CIT v. Tip Top Typography

ACIT 11(1), Mumbai vs. S.P. Corporation, 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. ACIT 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. ACIT 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. ACIT 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.…

Shankar Bhausaheb Shinde, Mumbai vs. Income Tax Officer-2(3)(3), Mumbai

In the result, the appeal of assessee is allowed in term of the above

Bench: Sri Mahavir Singh

…ounsel for the assessee only requested that ALV of these three flats can be taken by taking Municipal Rateable value. He relied on the case law of Hon’ble Bombay High Court in the case of M. V. Sonavala v. CIT (177 ITR 246) & CIT vs. Tip Top Typography [2014] 368 ITR 330 (Bombay). I find that Hon’ble Bombay High court has held that in the absence of any suspicion or enquiry and the rent determined by the parties is to defraud the Revenue, the AO cannot resolve to adopt deemed rent other than the retable value. Hon’ble Bombay High Court held as under:- “49. We are of the opinion that market rate in the locality i…

Owais M. Husain, Mumbai vs. ITO 18(2)(3), Mumbai

In the result, the appeal assessee is partly allowed

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Shri Owais M. Husain Income Tax Officer- 701/13/14, Queens Court, 18(2)(3), Mumbai 1/115,, Dr. E Moses Road, Vs. Worli, Mumbai-400 018

…assessee came in second appeal before Tribunal. 17. We have heard rival contentions and gone through the facts and circumstances of the case. As cited by the assessee, the decision of Hon’ble Bombay High Court in the case of CIT vs. Tip Top Typography [2014] 368 ITR 330 (Bom.), wherein it is held that for computing letable value, Municipal rateable value can be adopted by the AO. For this Hon’ble Bombay High court observed as under:- “48. We are not in agreement with Shri Chhotaray that the municipal rateable value cannot be accepted as a bona fide rental value of the property and it must be discarded straightw…

ACIT - 1(1)(1), Mumbai vs. Cyrus Investments Pvt. Ltd. (Formerly Cyrus Investments Ltd.), Mumbai

In the result , appeal of the Revenue is partly allowed as indicated above

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6414/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) Assistant Commissioner Of बिाम/ M/S Cyrus Investments Income-Tax-1(1)(1) Private Limited 579, Aayakar Bhawan Esplanade House, Fort V. M K Road, Mumbai-400020 Mumbai-400002 स्थायी ऱेखा सं./ Pan : Aaacc2880P (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…आयकर अपीऱीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI C.N PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6414/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) Assistant Commissioner of बिाम/ M/s Cyrus Investments Income-tax-1(1)(1) Private Limited 579, Aayakar Bhawan Esplanade House, Fort v. M K Road, Mumbai-400020 Mumbai-400002 स्थायी ऱेखा सं./ PAN : AAACC2880P (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue by : Shri Rajat Mittal (DR) Assessee by: Shri Beharilal सुनवाई की तारीख /Date of Hearing : 01…

ACIT- 7(2)(1), Mumbai vs. Mahalaxmi Engineering Company Pvt.Ltd., Mumbai

…assessee had avoided payment of higher taxes, that none of the four companies had declared the lease income under the head income from house property,that they had shown the income under the head business income. He referred to the case of TIP Top Typography (368 ITR 330) of the 3071/M/16 Hon’ble Bombay High Court and assessed the annual value of the property rights including rent received by all the four tenants apart from the three protected tenants. 3.Aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority (FAA) and made elaborate submissions it also relied upon…

Rohan G. Bulchandani, Mumbai vs. ITO - 1(3)(1), Mumbai

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 5164/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2012-13)

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI R. C. SHARMA, AM & SHRI SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 5164/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2012-13) Rohan G. Bulchandani DCIT-1(3)(1) बिधम/ A/21, Darshan Apartments, Mumbai Vs. Mount Pleasant Road, Pin- Mumbai-400006. स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. AADPB0862E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Ms. VarshaNanwani, AR प्रत्यथीकीओरसे/Respondentby : Shri M. C. Omi Ningshen, DR सुनवाईकीतारीख/ : 09/04/2018 Date of Hearing घोषणाकीतारीख / : 26/04/2018 Date of Pronouncement आदेश / O R D…

