CIT v. Sambhaji Nagar Co-op. Hsg. Society Ltd.

COLOMBIA COOPERATIVE HOUSING SOCIETY LIMITED,BANDRA vs. ASSESSMENT UNIT, NFAC

Bench: Shri Sandeep Gosain & Shri Girish Agrawalcolombia Co-Operative Housing Vs Ito, Ward 23(1)(1), Mumbai Society Limited 5Th Floor, Piramal Chamber, C-486/B, Plot B, St. Domnie Road, Churchgate, Mumbai Bandra (West), Mumbai 400050 400012 Pan: (Aaaac2663A) Appellant Respondent Present For: Appellant By : Shri Pradip Kapasi, Ca Respondent By : Shri Virabhadra Mahajan, Sr. Dr (Virtually Present) Date Of Hearing : 23.09.2025 Date Of Pronouncement : 22.12.2025 O R D E R Per Girish Agrawal: This Appeal Filed By The Assessee Is Against The Order Of National Faceless Appeal Centre (Nfac), Delhi Vide Order No. Itba/Nfac/S/ 250/2025-26/1076003708(1) Dated 02.05.2025 Passed Against The Assessment Order U/S. 147 Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), Dated 18.03.2024 For Ay 2015-16. 2. Grounds Taken By The Assessee Are Reproduced As Under: “Ground No. 1: Reopening & Reassessment A. The Ld. Cit(A) Erred In Law & On Facts In Confirming The Action Of The Ld.Ao Of Reopening & Reassessment. Your Appellant Prays That The Reopening & 2

…in law and on facts in confirming the order of the AO which ignored the fact that the rights if transferred had no cost of acquisition and the receipt was not taxable at all in view of the decisions of the Bombay High Court in the case of Sambhaji Nagar CHSL 370 ITR 325 (Bom) and Maheshwar Prakash No.2 CHSL dt 24.09.2009. C. The Ld. CTT(A) again erred in law and on facts in confirming the erroneous finding of the AO that the appellant had received the consideration while in fact the appellant had rece only Rs. 36,00,000 towards refundable security deposit for permission to park the cars. 5 ITA No.4222/MUM/2025…

LAXMIKANT H RENUKE,MUMBAI vs. INCOME TAX OFFICER 23(2)(1), MUMBAI

Bench: Shri Narender Kumar Choudhry & Shri Gagan Goyal

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “A”, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No.2762/M/2024 Assessment Year: 2009-10 Mr. Laxmikant Hulgappa Renuke, G-602 Jade Garden, MIG III CHS Ltd., Bandra East, Mumbai - 400 051 Maharashtra PAN: AABPR0675B (Appellant) Income Tax Officer 23(2)(1), Matru Mandir, Vs. Tardeo Road, Mumbai, Maharashtra- 400 007 (Respondent) Present for: Assessee by Revenue by Date of Hearing Date of Pronouncement : Shri Mehulle V. Choksi, C.A. : Shri Manoj Kumar Sinha, Sr. DR. : 22.07.2024 : 31.07.2024 ORDER Per : Na…

MRS PUSHPA R. CHAWLA ,MUMBAI vs. INCOME TAX OFFICER, WARD 23(2)(5), MUMABI

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

Bench: Shri Kuldip Singh, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blemrs. Pushpa R. Chawla V. Ito-Ward-23(2)(5) 143/B Wing, Nibbana Chs Room No. 116, 1St Floor Pali Hill Road, Bandra West Matru Mandir, Tardeo Mumbai- 400051 Mumbai- 400007

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C”, MUMBAI BEFORE SHRI KULDIP SINGH, HON’BLE JUDICIAL MEMBER & SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER Mrs. Pushpa R. Chawla v. ITO-Ward-23(2)(5) 143/B Wing, Nibbana CHS Room No. 116, 1st Floor Pali Hill Road, Bandra West Matru Mandir, Tardeo Mumbai- 400051 Mumbai- 400007 PAN: ABGPC4279C (Appellant) (Respondent) Assessee Represented by : Mr. Dharan Gandhi Mr. S. Abhi Rama Karthikeyan Department Represented by : Date of Conclusion of Hearing : 27.04.2023 & 06.10.2023 Date of Pronouncement : 01.11.2023 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This appea…

