CIT v. Tip Top Typography

Europa Chemicals Private Limited, Mumbai vs. Income Tax Officer 5(1)(4), Mumbai

In the result both the appeals filed by the assessee are hereby ordered to be partly allowed

Bench: Shri B. R. Baskaran, Am & Shri Amarjit Singh, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL“SMC” BENCH, MUMBAI BEFORE SHRI B. R. BASKARAN, AM AND SHRI AMARJIT SINGH, JM I.T.A. Nos.386/M/2018 & 389/M/2018 (Assessment Years: 2008-09 & 2011-12) M/s. Europa Chemicals P. Vs. ITO 5(1)(4) 5th Floor, Ltd. 3rd Floor, Cambatta Aayakar Bhawan, Mumbai- Building, South West Wing, 400020. Churchgate, Mumbai- 400020. स्थायीलेखासं./जीआइआरसं./PAN/GIR No. : AABCE3346D (Appellant) .. (Respondent) Assessee by: Shri Prakash K. Jotwani Department by: Shri N. Hemalatha (DR) Date of Hearing: 25.06.2018 Date of Pronouncement: 07.09.2018 O R D E R PER AMARJIT SINGH, JM: The assessee has fi…

Addl CIT 2(3), Mumbai vs. Trent Ltd, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2006-07

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “E”, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Assessment Year: 2006-07 M/s. Trent Ltd., Additional CIT, Bombay House, Range – 2(3), 2nd Floor, 24, Vs. Aayakar Bhavan, Homy Mody Street, Fort, Mumbai Mumbai – 400 001 PAN: AAACL 1838J (Appellant) (Respondent) Assessment Year: 2006-07 DCIT-2(3), M/s. Trent Ltd., R.No.555, Bombay House, 2nd Floor, 24, Aayakar Bhavan, Vs. Mumbai Homi Mody Street, Fort, Mumbai – 400 001 PAN: AAACL 1838J (Appellant) (Respondent) Present for: Assessee by : Shri Nitesh Joshi, A.R. Revenu…

Trent Ltd, Mumbai vs. ACIT 2(3), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2006-07

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “E”, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Assessment Year: 2006-07 M/s. Trent Ltd., Additional CIT, Bombay House, Range – 2(3), 2nd Floor, 24, Vs. Aayakar Bhavan, Homy Mody Street, Fort, Mumbai Mumbai – 400 001 PAN: AAACL 1838J (Appellant) (Respondent) Assessment Year: 2006-07 DCIT-2(3), M/s. Trent Ltd., R.No.555, Bombay House, 2nd Floor, 24, Aayakar Bhavan, Vs. Mumbai Homi Mody Street, Fort, Mumbai – 400 001 PAN: AAACL 1838J (Appellant) (Respondent) Present for: Assessee by : Shri Nitesh Joshi, A.R. Revenu…

Asst CIT 16(2), Mumbai vs. Iqbal M Chagla, Mumbai

In the result, the appeal by the Revenue is dismissed

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2011-12 The Asstt. Commissioner Of Shri Iqbal M. Chagla, Income-Tax-16(2), C Block, 3Rd Floor, Room No. 440, 4Th Floor, Pallonji Mansion, Aayakar Bhavan, M.K. Road, Vs. New Cuffe Parade, Colaba, Mumbai - 400020 Mumbai - 400005 Pan: Aabpc2830K (Appellant) (Respondent) Revenue By : Shri Chaudhary Arunkumar Singh (Dr) Assessee By : Ms. Aarti Sathe( Ar) Date Of Hearing: 17/08/2018 Date Of Pronouncement: 17/08/2018

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “I”, MUMBAI BEFORE SHRI SHAMIM YAHYA (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2011-12 The Asstt. Commissioner of Shri Iqbal M. Chagla, Income-tax-16(2), C Block, 3rd Floor, Room No. 440, 4th Floor, Pallonji Mansion, Aayakar Bhavan, M.K. Road, Vs. New Cuffe Parade, Colaba, Mumbai - 400020 Mumbai - 400005 PAN: AABPC2830K (Appellant) (Respondent) Revenue by : Shri Chaudhary Arunkumar Singh (DR) Assessee by : Ms. Aarti Sathe( AR) Date of Hearing: 17/08/2018 Date of Pronouncement: 17/08/2018 O R D E R PER RAM LAL NEGI, JM This appeal has been filed by the…