DCIT 2(3)(2), Mumbai vs. Sheba Properties Ltd, Mumbai

In the result, the Revenue’s appeals stands dismissed

Bench: Shri Shamim Yahya, Am & Ram Lal Negi, Jm आयकर अपील सं./I.T.A. Nos. 660 To 664/Mum/2016 ("नधा"रण वष" / Assessment Year: 2008-09 To 2012-13) Tata Motors Finance Limited Dy. Cit (Osd), 2(3) 5Th Floor, Aayakar Bhavan, (Formerly Known As Sheba Properties बनाम/ Limited) M. K. Marg, Mumbai -400 020 10Th Floor, 106A & B, Maker Chambers Vs. Iii, Nariman Point, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaecs 0591 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : आयकर अपील सं./I.T.A. Nos. 699 To 703/Mum/2016 ("नधा"रण वष" / Assessment Years: 2009-10, 2010-11, 2012-13, 2008-09, 2011-12) Dy. Cit, Circle-2(3)(2), Tata Motors Finance Limited Room No. 552, 5Th Floor, (Formerly Known As Sheba बनाम/ Aayakar Bhavan, M. K. Marg, Properties Limited) 3Rd Floor, Nanavati Mahalaya, 18 Mumbai -400 020 Vs. Homi Mody Street, Fort, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaecs 0591 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri R. R. Vohra & Shri Nikhil Tiwari ""यथ" क" ओर से/Respondent By : Shri V. Justin

…perused the records assessee's appeal. The ld. Counsel of the assessee submitted that the ld. Commissioner of Income Tax (Appeals) has passed a very reasonable order. In this regard, he placed reliance upon the following case laws: 1. Tip Top Typography (368 ITR 330) (Bom) 2. Karia Can Company Ltd. (ITA No. 2733/M/2008 dated 30.01.2015) 3. Savani Brothers (46 CCH 64) (Mum) 11. He also referred to the valuation report from the M/s.Techno Arch Consultants submitted by the assessee before the ld. Commissioner of Income Tax (Appeals). He further submitted that the said letter of the valuer relied upon by the…

Sheba Properties Ltd, Mumbai vs. DCIT (OSD) 2(3), Mumbai

In the result, the Revenue’s appeals stands dismissed

Bench: Shri Shamim Yahya, Am & Ram Lal Negi, Jm आयकर अपील सं./I.T.A. Nos. 660 To 664/Mum/2016 ("नधा"रण वष" / Assessment Year: 2008-09 To 2012-13) Tata Motors Finance Limited Dy. Cit (Osd), 2(3) 5Th Floor, Aayakar Bhavan, (Formerly Known As Sheba Properties बनाम/ Limited) M. K. Marg, Mumbai -400 020 10Th Floor, 106A & B, Maker Chambers Vs. Iii, Nariman Point, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaecs 0591 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : आयकर अपील सं./I.T.A. Nos. 699 To 703/Mum/2016 ("नधा"रण वष" / Assessment Years: 2009-10, 2010-11, 2012-13, 2008-09, 2011-12) Dy. Cit, Circle-2(3)(2), Tata Motors Finance Limited Room No. 552, 5Th Floor, (Formerly Known As Sheba बनाम/ Aayakar Bhavan, M. K. Marg, Properties Limited) 3Rd Floor, Nanavati Mahalaya, 18 Mumbai -400 020 Vs. Homi Mody Street, Fort, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaecs 0591 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri R. R. Vohra & Shri Nikhil Tiwari ""यथ" क" ओर से/Respondent By : Shri V. Justin