GREAVES COTTON LTD.,MUMBAI vs. DCIT CIR 6(3), MUMBAI

In the result, appeal by assessee is partly allowed in the terms aforesaid

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.7742/मुं/2014 ("न.व. 2010-11) Greaves Cotton Ltd. 3Rd Floor, Motilal Oswal Tower, Junction Of Gokhale & Sayani Road, Prabhadevi, Mumbai 400 025. Pan: Aaacg-2062-M ...... अपीलाथ" /Appellant बनाम Vs. Dy. Commissioner Of Income Tax, Circle 6(3), Aaykar Bhavan, M.K.Road, ..... ""तवाद"/Respondent Mumbai 400 020. अपीलाथ" "वारा/ Appellant By : Smt. Aarti Vissanji, Advocate ""तवाद" "वारा/Respondent By : Smt. Vranda U. Matkari, Sr.A.R सुनवाई क" "त"थ/ Date Of Hearing : 27/05/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 22/08/2022 आदेश/ Order

…ent Year 2008-09 and 2009-10 has restored the issue to Assessing Officer. The ld.Counsel for the assessee further placed reliance on the decision of Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-operative Housing Society Ltd., reported as 370 ITR 325 to support his arguments. 12.1. In the return of income the assessee has declared long term capital gain of Rs.81,10,875/- on sale of TDR. During the course of assessment proceedings the assessee raised alternate plea that sale of TDR does not give rise to capital gains as TDR has no cost. The fresh plea raised during assessment was rejected by…

ITO 25(2)(5), MUMBAI vs. KIRIT RAOJIBHAI PATEL, MUMBAI

In the result appeal of the learned AO is dismissed

Bench: Sri Prashant Maharishi, Am & Sri Pavan Kumar Gadale, Jm The Income Tax Officer- Kirit Raojibhai Patel 25(2)(5) 5Th Floor Ram Niwas, 34, Room No. 506, C-10, Vallabhnagar, N.S. Road, Vs. Pratyakshakar Bhavan, Bkc, Juhu, Vile Parele(W), Mumbai-400 051 Mumbai-400 049 (Appellant) (Respondent) Pan No. Aabpp3139J Assessee Represented By : Shri Rashmikant Choksey, Ar Department Represented By : Shri K.K. Mishra, Cit Dr Date Of Hearing: 08.12.2021 Date Of Pronouncement : 14.02.2022

…gain the learned CIT(A) held that assessee has sold Transferable Development Rights (TDR), which is not chargeable to capital gain tax. The learned CIT(A) followed decision of Hon'ble Bombay High Court in case of CIT vs. Smbhaji Nagar Co.op Hs. Society Ltd. (370 ITR 325) (Bom) and also co-ordinate Bench decision in the case of Ishwarlal Manmohandas Kanakia in ITA No. 3053/Mum/2010. Therefore, he deleted the addition on account of capital gains by passing an order dated 05.01.2017. Before the learned CIT(A), decision in the case of assessee’s brother Mr. Bharat Patel who was also Kirit Raojibhai Patel; AY 07-08 5…

BATLIBOI LTD,MUMBAI vs. DCIT CIR 2(1)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

…find that the ld. AR before us apart from bringing the aforesaid facts vehemently placed reliance on the following decisions:- a) Decision of the Hon‟ble 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…

DEPUTY COMMISSIONER OF INCOME TAX 3(3)(2), MUMBAI vs. STANDARD INDUSTRIES LIMITED, MUMBAI

In the result, these appeals are partly allowed for statistical purposes

Bench: Shri Shamim Yahya (Am) & Shri Ramlal Negi (Jm)