Bhavesh P. Gandhi, Mumbai vs. ACIT Cen Cir 38, Mumbai

In the result appeals of the assessee are allowed for statistical purposes

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

…7. By the impugned order CIT(A) confirmed the action of the AO against which assessee in further appeal before us. 8. It was argued by learned AR that AO has not considered judicial pronouncements of the jurisdictional High Court in case of Tip Top Typography 368 ITR 330. 9. We have considered rival contentions and carefully gone through the orders of the authorities below and found that addition pertains to estimation of rateable value in respect of the joint property at Sagar Villa. The assessee along with his father - Mr. Prataprai Gandhi, sister-in-law Mrs. Neha Nikhil Gandhi & spouse - Mrs. Rupali B. Gandhi,…

DCIT 5(3)(1), Mumbai vs. Deepak Shashi Bhushan Roy, Mumbai

In the result these grounds of appeal raised

Bench: Shri Shamim Yahaha & Shri Pawan Singhdcit 5(3)(1), Deepak Shashi Bhusan Roy, Flat Room No.573, Aayakar Bhavan, No.11, Rambha Chs Ltd, M.K.Road, Nepean Sea Road, Vs. Mumbai 400020 Mumbai-400006 Pan:Aaapr 7703 F

…ITA No. 3204 & 3316/M/2016 Deepak Shashi Bhusan Roy IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “D”, MUMBAI BEFORE SHRI SHAMIM YAHAHA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER DCIT 5(3)(1), Deepak Shashi Bhusan Roy, Flat ROOM No.573, Aayakar Bhavan, No.11, Rambha CHS Ltd, M.K.Road, Nepean Sea Road, Vs. Mumbai 400020 Mumbai-400006 PAN:AAAPR 7703 F (Appellant) (Respondent) Deepak Shashi Bhusan Roy, Flat DCIT 5(3)(1), No.11, Rambha CHS Ltd, ROOM No.573, Aayakar Bhavan, Nepean Sea Road, M.K.Road, Vs. Mumbai-400006 Mumbai 400020 PAN:AAAPR 7703 F (Appellant) (Respondent) Assessee by Dr. Shivram Sen…

Central Dispository Services (India) Ltd, Mumbai vs. Asst CIT RG 2(1)(1)

In the result, the appeal filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri G Manjunatha & Shri Ravish Soodassessment Year: 2012-13 D/Acit 2(1)(1), Central Depository Services Mumbai. (India) Ltd., Vs. 17Th Floor, P J Towers, Dalal Street, Fort, Mumbai 400 023. Pan Aaacc6233A (Appellant) (Respondent) Assessment Year: 2012-13 Central Depository Services Acit 2(1)(1), (India) Ltd., Mumbai. Vs. Mumbai 400 023. Pan Aaacc6233A (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI Before Shri G Manjunatha, Accountant Member & Shri Ravish Sood, Judicial Member Assessment Year: 2012-13 D/ACIT 2(1)(1), Central Depository Services Mumbai. (India) Ltd., Vs. 17th Floor, P J Towers, Dalal Street, Fort, Mumbai 400 023. PAN AAACC6233A (Appellant) (Respondent) Assessment Year: 2012-13 Central Depository Services ACIT 2(1)(1), (India) Ltd., Mumbai. Vs. Mumbai 400 023. PAN AAACC6233A (Appellant) (Respondent) For the Revenue : Shri Rajat Mittal For the assessee : Shri Yash Parmar Date of Hearing :10.07.2018 Date of Pronouncement : 25.…

DCIT 2(1)(1), Mumbai vs. Central Depository Services (I) Ltd, Mumbai

In the result, the appeal filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri G Manjunatha & Shri Ravish Soodassessment Year: 2012-13 D/Acit 2(1)(1), Central Depository Services Mumbai. (India) Ltd., Vs. 17Th Floor, P J Towers, Dalal Street, Fort, Mumbai 400 023. Pan Aaacc6233A (Appellant) (Respondent) Assessment Year: 2012-13 Central Depository Services Acit 2(1)(1), (India) Ltd., Mumbai. Vs. Mumbai 400 023. Pan Aaacc6233A (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI Before Shri G Manjunatha, Accountant Member & Shri Ravish Sood, Judicial Member Assessment Year: 2012-13 D/ACIT 2(1)(1), Central Depository Services Mumbai. (India) Ltd., Vs. 17th Floor, P J Towers, Dalal Street, Fort, Mumbai 400 023. PAN AAACC6233A (Appellant) (Respondent) Assessment Year: 2012-13 Central Depository Services ACIT 2(1)(1), (India) Ltd., Mumbai. Vs. Mumbai 400 023. PAN AAACC6233A (Appellant) (Respondent) For the Revenue : Shri Rajat Mittal For the assessee : Shri Yash Parmar Date of Hearing :10.07.2018 Date of Pronouncement : 25.…