…perused the records assessee's appeal. The ld. Counsel of the assessee submitted that the ld. Commissioner of Income Tax (Appeals) has passed a very reasonable order. In this regard, he placed reliance upon the following case laws: 1. Tip Top Typography (368 ITR 330) (Bom) 2. Karia Can Company Ltd. (ITA No. 2733/M/2008 dated 30.01.2015) 3. Savani Brothers (46 CCH 64) (Mum) 11. He also referred to the valuation report from the M/s.Techno Arch Consultants submitted by the assessee before the ld. Commissioner of Income Tax (Appeals). He further submitted that the said letter of the valuer relied upon by the…

Nrb Bearings Ltd, Mumbai vs. Addl CIT 2(2), Mumbai

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

Bench: S/Shri B.R. Baskaran (Am) & Sandeep Gosain (Jm)

…ssee had taken huge amount of interest free deposit, the AO has determined the ALV of the property at a higher amount. The principles for determining Annual letting Value has since been laid down by Hon’ble Bombay High Court in the case of Tip Top Typography (368 ITR 330). Hence the Tribunal has restored the issue to the file of the AO in order to determine the ALV by following the decision rendered in the above said case. Accordingly, consistent with the view taken in AY 2007-08 and 2008-09 in the assessee’s own case, we set aside the order passed by Ld CIT(A) on this issue and restore the same to the file of th…

ITO 14(1)(1), Mumbai vs. Altitus Management Advisors P.Ltd, Mumbai

The appeal of the revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Ito 14(1)(1) M/S Altitus Managment R. No. 431, 4Th Floor, Advisors P. Ltd. बिधम/ Aayakar Bhavan, M.K. Road, Metropolitan Building Block Mumbai: 400 020. E, 5Th Floor, Bandra Kurla Vs. Complex, Bandra (E), Mumbai- 400 051 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aafca2213B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) :

…s Altitus Management Advisors P. Ltd. Vs. ACIT Special Circle 18(1), Mumbai (2006) 7 SOT 521 (Mum) and the judgment of the Hon‟ble High Court of Bombay in the case of J.K. Investors (Bom) Ltd. (2000) 112 taxman.com 107 (Bom) and CIT-12 Vs. Tip Top Typography (368 ITR 330) (Bom), had deleted the addition of Rs.33,86,952/- made by the A.O in respect of the sinking fund reimbursement recovered by the assessee from its tenants. It was thus submitted by the ld. A.R that as the issue involved was squarely covered in favour of the assessee, therefore, no infirmity did emerge from order of the CIT(A), who by following th…

Sunil T. Doshi, Mumbai vs. JCIT RG 24(2), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Saktijit Dey () & Shri G Manjunatha ()

…ble Bombay High Court in the case of M.V. Sonawala v CIT (supra) observed that municipal valuation should be the basis of determining annual value of the properties. In yet another case, the Hon’ble Bombay High Court in the case of CIT vs Tip Top typography 368 ITR 330 (Bom) observed that in order to determine annual letting value, municipal rateable value may not be binding on assessing officer, but that is only in cases where he is convinced that interest free security deposit and monthly compensation did not reflect prevailing rate. In such a case, the AO can himself resort to enquired about the prevailin…

Can Properties Pvt. Ltd., Mumbai vs. ITO 9(2)(1), Mumbai

The appeal of the assessee is allowed for statistical purposes

Bench: Shri Joginder Singhassessment Year: 2012-13 M/S. Can Properties Pvt. Ito-9(2)(1), Ltd., Shop No. 13, Lumbini Mumbai-400020 बनाम/ Palace Chs Ltd., 91, Tejpal Vs. Road, Ville Parle East, Mumbai – 400 057 (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. Aadcc 7832 L

