuram Road Dy. Cit 14(3)(1) Development Company Ltd. Aaykar Bhavan, The Il & Fs Financial Centre Plot C022 G Block Bkc Bandra M.K. Road, Vs. East, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Pan No. Aacct0547J Assessee By : Shri Bhupal Rapelli, Ar Revenue By : Ms Vatsalaa Jha, Cit Dr Date Of Hearing: 08.09.2022 Date Of Pronouncement : 21.09.2022

…ar 2010 – 11 and 2011 – 12. As per paragraph number 4 at page number 30 Trhiruvananthapuram Road Devleopment Company Ltd; A.Y. 15-16 of the decision of the coordinate bench, following the decision of the honourable Bombay High Court in CIT versus lok Holdings 308 ITR 356 , it upheld the order of the learned CIT – A holding it to be interest income chargeable Under the head business income. Therefore respectfully following the decision of the coordinate bench in assessee’s own case, in absence of any change in the facts and circumstances of the case, we also direct the learned assessing officer to consider interes…

M/S. FIRSTFLIGHT PROPERTIES PVT. LTD,MUMBAI vs. THE ACIT CC -5(3) , `MUMBAI

In the result, appeal filed by the assessee is treated as allowed for statistical purposes

…THE INCOME TAX APPELLATE TRIBUNAL “SMC” Bench, Mumbai Shri B.R. Baskaran (AM) I.T.A. No. 106/Mum/2022 (A.Y. 2017-18) Vs. ACIT, CC-5(3) M/s. Firstlight Properties Pvt. Ltd. Room No. 1906 82, 8th Floor, Free Press 19th Floor House, Free Press Journal Air India Building Marg, Nariman Point Nariman Point Mumbai-400 021. Mumbai-400 021. PAN : AAACS7947P (Appellant) (Respondent) Assessee by Shri Nishit Gandhi Department by Shri Vivek Upadhyay Date of Hearing 18.08.2022 Date of Pronouncement 23.08.2022 O R D E R The assessee has filed this appeal challenging the order dated 30.11.2021 passed by learned CIT(A)-53,…

DCIT CENT .CIR-1(2), MUMBAI vs. M/S. SUNNY VISTA REALTORS PVT. LTD, MUMBAI

Appeal is allowed

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2012-13

…d this issue by following the decision rendered by co- ordinate Bench of the Tribunal in assessee’s group company case bearing ITA No.4579/M/2013 dated 03.12.2013, by following the judgment rendered by Hon’ble Bombay High Court in case of CIT vs. Lok Holdings 308 ITR 356 Bom. Hon’ble Bombay High Court in case of Lok Holdings (supra) dealt with the identical issue wherein assessee was engaged into the development of properties ITA No.1710/M/2021 & CO No.33/M/2022 9 M/s. Sunny Vista Realtors Pvt. Ltd. and advance taken from the customer was deposited with the banks in the course of business which was held to be a…

COURTYARD REAL ESTATE PVT. LTD,`MUMBAI vs. ACIT CENT. CIR -5(4), MUMBAI

In the result, appeal of the assessee is Allowed

Bench: Shri Abyt Varkey & Shri Gagan Goyalm/S Courtyard Real Estate Private Limited 1St Floor, Windsor, Cst Road, Kalina, Santacruz East Mumbai-400098 Pan: Aadcr0870K ...... Appellant Vs. Assistant Commissioner Of Income Tax, Central Circle 5(4), Air India Building, Nariman Point, Mumbai-400021 ..…Respondent Appellant By : Shri. Jitendra Jain, Ca Respondent By : Shri Shyam Joshi, Sr. Dr Date Of Hearing : 19/05/2022 Date Of Pronouncement : 26/07/2022 Order Per Gagan Goyal, Am: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-53, Mumbai [Hereinafter Referred To As Cit (A)] Vide Order Dated 26.10.2021 For The Assessment Year (Ay) 2017-18. The Solitary Issue Disputed In Appeal Is As Under: “1. The Cit(A) Erred In Confirming The Action Of Ao In Treating The Interest Income Earned On Fixed Deposits (Fd) Of Rs. 60,49,527/- As “Income From Other Sources” For The Year As Against Reducing The Same From The Total Cost Of Work In Progress. 2. The Appellant Submits That On The Facts & Circumstances Of The Case The Interest Income Earned On Fd Of Rs. 60,49,527/- Reduces The Interest Cost On Funds Borrowed For The Project & Thus Has Been Rightly Reduced From The Cost Of Project. 3. Your Appellant Craves Leave To Add, To Alter, Or To Amend The Aforesaid Grounds Of Appeal. 2 M/S Courtyard Real Estate Pvt. Ltd. 2. Brief Facts Of The Case Are That The Assessee-Company Is In The Business Of Real Estates Development & Construction. It Filed Its Return Of Income For Ay 2017- 18 On 30.3.2018 Declaring Income For The Year At Rs. 56,72,910/-. During The Year Under Consideration, The Assessee Was Constructing A Residential Project At Pokhran Road No 2, Thane. It Was Following Percentage Completion Method (Pcm) Of Accounting For Revenue Recognition.

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH ‘C’, MUMBAI BEFORE SHRI ABYT VARKEY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER M/s Courtyard Real Estate Private Limited 1st Floor, Windsor, CST Road, Kalina, Santacruz East Mumbai-400098 PAN: AADCR0870K ...... Appellant Vs. Assistant Commissioner of Income Tax, Central Circle 5(4), Air India Building, Nariman Point, Mumbai-400021 ..…Respondent Appellant by : Shri. Jitendra Jain, CA Respondent by : Shri Shyam Joshi, Sr. DR Date of hearing : 19/05/2022 Date of pronouncement : 26/07/2022 ORDER PER GAGAN GOYAL, AM: This appeal by the assessee is direc…

GIRAFFE DEVELOPERS PVT. LTD.,MUMBAI vs. PR. CIT - 9 , MUMBAI

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

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadalegiraffe Developers Pvt Vs. Pr. Cit – 9, Ltd Room No. 214, 2Nd 111, G Wing, Akruti Floor, Aayakar Commercial Complex, Bhavan, M.K. Road, Next To Akruti Centre Churchgate, Point, Central Road, Mumbai-400020. Andheri (E), Mumbai- 400093 Pan/Gir No. : Aaccn2778D Appellant .. Respondent Appellant By : Shri.Madhur Agrawal & Shri.Fenil Bhatt.Ar Respondent By : Shri.S.Anbuselvam.Dr Date Of Hearing 13.07.2022 Date Of Pronouncement 25.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of Pr. Commissioner Of Income Tax (Appeals)-9, Mumbai Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER Giraffe Developers Pvt Vs. Pr. CIT – 9, Ltd Room No. 214, 2nd 111, G Wing, Akruti Floor, Aayakar Commercial Complex, Bhavan, M.K. Road, Next to Akruti Centre Churchgate, Point, Central Road, Mumbai-400020. Andheri (E), Mumbai- 400093 PAN/GIR No. : AACCN2778D Appellant .. Respondent Appellant by : Shri.Madhur Agrawal & Shri.Fenil Bhatt.AR Respondent by : Shri.S.Anbuselvam.DR Date of Hearing 13.07.2022 Date of Pronouncement 25.07.2022 आदेश / O R D E R PER PAVAN KUMAR…