Harsh Anand Jain, Mumbai vs. DCIT Cen Cir 39, Mumbai

In the result, both the appeals by the assessee and Revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Shri Harsh Anand Jain Vs. The Deputy Commissioner 82, Maker Chambers Iii Of Income Tax, Central Nariman Point Circle-39, Room No.32(1), Mumbai – 400 021 Aayakar Bhavan, Mumbai - 400020 Pan/Gir No.Afbpj0984J Appellant) .. Respondent) The Deputy Commissioner Vs. Shri Harsh Anand Jain Of Income Tax, Central 82, Maker Chambers Iii Circle-39, Room No.32(1), Nariman Point Aayakar Bhavan, Mumbai – 400 021 Mumbai - 400020 Pan/Gir No.Afbpj0984J Appellant) .. Respondent) Assessee By Shri Anuj Kisnadwala Revenue By Shri Omi Ningshen

…sessee was based on the Municipal rateable value. However, the AO did not accept the same and recomputed ALV at Rs.68,36,502/-. The CIT(A) considered various judicial pronouncements including the decision of Bombay High Court in the case of Tip Top Typography 368 ITR 330 and also decision of the Co-ordinate Bench in case of other family members of the assessee directed the AO to adopt ALV as per the rateable value fixed by Municipal Authority at Rs.4,63,651/-. Considering the decision of Hon’ble Bombay High Court and other High Courts as discussed by CIT(A) in his order and after applying the same to the facts of…

Satypal Jaikumar Jain, Mumbai vs. DCIT Cen Cir 39, Mumbai

The appeal of the assessee is allowed and the

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2010-11 Acit, Satyapal Jaikumar Jain, Cc-39, R. No.32(1), 82, Maker Chambers-Iii, बनाम/ Ground Floor, Nariman Point, Vs. Aayakar Bhavan, Mumbai-400021 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aabpj1888Q Assessment Year: 2010-11 Satyapal Jaikumar Jain, Acit, 82, Maker Chambers-Iii, Cc-39, R. No.32(1), बनाम/ Nariman Point, Ground Floor, Vs. Mumbai-400021 Aayakar Bhavan, Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aabpj1888Q

…cant flat can be determined at a municipal ratable value. Not only that, now the determination of ALV as per the Municipal ratable value has been principally upheld by the Hon'ble jurisdictional High Court in the case of Tip Top Typography, reported in [2014] 368 ITR 330. On the other hand, Ld. DR on both the issues i.e. legal as well as on merits, strongly relied upon the order of the CIT(A). We have carefully considered the rival submissions and also perused the relevant finding in the order and also the various Tribunal orders as referred and relied upon by the Ld. Counsel. The assessee had shown Flat Nos. B-…

ACIT CC 39, Mumbai vs. Satypal Jain, Mumbai

The appeal of the assessee is allowed and the

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2010-11 Acit, Satyapal Jaikumar Jain, Cc-39, R. No.32(1), 82, Maker Chambers-Iii, बनाम/ Ground Floor, Nariman Point, Vs. Aayakar Bhavan, Mumbai-400021 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aabpj1888Q Assessment Year: 2010-11 Satyapal Jaikumar Jain, Acit, 82, Maker Chambers-Iii, Cc-39, R. No.32(1), बनाम/ Nariman Point, Ground Floor, Vs. Mumbai-400021 Aayakar Bhavan, Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aabpj1888Q

…cant flat can be determined at a municipal ratable value. Not only that, now the determination of ALV as per the Municipal ratable value has been principally upheld by the Hon'ble jurisdictional High Court in the case of Tip Top Typography, reported in [2014] 368 ITR 330. On the other hand, Ld. DR on both the issues i.e. legal as well as on merits, strongly relied upon the order of the CIT(A). We have carefully considered the rival submissions and also perused the relevant finding in the order and also the various Tribunal orders as referred and relied upon by the Ld. Counsel. The assessee had shown Flat Nos. B-…