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “SMC” BENCHES, MUMBAI श्री जोगगन्दय स िंह, न्मायमक दस्म Before Shri Joginder Singh, Judicial Member Assessment Year: 2012-13 M/s. Can Properties Pvt. ITO-9(2)(1), Ltd., Shop No. 13, Lumbini Mumbai-400020 बनाम/ Palace CHS Ltd., 91, Tejpal Vs. Road, Ville Parle East, Mumbai – 400 057 (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. AADCC 7832 L यनधाारयती की ओर से / Assessee by Dr. P. Daniel – AR याजस्व की ओर से / Revenue by Ms. N. Hemalatha -DR ुनवाई की तायीख / Date of Hearing : 13/02/2018 आदेश की तायीख /Date of Order: 13/…

DCIT CC 6(4), Mumbai vs. Virendra Jain, Mumbai

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

Bench: Shri R.C.Sharma, Am Dcit Cc 6(4) Vs. Shri Virendra Jain R.No.1925, 19Th Floor 82, Maker Chamber Air India Building Iii Nariman Point Nariman Point Mumbai – 400 021 Mumbai – 400 021 Pan/Gir No. Aabpj1882E Appellant) Respondent) .. Shri Virendra Jain Vs. Acit Cc 6(4) 19Th Floor,Air India Building 82, Maker Chamber Iii Nariman Point Nariman Point Mumbai – 400 021 Mumbai – 400 021 Pan/Gir No. Aabpj1882E Appellant) .. Respondent) Revenue By Shri Vijay Mehta Assessee By Ms. N. Hemalatha

…"the sum for which the property made be reasonably accepted to lei from year to year" as is found in section 23(1) (a) of the Act is used. It is pertinent to note that in the recent judgement of Hon'ble jurisdictional High Court in CIT v/s Tip Top Typography, 368 ITR 330 which is rendered in context of section 23 of Income Tax Act, 196s, the Hon'ble jurisdictional High Court has held that market rate in the locality is an approved method for determining the fair rental value but it is only when the Assessing Officer is convinced that the case before him is suspicious, determination by the parties is doubtful then…

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

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri Shamim Yahya & Shri Pawan Singh

…s. Rupali Bhavesh Gandhi argued that ld. CIT(A) also confirmed the action of AO on similar lines and without making any independent enquiry. The ld. AR of the assessee relied upon the decision of Hon'ble Bombay High Court in CIT vs. Tip Top Typography [2014] 368 ITR 330(Bom). The ld. AR of the assessee prayed that the matter may be remanded to the file of AO to pass the order afresh after considering the decision in CIT vs. Tip Top Typography (supra). On the other hand, the ld. DR for the Revenue supported the order of authorities below. It was submitted that he has no objection, if the matter is restored to the…

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

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri Shamim Yahya & Shri Pawan Singh

…s. Rupali Bhavesh Gandhi argued that ld. CIT(A) also confirmed the action of AO on similar lines and without making any independent enquiry. The ld. AR of the assessee relied upon the decision of Hon'ble Bombay High Court in CIT vs. Tip Top Typography [2014] 368 ITR 330(Bom). The ld. AR of the assessee prayed that the matter may be remanded to the file of AO to pass the order afresh after considering the decision in CIT vs. Tip Top Typography (supra). On the other hand, the ld. DR for the Revenue supported the order of authorities below. It was submitted that he has no objection, if the matter is restored to the…

Asst CIT 16(3), Mumbai vs. Muktaben G. Kakadia, Mumbai

In the result appeal filed by Revenue for AY 2009-10 is dismissed and the appeal for AY 2010-11 is allowed for statistical purpose

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

…dering the contention of assessee and referring various decision relied before him directed the AO to verify the municipal ratable value in respect of the properties and modify the order accordingly. The Hon’ble Bombay High Court in CIT vs. Tip Top Typography 368 ITR 330 while deciding the issue relating to fair rental value a prescribed u/s 23(1)(a) held as under: “ i) We are not in agreement with the department that the municipal ratable value cannot be accepted as a bonafide rental value of the property and it must be discarded straightway in all cases. There cannot be a blanket rejection of the same. If tha…