CIT v. Neha Builders Pvt. Ltd.

PARAMJIT SINGH MOHANSINGH OBHAN ,MUMBAI vs. ASSTT. COMMISSIONER OF INCOME TAX CIRCLE 28(2), MUMBAI

In the result, the appeal of the assessee bearing ITA No

Bench: Shri Om Prakash Kantt & Shri. Anikesh Banerjee

…M/s. Runwal Constructions (supra) also, similar issue has been dealt with by our coordinate Bench. In the case of M/s. Runwal Constructions (supra), the Bench noted the judgment of the Hon'ble Gujarat High Court in the case of CIT vs Neha Builders Pvt. Ltd., 296 ITR 661 (Guj.) as also the judgment of the Hon'ble Delhi High Court in the case of Ansal Housing Finance & Leasing Co. Ltd., 354 ITR 180 (Delhi) and finally observed as under :- “10. In the case on hand before us it is an undisputed fact that both assessees have treated the unsold flats as stock in trade in the books of account and the flats sold by them…

DOSTI REALTY LIMITED,MUMBAI vs. DCIT, CIRCLE-1(1)(1), MUMBAI

In the result appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Shri Arun Khodpia ()

…A No.7155/Mum/2016) (10 October 2018) " M/s. Kolte Patil Developers Itd. Vs. DCIT, ITA No.2206/Pun/2016, Pune Tribunal dated 03.05.2019 " Shri Girdharilal K. Lulla vs DCIT, ITA No. 1604/Mum/2016, dated 17.11.2017 " Gujarat HC in case of Neha Builders ((2007) (296 ITR 661)]” 9.2 He also submitted that, this issue was considered by coordinate of this Tribunal for assessment year 2015-16 (supra), wherein, it is held that, amendment to section 23 by way of insertion of sub-section (5) with effect from 01/04/2018, assessment of unsold inventory is to be assessed as ‘income from house property’ from assessment year 201…

ARIHANT DEVELOPERS ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…Hon'ble High Court of Bombay in the case\nof PCIT, Central-1 Vs. M/s Classique Associate Ltd. (ITA No.1216 of\n2016, dated 28.01.2019) concurring with the view taken by the Hon'ble\nHigh Court of Gujarat in the case of CIT Vs. Neha Builders Pvt. ltd.\n(2008) 296 ITR 661 (Guj), and further relying on the judgment of the\nHon'ble Supreme Court in the case of Chennai Properties &\nInvestments Ltd. Vs. CIT (2015) 377 ITR 673 (SC), had observed, that\nthe income generated by an assessee who was engaged in the business of\nacquiring and holding properties from such source would be its „business\nincome" and not its in…

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…Hon'ble High Court of Bombay in the case\nof PCIT, Central-1 Vs. M/s Classique Associate Ltd. (ITA No.1216 of\n2016, dated 28.01.2019) concurring with the view taken by the Hon'ble\nHigh Court of Gujarat in the case of CIT Vs. Neha Builders Pvt. ltd.\n(2008) 296 ITR 661 (Guj), and further relying on the judgment of the\nHon'ble Supreme Court in the case of Chennai Properties &\nInvestments Ltd. Vs. CIT (2015) 377 ITR 673 (SC), had observed, that\nthe income generated by an assessee who was engaged in the business of\nacquiring and holding properties from such source would be its „business\nincome" and not its in…

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…Hon'ble High Court of Bombay in the case\nof PCIT, Central-1 Vs. M/s Classique Associate Ltd. (ITA No.1216 of\n2016, dated 28.01.2019) concurring with the view taken by the Hon'ble\nHigh Court of Gujarat in the case of CIT Vs. Neha Builders Pvt. ltd.\n(2008) 296 ITR 661 (Guj), and further relying on the judgment of the\nHon'ble Supreme Court in the case of Chennai Properties &\nInvestments Ltd. Vs. CIT (2015) 377 ITR 673 (SC), had observed, that\nthe income generated by an assessee who was engaged in the business of\nacquiring and holding properties from such source would be its „business\nincome" and not its in…