Europa Chemicals Private Limited, Mumbai vs. Income Tax Officer 5(1)(4), Mumbai

In the result, appeal of assessee for Assessment Year 2009-10 is allowed, as above

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

…in excess of the Municipal ratable value, the annual value of the property can be assessed on the basis of the actual rent. In this context, reliance has also been placed on the judgment of Hon'ble Bombay High Court in the case of CIT vs. Tip Top Typography, 368 ITR 330 (Bom.) to point out that the Municipal ratable value is to be accepted as a good indicator of the fair rent unless the Assessing Officer is able to establish on the basis of material that the actual rent charged was suspicious. According to the learned representative there is no such case made out by the Assessing Officer and, therefore, the dete…

Europa Chemicals Private Limited, Mumbai vs. Income Tax Officer 5(1)(4), Mumbai

In the result, appeal of assessee for Assessment Year 2009-10 is allowed, as above

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

…in excess of the Municipal ratable value, the annual value of the property can be assessed on the basis of the actual rent. In this context, reliance has also been placed on the judgment of Hon'ble Bombay High Court in the case of CIT vs. Tip Top Typography, 368 ITR 330 (Bom.) to point out that the Municipal ratable value is to be accepted as a good indicator of the fair rent unless the Assessing Officer is able to establish on the basis of material that the actual rent charged was suspicious. According to the learned representative there is no such case made out by the Assessing Officer and, therefore, the dete…

Europa Chemicals Private Limited, Mumbai vs. Income Tax Officer 5(1)(4), Mumbai

In the result, appeal of assessee for Assessment Year 2009-10 is allowed, as above

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

…in excess of the Municipal ratable value, the annual value of the property can be assessed on the basis of the actual rent. In this context, reliance has also been placed on the judgment of Hon'ble Bombay High Court in the case of CIT vs. Tip Top Typography, 368 ITR 330 (Bom.) to point out that the Municipal ratable value is to be accepted as a good indicator of the fair rent unless the Assessing Officer is able to establish on the basis of material that the actual rent charged was suspicious. According to the learned representative there is no such case made out by the Assessing Officer and, therefore, the dete…

Hightech Realties P.Ltd, Mumbai vs. ITO 12(2)(4), Mumbai

In the result, the appeal of assessee is allowed

Bench: Sri Mahavir Singh

…her fair market value of the property for the purpose of deemed rent under section 23(1)(a) or 23(1)(c) can be estimated. The learned Counsel for the assessee relied on the decision of Hon’ble Bombay High Court in the case of CIT vs. Tip Top Typography [2014] 368 ITR 330 (Bombay), wherein held as under:- 5 “46. We have and after careful reading of the provision in question and the conclusion of the Full Bench of the Delhi High Court councluded that a different view cannot be taken. We respectfully concur with the view taken in this Full Bench decision of the Delhi High Court. 47. We are of the view that where R…

DCIT 2(2)(2), Mumbai vs. Nrb Bearing Ltd, Mumbai

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “बी मुंबई बी बी” खंडपीठ बी खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“B”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./1359/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2005-06 िनधा"रण िनधा"रण वष" वष" DCIT-2(2)(2) M/s. NRB Bearing Limited Room No.549, Aayakar Bhavan Dhannur, 15, Sir P.M. Road Vs. M.K. Road, Mumbai-400 020. Fort, Mumbai-400 001. PAN:AAACN 3479 P (अपीलाथ" /Appellant) ("…

S.P. Corporation, Mumbai vs. A.C.I.T. RG. 11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

…the Act and therefore the rateable value as per the municipal corporation should be adopted for arriving at ALV of the property and this is the safest method. The Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.…

S.P. Corporation, Mumbai vs. A.C.I.T.RG.11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

…the Act and therefore the rateable value as per the municipal corporation should be adopted for arriving at ALV of the property and this is the safest method. The Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.…

S.P. Corporation, Mumbai vs. Asst CIT RG 11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

…the Act and therefore the rateable value as per the municipal corporation should be adopted for arriving at ALV of the property and this is the safest method. The Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.…