…earned CIT(A). Learned CIT(A) by a laconic order held that the issue is covered by Hon'ble the decision of Hon'ble Bombay High Court in the case of CIT Vs. Sabhaji Nagar Cooperative Housing Society Ltd. (IT Appeal No. 1356of 2012 vide order dated 11.12.2014) (370 ITR 325), wherein it was held that where assessee had not incurred any cost to acquire TDR, transfer of the same to developer for consideration for construction of floor space index would not be eligible to capital gains. Learned CIT(A) found facts to be similar without giving further details, he held that the case law relied upon by learned CIT(A) are d…

SBI STAFF CHITRALEKHA CHS LTD,MUMBAI vs. CIT-40, MUMBAI

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2526/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Sbi Staff Chitralekha Chs बिधम/ Cit-40 Ltd. C-10, Bldg R. No.306, Vs. Flat No.1603, Prem Pratyakshakar Bhavan, Bkc Chitralekha Saen Guruji Bandra East, Mumbai- Nagar Mulund East, 400051. Mumbai-400081. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagas4096K (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Deepak Tralshawala Revenue By: Shri Surabhi Sharma (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2019 घोषणा की तारीख /Date Of Pronouncement: 10/02/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 4.02.2019 Passed By The Commissioner Of Income Tax (Appeals) - 40, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2015- 16. 2. The Assessee Has Raised The Following Grounds: - “1. On The Facts & Circumstances Of The Case & In Law, The Ld. Ao Has Erred In Adding Rs.3,07,86,423/- As Stcg & Has Wrongly Treated The Said Amount As Taxable Capital Gain. The Ao

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI RAJESH KUMAR, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.2526/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) SBI Staff Chitralekha CHS बिधम/ CIT-40 Ltd. C-10, Bldg R. No.306, Vs. Flat No.1603, Prem Pratyakshakar Bhavan, BKC Chitralekha Saen Guruji Bandra East, Mumbai- Nagar Mulund East, 400051. Mumbai-400081. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAGAS4096K (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Deepak Tralshawala Revenue by: Shri Surabhi Sharma (Sr. AR) सुनवाई की तारीख / Date of Hearing: 12/12/2019…

GREAVES COTTON LTD,MUMBAI vs. ASST CIT CIR 6(3), MUMBAI

In the result this appeal is partly allowed

Bench: Shri Shamim Yahya & Shri Pawan Singh

…al Power Corporation [229 ITR 383(SC)]. On the point that no cost of acquisition of TDR, capital gain not taxable, the ld. AR of the assessee relied upon the decision of Hon’ble Bombay High Court in CIT vs. Sambhaji Nagar Co-operative Housing Society Ltd. [370 ITR 325]. 25. On the other hand, the ld. DR for the revenue submits that before Assessing Officer, the assessee claimed relief without filing revised return of income. In the computation of income, the assessee itself computed cost of acquisition and declared income in the form of Capital Gain. The ld. DR submits that in case, the additional claim of t…

ACIT-25(2), MUMBAI vs. SHRI DILIP R. SHRINGARPURE, MUMBAI

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2012-13

…al gain tax. 5. At the outset, the Ld. Counsel of the assessee submitted before the Bench that the case of the assessee is squarely covered by the decision of the Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-op. Hsg. Society Ltd. (2015) 370 ITR 325 (Bom.) wherein it has been specifically held that as there is no cost of acquisition incurred of TDR/FSI as these are generated by the plot itself and therefore any receipt on account of sale of TDR/FSI would not result in capital gain assessable to tax. The Ld. A.R. therefore prayed that the appeal of the Revenue may kindly be dismissed as the L…

INCOME TAX OFFICER 25(2)(3), MUMBAI vs. DEEPAK TALAKSHI SHAH, MUMBAI

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2010-11

…Talakshi Shah 5. At the outset, the Ld. Counsel of the assessee submitted before the Bench that the case of the assessee is squarely covered by the decision of the Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-op. Hsg. Society Ltd. (2015) 370 ITR 325 (Bom.) wherein it has been specifically held that as there is no cost of acquisition incurred of TDR/FSI as these are generated by the plot itself and therefore any receipt on account of sale of TDR/FSI would not result in capital gain assessable to tax. The Ld. A.R. therefore prayed that the appeal of the Revenue may kindly be dismissed as the L…