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1 , KALYAN

In the result, all the above appeals of the assessee are\ndismissed

…Hon'ble High Court of Bombay in the case\nof PCIT, Central-1 Vs. M/s Classique Associate Ltd. (ITA No.1216 of\n2016, dated 28.01.2019) concurring with the view taken by the Hon'ble\nHigh Court of Gujarat in the case of CIT Vs. Neha Builders Pvt. ltd.\n(2008) 296 ITR 661 (Guj), and further relying on the judgment of the\nHon'ble Supreme Court in the case of Chennai Properties &\nInvestments Ltd. Vs. CIT (2015) 377 ITR 673 (SC), had observed, that\nthe income generated by an assessee who was engaged in the business of\nacquiring and holding properties from such source would be its „business\nincome" and not its in…

DOSTI REALTY LIMITED,MUMBAI vs. DCIT, CIRCLE-1(1)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2015-16

…h Court of Bombay in the case of Classique Associates Ltd. in ITA No.1216 of 2016, dated 28.01.2019, wherein this issue has been considered in para-4 after discussing the decision of Hon'ble High Court of Gujarat in the case of Neha Builders Pvt. Ltd., [2008] 296 ITR 661 (Guj) and of Hon'ble Supreme Court in the case of Chennai Properties and Investment Ltd. vs. CIT(A) [2014] 377 ITR 673 (SC). In para-4, Hon'ble High Court of Bombay took note of the observation of para-8 of Neha Builders (supra) which is reproduced as under: “8. True it is, that income derived from the property would always be termed as 'income'…

RAMESH DUNGARSHI SHAH,MUMBAI vs. DEPUTY COMMISSIONER OF INOCME TAX, CIRCLE-3, , MUMBAI

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

Bench: Ms. Kavitha Rajagopal, Jm & Shri. Girish Agarwal, Am Ramesh Dungarshi Shah Deputy Commissioner Of Income 108, Shreedhar Apartment, Maulana Tax, Circle – 3, Kalyan Vs. 2Nd Floor, Rani Mansion, Murbad Azad Road, Dombivali, East, Thane – 421201. Road, Kalyan West – 421301. Pan/Gir No. Aavps0931K (Assessee) : (Respondent) Assessee By : Shri. Devendra Jain, Adv. (Virtually) : Shri. Asif Karmali (Sr. Dr) Respondent By : 14.02.2025 Date Of Hearing Date Of Pronouncement : 14.05.2025 O R D E R Per Kavitha Rajagopal, J M: This Appeal Has Been Filed By The Assessee, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals), Delhi (‘Ld. Cit(A)’ For Short), National Faceless Appeal Centre (‘Nfac’ For Short) Passed U/S.250 Of The Income Tax Act, 1961 (‘The Act'), Pertaining To The Assessment Year (‘A.Y.’ For Short) 2015-16. 2. It Is Observed That The Assessee Has Filed This Present Appeal With A Delay Of 47 Days Beyond The Period Of Limitation For Which The Assessee Has Filed An Application For Condoning The Delay Along With The Reasons Specified For The Delay. After Hearing The Rival Contentions, We Deem It Fit To Condone The Delay In Filing The Appeal For The Reason That There Was ‘Sufficient Cause’ & Bonafide Reasons For The Delay. Delay Condoned.

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SHRI. GIRISH AGARWAL, AM Ramesh Dungarshi Shah Deputy Commissioner of Income 108, Shreedhar Apartment, Maulana Tax, Circle – 3, Kalyan Vs. 2nd Floor, Rani Mansion, Murbad Azad Road, Dombivali, East, Thane – 421201. Road, Kalyan West – 421301. PAN/GIR No. AAVPS0931K (Assessee) : (Respondent) Assessee by : Shri. Devendra Jain, Adv. (Virtually) : Shri. Asif Karmali (Sr. DR) Respondent by : 14.02.2025 Date of Hearing Date of Pronouncement : 14.05.2025 O R D E R Per Kavitha Rajagopal, J M: This appeal has been filed by the asse…

