Inderlok Hotels(P) Ltd. v. ITO the ITAT Mumbai Bench I

32 SOT 419Income Tax Appellate Tribunal2009#12617 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2020.

Judgments citing Inderlok Hotels(P) Ltd. v. ITO the ITAT Mumbai Bench I

Sri Ajay Kumar, Hazaribagh vs. ITO Ward-1(1), Hazaribagh

In the result, the appeal of the assessee in ITA NO

ITA 207/RAN/2017[09-10]Status: DisposedITAT Ranchi08 Jul 2020

Bench: Shri S.S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.243/Ran/2016 आयकरअपीलसं./Ita No.207/Ran/2017 ("नधा"रणवष" / Assessment Year:2009-10)

For Appellant: Shri M. K. Choudhry, AdvocateFor Respondent: Shri Inderjeet Singh, CIT (DR)

Section 147Section 50C

…t earned by the assessee through business of sale and purchase of land Rs. 3,94,145/--. Section 50C of Income Tax Act, 1961 is not applicable if income is taxable under Section 28, in this regard, we are also refer case Inderlok Hotels (P) Ltd. vs. ITO [2009] 32 SOT 419 (Mum).” 9. Therefore, the ld Counsel has contended before us that during the assessment stage it was submitted before the AO that sale of land should be treated as business income as object of the assessee to purchase the land to convert into small plots and then sale these small plots on profit.So there was a profit motive. However, Assessing Of…

Shri Ajay Kumars/O Shri Kisan Bhagwat, Hazaribagh vs. ITO Ward-2(5), Hazaribagh

In the result, the appeal of the assessee in ITA NO

ITA 243/RAN/2016[2009-10]Status: DisposedITAT Ranchi08 Jul 2020AY 2009-10

For Appellant: Shri M. K. Choudhry, AdvocateFor Respondent: Shri Inderjeet Singh, CIT (DR)

Section 147Section 50C

Mangalmurti Realtors, Mumbai vs. ITO WD 5 Panvel, Mumbai

In the result, the appeals filed by the revenue is hereby ordered to be dismissed and appeal filed by the assessee is hereby ordered to be allowed

ITA 3787/MUM/2017[2012-13]Status: DisposedITAT Mumbai13 Jan 2020AY 2012-13

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3787/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Mangalmurti Realtors बिधम/ Ito-Ward-5, Panvel 610, Piramal Chambers, Shop No.10, Plot No.1 & 10, Vs. Lalbaug, Mumbai-400012. Sector-31, Kamothe, Navi Mumbai. Ita. No. 4400/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Ito-Ward-5, Panvel बिधम/ M/S. Mangalmurti Realtors 610, Piramal Chambers, Shop No.10, Plot No.1 & 10, Vs. Lalbaug, Mumbai-400012. Sector-31, Kamothe, Navi Mumbai. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aapfm3709F (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Rishabh Mehta (Ar) Revenue By: Shri Padamapani Bora (Dr) सुनवाई की तारीख / Date Of Hearing: 08/11/2019 घोषणा की तारीख /Date Of Pronouncement: 13/01/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 20.03.2017 Passed By The Commissioner Of Income Tax (Appeals)-1, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012-13. Ita. No.3787/M/17 4400/M/2017 A.Y. 2012-13 2. The Assessee Has Filed The Present Appeal Against The Order Dated 20.03.2017 Passed By The Commissioner Of Income Tax (Appeals)-1, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 3. The Assessee Has Raised The Following Grounds: -

For Appellant: Shri Rishabh Mehta (AR)For Respondent: Shri Padamapani Bora (DR)

Section 143(2)Section 43C

…espect of such transfer. If the above conditions are satisfied, the value adopted by the stamp duty authority shall be taken as full value of consideration for the purpose of computation of capital gains. In the case of Inderlok Hotels (P.) Ltd. v. ITO (2009) 32 SOT 419 (Mum) and CIT v. Thiruvengadam Investments (P.) Ltd. (2010) 320 ITR 345 (Mad), it is held that section 50C is not applicable for calculating business income u/s 28. Thus section 50C is applicable if a capital asset (being land or building or both) is transferred for a consideration which is lesser than stamp duty value. In such case, value assesse…

Shri Dr. Liyakat Ali Kapadiya, Ujjain vs. Assistant Commissioner of Income Tax 2 (1), Ujjain

The appeal of the assessee is allowed for statistical

ITA 668/IND/2017[2013-14]Status: DisposedITAT Indore25 Mar 2019AY 2013-14

Bench: Shri Kul Bharat & Shri Manish Borada.Y. 2013-14

Section 50CSection 50C(3)

…It is an admitted fact that the land in question is a capital asset and is not a part of the stock in trade of the appellant company and hence is covered by the provisions of section SOC. In the case of Inderlok Hotels(P) Ltd. Vs. ITO the ITAT Mumbai Bench I 32 SOT 419 (Mumbai) has held as under:- “As per the legislative history, section 5OC was inserted in the Act by the Finance Act, 2002 with effect from 1-4-2003 and it is in the nature of special provision which is introduced in determining the full value of the consideration in case of transfer of land or building or both. The value determined or assessed by…

M/S Malvika Agrotech Pvt. Ltd., Dhar vs. The ITO-2(2), Indore

In the result the appeal of the assessee is allowed for statistical purposes”

ITA 358/IND/2016[2009-10]Status: DisposedITAT Indore19 Sept 2018AY 2009-10

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2009-10 M/S Malvika Agrotech Ito, 2(2), Pvt. Ltd, Indore Plot No.185, Sector-1, Pithampur, Dhar (Appellant) (Respondent ) Pan No.Aaccm6451G Revenue By Shri P.K. Mitra, Sr. Dr Assessee By Shri C.P. Rawka,Ca Date Of Hearing 10.09.2018 Date Of 19.9.2018 Pronouncement

Section 143(3)Section 148Section 50CSection 68

…It is an admitted fact that the land in question is a capital asset and is not a part of the stock in trade of the appellant company and hence is covered by the provisions of section SOC. In the case of Inderlok Hotels(P) Ltd. Vs. ITO the ITAT Mumbai Bench I 32 SOT 419 (Mumbai) has held as under:- “As per the legislative history, section 5OC was inserted in the Act by 6 Malvika Agrotech Pvt. Ltd the Finance Act, 2002 with effect from 1-4-2003 and it is in the nature of special provision which is introduced in determining the full value of the consideration in case of transfer of land or building or both. The va…

Nirmal B. Chavda, Rajkot-Gujarat vs. The Income Tax Officer, Ward-2(1)(2), Rajkot-Gujarat

In the result, the appeal of the assessee is dismissed

ITA 74/RJT/2017[2008-09]Status: DisposedITAT Rajkot11 Jan 2018AY 2008-09

For Appellant: Shri Gaurav Mehta, A.RFor Respondent: Smt. Namita Khurana, Sr. D.R

Section 144Section 147Section 148Section 28Section 50C

…th of Rs. 10,75,215). 3. The Assessing Officer has erred in law by adopting stamp duty valuation u/s 50C as the assessee has filed Return mentioning income from sale of property as business income and as per case law of Inderlok Hotels Pvt. Ltd. v. ITO [2009] 32 SOT 419(Mum.), CIT v. Thiruvengadam Investments Pvt. Ltd. [2010] 320 ITR 345(Mad.) Section 50C is not applicable for calculating business income under section 28. 4. The Assessing Officer has erred in law by not giving enough opportunity to the assessee before passing Order and not follows the principle of natural justice. 5. The Commissioner of Income Ta…

DCIT 2(1)(2), Mumbai vs. Estate Investment Co. P. Ltd, Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 5048/MUM/2015[2010-11]Status: DisposedITAT Mumbai08 Nov 2017AY 2010-11

Bench: Shri Mahavir Singh () & Shri G Manjunatha ()

Section 143(2)Section 143(3)Section 45(2)Section 50C

…cepted because provisions of section 50C are not applicable in case of business income in view of the submissions of the assessee and decision relied by the assessee, particularly the decision of Hon'ble 1TAT in the case of Indralok Hotels Pvt. