CIT v. Mithilesh Kumari

Vimala Anilkumar Puthran, Navi Mumbai vs. ITO 26(1)(2), Mumbai

In the result, the appeal filed by assessee is allowed

Bench: Shri Shailendra Kumar Yadav

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “SMC” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER, ITA. No. 271/Mum/2015 (Assessment Year:2010-11) Mrs. Vimala Anilkumar Puthran 202, Gehlot Complex, Sector 10, Nerual, Navi Mumbai 400706 Appellant Vs. ITO 26(1)(2), Mumbai Respondent PAN: AKZPP7875P अपीलाथ" क" ओर से /By Appellant : Ms. Dhanashree S. Kelkar, A.R. ""यथ" क" ओर से/By Respondent : Shri G. N. Makwana, D.R. सुनवाई क" तारीख/Date of Hearing : 09.08.2016 घोषणा क" तारीख/Date of Pronouncement : 12.08.2016 ORDER PER SHAILENDRA KUMAR YADAV, J.M: This appeal has been filed by assessee aga…

Puja A Nahar, Mumbai vs. CIT(A) 40, Mumbai

In the result, appeals of the assessee for both the assessment years i

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2011-12 Puja A. Nahar, Dcit (Osd)-1, 102, Mani Mansion, Central Circle-7, बनाम/ 63 Dr. G.D. Marg, Room No.409, 4Th Floor, Vs. Peddar Road, Aayakar Bhavan, M.K. Rd. Mumbai-400026 Mumbai-400020 Pan No. Advpn1252H ("नधा"रती /Assessee) (राज"व /Revenue)

…he will be entitled for claiming deduction u/s.24(b) of the I.T.Act. However, there is no bar on source of loan, which can be taken from relative concern, friends, any financial institution, bank etc.. Hon’ble Delhi High Court in the case of Mithilesh Kumari 92 ITR 9, held that where the loan was obtained from mother-in-law and interest was paid, the same was allowable. Accordingly, I direct the AO to allow assessee’s claim for interest of Rs.1,50,000/- for the assessment years 2008-09 & 2009-2010 under consideration u/s.24(b) of the I.T.Act. 6. In the result, appeals of the assessee for both the assessment yea…

Arihant Construction, Mumbai vs. Asst CIT 18(1), Mumbai

In the result, appeal of assessee is allowed in part

…a settled legal position that interest in respect of a Capital Asset is required to be added to the cost of Investment/Capital Asset. In this respect reliance can be placed upon the decision of Hon'ble Delhi High Court in the case of CIT Vs. MithIesh Kumari [92 ITR 9] wherein the hon'ble High Court has held land forms part of cost of acquisition, by observing at para 8 as under: "We are in respectful agreement with the observations of the Calcutta and the Bombay High Courts in the decisions referred to above. In the present case, we find that the assessee in order to purchase the land had not only to borrow the…

Dr. Narendra D. Desai, Mumbai vs. ACIT Crn Cir 34, Mumbai

In the result, all appeals of assessee are dismissed

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita No.5157 To 5159/Mum/2010 (नििाारण वषा / Assessment Year : 2006-07 To 2008-09) Dr. Narendra D. Desai, Vs. Acit, Cc-34, Mumbai Apar House, Corporate Park, Building No.5, Sion Trombay Road, Chembur, Mumbai- 400071 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aacpd 5020 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri Vijay Mehta याजस्व की ओर से /Revenue By Shri N.P.Singh : सुनवाई की तायीख / Date Of Hearing : 31/03/2016 घोषणा की तायीख/Date Of Pronouncement 11/05/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Assessee Against The Order Of Cit(A)-Mumbai, For The Assessment Years 2006-07 To 2008-09, In The Matter Of Order Passed U/S.143(3) R.W.S.153A Of The Act. 2. Common Grievance Of The Assessee In All The Years Pertains To Disallowance Of Claim Of Management Fees While Computing Short Term Capital Gain U/S.48 Of The I.T.Act. 3. Rival Contentions Have Been Heard & Record Perused. Facts In Brief Are That Assessee Is An Individual, Shown Income Under The Head Short Term Capital Gain. While Computing The Same Assessee Has Claimed

…ion u/s. 48 of the Act. In the like manner, the PMS charges also constitutes 'cost of purchase' and eligible for deduction u/s. 48 of the Act. 7. Ld. AR further placed reliance on the decision of Hon’ble Delhi High Court in the case of CIT v. Mithlesh Kumari [92 ITR 9 (Del)] the issue before the Hon'ble High Court was that whether the interest and ground rent paid by the assessee constituted the actual cost of plot of land for the purpose of determining the capital gain. In that case, the assessee had borrowed funds from her mother-in-law to pay the price of the land and 6 ITA No.5157-5159/10 paid interest thereo…

Dr. Narendra D. Desai, Mumbai vs. ACIT Crn Cir 34, Mumbai

In the result, all appeals of assessee are dismissed

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita No.5157 To 5159/Mum/2010 (नििाारण वषा / Assessment Year : 2006-07 To 2008-09) Dr. Narendra D. Desai, Vs. Acit, Cc-34, Mumbai Apar House, Corporate Park, Building No.5, Sion Trombay Road, Chembur, Mumbai- 400071 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aacpd 5020 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri Vijay Mehta याजस्व की ओर से /Revenue By Shri N.P.Singh : सुनवाई की तायीख / Date Of Hearing : 31/03/2016 घोषणा की तायीख/Date Of Pronouncement 11/05/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Assessee Against The Order Of Cit(A)-Mumbai, For The Assessment Years 2006-07 To 2008-09, In The Matter Of Order Passed U/S.143(3) R.W.S.153A Of The Act. 2. Common Grievance Of The Assessee In All The Years Pertains To Disallowance Of Claim Of Management Fees While Computing Short Term Capital Gain U/S.48 Of The I.T.Act. 3. Rival Contentions Have Been Heard & Record Perused. Facts In Brief Are That Assessee Is An Individual, Shown Income Under The Head Short Term Capital Gain. While Computing The Same Assessee Has Claimed

…ion u/s. 48 of the Act. In the like manner, the PMS charges also constitutes 'cost of purchase' and eligible for deduction u/s. 48 of the Act. 7. Ld. AR further placed reliance on the decision of Hon’ble Delhi High Court in the case of CIT v. Mithlesh Kumari [92 ITR 9 (Del)] the issue before the Hon'ble High Court was that whether the interest and ground rent paid by the assessee constituted the actual cost of plot of land for the purpose of determining the capital gain. In that case, the assessee had borrowed funds from her mother-in-law to pay the price of the land and 6 ITA No.5157-5159/10 paid interest thereo…

Dr. Narendra D. Desai, Mumbai vs. ACIT Crn Cir 34, Mumbai

In the result, all appeals of assessee are dismissed

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita No.5157 To 5159/Mum/2010 (नििाारण वषा / Assessment Year : 2006-07 To 2008-09) Dr. Narendra D. Desai, Vs. Acit, Cc-34, Mumbai Apar House, Corporate Park, Building No.5, Sion Trombay Road, Chembur, Mumbai- 400071 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aacpd 5020 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri Vijay Mehta याजस्व की ओर से /Revenue By Shri N.P.Singh : सुनवाई की तायीख / Date Of Hearing : 31/03/2016 घोषणा की तायीख/Date Of Pronouncement 11/05/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Assessee Against The Order Of Cit(A)-Mumbai, For The Assessment Years 2006-07 To 2008-09, In The Matter Of Order Passed U/S.143(3) R.W.S.153A Of The Act. 2. Common Grievance Of The Assessee In All The Years Pertains To Disallowance Of Claim Of Management Fees While Computing Short Term Capital Gain U/S.48 Of The I.T.Act. 3. Rival Contentions Have Been Heard & Record Perused. Facts In Brief Are That Assessee Is An Individual, Shown Income Under The Head Short Term Capital Gain. While Computing The Same Assessee Has Claimed

…ion u/s. 48 of the Act. In the like manner, the PMS charges also constitutes 'cost of purchase' and eligible for deduction u/s. 48 of the Act. 7. Ld. AR further placed reliance on the decision of Hon’ble Delhi High Court in the case of CIT v. Mithlesh Kumari [92 ITR 9 (Del)] the issue before the Hon'ble High Court was that whether the interest and ground rent paid by the assessee constituted the actual cost of plot of land for the purpose of determining the capital gain. In that case, the assessee had borrowed funds from her mother-in-law to pay the price of the land and 6 ITA No.5157-5159/10 paid interest thereo…

DCIT Cir 3(1), Mumbai vs. Vembu Vaidyanathan, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2009-10 Dcit, Shri Vembu Vaidyanathan, Circle-3(1), B-1602, Beaumonde बनाम/ Room No.607, 6Th Floor, Apartments, Appa Saheb Vs. Aayakar Bhavan, Marathe Marg, Prabhadevi, Mumbai-400020 Mumbai-400028 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaipv5796J Shri B. Yadagiri-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Vijay C. Kothari

…ot been allowed in computation of taxable income of the assessee, such interest is deductible while computing capital gains either is cost or is improvement in the asset. The ratio laid down in Addl. CIT vs K.S. Gupta 119 ITR 372 (AP), CIT vs Mithilesh Kumari 92 ITR 9 (Del.), CIT vs M. Pai 152 ITR 247 (Karn.) and Naozar Chenoy vs CIT 234 ITR 95 (AP). Section 48, which is meant for capital gains clearly envisages allowbility of 9 Vembu Vaidyanathan such expenditure which is incurred wholly and exclusively in connection with such transfer and for the purpose of cost of acquisition of the asset as deduction from the…

Gyanshankar Investments & Trading Co. P.Ltd, Mumbai vs. Asst CIT 9(1), Mumbai

In the result, appeal of the assessee stands allowed

Bench: Shri D. Karunakara Rao & Shri Amit Shukla

…s, wherein the interest on borrowing for purchase of shares were treated as part of cost while computing the capital gain on sale of shares :- CIT vs Shri Hariram Hotels Pvt Ltd 325 ITR 136 (Karn) CIT vs Maithreyi Pai 152 ITR 247 (Karn) CIT vs Mithlesh Kumari 92 ITR 9 Addl. CIT vs K S Gupta 119 ITR 372 Naozar Chenoy vs CIT 234 ITR 95 Thus assessee’s claim was well supported by the decisions of Karnataka High Court in the case of CIT vs Maithreyi Pai (152 ITR 147) and Sri Hariram Hotels (P) Limited (supra). It is not the case that the assessee had made any untenable claim in law or has furnished any inaccurate p…