SHAMDARSHAN PROPERTIES PRIVATE LIMITED,NARIMAN POINT MUMBAI vs. DCIT CIRCLE 3(3)(1), AAYKAR BHAVAN MUMBAI

In the result, the grounds of appeal raised by

Bench: Shri Pawan Singh, Hon’Bleshri Girish Agrawal, Hon’Ble(Physical Hearing) Shyamdarshan Properties Pvt Limited, Dcit Circle 3(3)(1), Aayakar Bhawan, M.K. Road, 11/113, Mittal Towers, B-Wing, Mumbai-400020 Nariman Point, Mumbai-400021 Vs

…ssessee relied upon the decision of honourable Bombay High Court in case of PCIT Versus Classique Associates Ltd. It was further submitted that as per the decision of honourable was Gujarat High Court in CIT Versus Neha Builders Private Limited reported in 296 ITR 661 (Guj) any income derived from stock cannot be taken to be income from ‘house property’. The Gujarat High Court also held that it is true that income from the property would always to be deemed as income from property, but if the property is used as stock in trade, then said property would become or partake the character of the stock, and any in…

DCIT CENTRAL CIRCLE-4 (1), MUMBAI vs. OBEROI REALTY LIMITED, MUMBAI

In the result, the appeals of the assessee in ITA No

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…IN THE INCOME-TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER ITA No. 4803/MUM/2024 (A.Y. 2017-18) Oberoi Realty Limited, v/s. Deputy Commissioner of Mumbai, 3rd Floor, Commerz, बनाम Income Tax, Central Circle International Business Park, – 4(1), Room No. 419, Oberoi Garden City, Off. Kautilya Bhavan, Bandra Kurla Western Express Highway, Complex, Bandra (East), Goregaon (E) - 400 063, Mumbai - 400051, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AABCK0235H Appellant/अपीलार्थी .. Respondent/प्रतिवादी ITA No. 5130/…

OBEROI REALTY LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE -4(1), MUMBAI

In the result, the appeals of the assessee in ITA No

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…IN THE INCOME-TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER ITA No. 4803/MUM/2024 (A.Y. 2017-18) Oberoi Realty Limited, v/s. Deputy Commissioner of Mumbai, 3rd Floor, Commerz, बनाम Income Tax, Central Circle International Business Park, – 4(1), Room No. 419, Oberoi Garden City, Off. Kautilya Bhavan, Bandra Kurla Western Express Highway, Complex, Bandra (East), Goregaon (E) - 400 063, Mumbai - 400051, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AABCK0235H Appellant/अपीलार्थी .. Respondent/प्रतिवादी ITA No. 5130/…

OBEROI REALTY LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE -4(1), MUMBAI

In the result, the appeals of the assessee in ITA No

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

…IN THE INCOME-TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER ITA No. 4803/MUM/2024 (A.Y. 2017-18) Oberoi Realty Limited, v/s. Deputy Commissioner of Mumbai, 3rd Floor, Commerz, बनाम Income Tax, Central Circle International Business Park, – 4(1), Room No. 419, Oberoi Garden City, Off. Kautilya Bhavan, Bandra Kurla Western Express Highway, Complex, Bandra (East), Goregaon (E) - 400 063, Mumbai - 400051, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AABCK0235H Appellant/अपीलार्थी .. Respondent/प्रतिवादी ITA No. 5130/…

FERANI HOTELS PVT LTD,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE -4(2)(1), MUMBAI

In the result, appeal of the assessee bearing ITA No

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

…ess of acquiring and holding properties from such source would be its "business income" and not its income under the head "house property". He further relied on decision of the Hon'ble High Court of Gujarat in the case of CIT Vs. NehaBuilders (P) Ltd. (2008) 296 ITR 661 (Guj), wherein it wasobserved that if the business of the assessee is to constructproperty and sell it or to construct and let out the same, thenany income derived from the immovable properties held by it asits stock-in-trade cannot be assessed under the head "Incomefrom house property". The Hon'ble High Court while concludingas herein above, had…