ITO 32(3)(4), MUMBAI vs. STATE BANK OF INDIA STAFF VAIBHAV CO-OP. HSG. LTD., MUMBAI

In the result, the appeal of the revenue is dismissed and cross objection of the assessee is dismissed

Bench: Shri Pawan Singh, Jm & Shri M.Balaganesh, Am Ito-32(3)(4) Vs. State Bank Of India Staff Room No.103, 1St Floor Vaibhav Co-Op Hsg. Ltd. Aayakar Bhavan Bungalow No.8, Daulat M.K.Road, Nagar, Road No.1, Mumbai – 400 020 Borivali (E) Mumbai – 400 066 Pan/Gir No.Aaias1423J (Appellant) .. (Respondent) Co No.8/Mum/2018 (Arising Out Of Ita No.5324/Mum/2016) (Assessment Year :2011-12) State Bank Of India Vs. Ito-32(3)(4) Room No.103, 1St Floor Staff Vaibhav Co-Op Hsg. Ltd. Aayakar Bhavan Bungalow No.8, Daulat M.K.Road, Nagar, Road No.1, Mumbai – 400 020 Borivali (E) Mumbai – 400 066 Pan/Gir No.Aaias1423J (Appellant) .. (Respondent) Revenue By Shri Santanu Kumar Saikia Assessee By Shri Dr. P. Daniel Date Of Hearing 13/06/2019 Date Of Pronouncement 19/06/2019

…n that there was no cost of acquisition in acquiring the right which has been transferred. Being so, there will be no incidence of capital gain as decided by thejurisdictional Bombay High Court in the case of CIT v Sambhaji Nagar Co- Op hsg. Scty. Ltd. (2015) 370 ITR 325. In the case of C.I.T. v. Sambhaji Nagar Coop Hsg. Society Ltd. the jurisdictional High Court held as under:- "An Asset which is capable of acquisition at a cost would be included within the provisions pertaining to the head "Capital Gains" as opposed to assets in the acquisition of which no cost at all can be conceived. The assessee-society with…

ROMIEL SAMUEL,MUMBAI vs. ITO 18(3)(3), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

…may be seen that the same do not include Transferable Development Rights (TDRs). Therefore, the sale of TDR will not be liable to capital gains tax. The case law of Hon’ble Bombay High Court in the case of CIT Vs Sambhaji Nagar Co-op. Hsg. Society Ltd. [2015] 370 ITR 325 (Bom.) support the view that there will be no capital gains tax on transfer/sale of TDR. There are a number of legal precedents which support the view that there will be no capital gains tax on the transfer / sale of Transferable Development Rights (TDRs). Hon’ble Bombay High Court noted the facts that the assessee-society, with the promulgation…

ITO 13(2)(3), MUMBAI vs. REKHA PRAVIN SHAH, JAIPUR

In the result, the appeals are allowed for statistical purposes

Bench: Shri D.T. Garasia () & Shri N.K. Pradhan () Assessment Year: 2009-10 Ito-13(2)(3) Smt. Rekha Pravin Shah 425, Aayakar Bhavan 601, “Golden Sobhagya” Vs. 4Th Floor, M.K. Marg 6Th Floor, B-81, Rajendra Mumbai-400020. Marg, Bapu Nagar, Jaipur-302015 Pan No. Aaeps2402C Appellant Respondent

…be subject to capital gains tax, since the development rights have no cost of acquisitions and as is settled by a plethora of decisions including the direct decision of the jurisdictional High Court in CIT vs. Sambhaji Nagar Co-operative Housing Society Ltd. 370 ITR 325 (Bom). 6. We begin with the case of Smt. Rekha Pravin Shah. She filed her return of income for the AY 2009-10 on 27.07.2009 declaring total income of Rs.1,56,849/-. Along with the computation of total income, the assessee has filed a working of ‘long term capital gains on sale of tenancy right’. As per the said working, the assessee had received…

PARESH SHANTILAL SHAH,MUMBAI vs. ITO WD14(1)(1), MUMBAI

In the result, the appeals are partly allowed

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10 & Assessment Year: 2011-12

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C” MUMBAI BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 & Assessment Year: 2011-12 Paresh Shantilal Shah ACIT 14(1) Gala Wook Work 2nd floor Earnests House Compound Opportunity. Nariman Point, Opp: B.D Chawl No. 114, Vs. Mumbai-400021. Worli, Mumbai-400013 PAN No. AELPS9212F (Appellant) (Respondent) Revenue by : Shri Y.P. Trivedi/ Ms. Usha Dalal, AR Assessee by: Shri Rajat Mittal, DR Date of Hearing : 31/05/2017 Date of pronouncement: 31/05/2017 ORDER PER N.K. PRADHAN, AM The captioned app…

PARESH SHAH,MUMBAI vs. ASST CIT 14(1), MUMBAI

In the result, the appeals are partly allowed

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10 & Assessment Year: 2011-12

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C” MUMBAI BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 & Assessment Year: 2011-12 Paresh Shantilal Shah ACIT 14(1) Gala Wook Work 2nd floor Earnests House Compound Opportunity. Nariman Point, Opp: B.D Chawl No. 114, Vs. Mumbai-400021. Worli, Mumbai-400013 PAN No. AELPS9212F (Appellant) (Respondent) Revenue by : Shri Y.P. Trivedi/ Ms. Usha Dalal, AR Assessee by: Shri Rajat Mittal, DR Date of Hearing : 31/05/2017 Date of pronouncement: 31/05/2017 ORDER PER N.K. PRADHAN, AM The captioned app…

MODEL INDUSTRIAL COLONY,MUMBAI vs. ASST CIT CIR 20(2), MUMBAI

In the result, both the appeals of the assessee’s are allowed for statistical purpose

Bench: Shri G.S. Pannu & Shri Pawan Singh

…not require to investigate into any fresh facts, which are not available on record. The learned AR of the assessee further relied upon the decision of Hon’ble jurisdictional High Court in case of CIT Versus Shambhaji Nagar co-operative Housing Society [2015] 370 ITR 325(Bombay) dated 11 December 2014. The learned AR of the assessee further argued that the ld CIT(A) was not having the benefit of decision of Hon’ble High Court at the time of considering the grounds of appeal of the assessee. It was prayed by learned AR that matter may be remanded back to the file of Assessing Officer/CIT(A) to consider the decisio…

ITO 28(2)(4), NAVI MUMBAI vs. PANDIT DASRATH JADHAV, NAVI MUMBAI

In the result, appeal of the Revenue is allowed

Bench: Shri B.R.Baskaran & Shri Pawan Singh

…erabad Tri) (c) CIT Vs Chemosyn Ltd 371 ITR427(Bombay) (d) Coromandel Cables Private Ltd Vs ACIT 71 taxman.com 346( Chennai Tri) (e) K Radhika Vs DCIT 13 taxman.com 92 (Hydrabad) (f) Genaral Glass Co Ltd Vs DCIT 14 SOT32(Mum) (g) CIT Vs Samhhaji Nagar CHS Ltd 370 ITR 325(Bombay) (h) Andhra Networks Vs DCIT 57 taxman.com 115(Hydrabad Tribunal) (i) DCIT Vs Jai TRikanand Rao 41 taxman.com 453(Mumbai-Tri) (j) Sunil Sidhrathbhai Vs CIT (1985) 23Taxman14W(SC) (k) Chaturbhuj Dwarkadass Kapadia Vs CIT 260 ITR 491(Bombay) 4. We have considered the rival contention of the parties and gone through the orders of authorities…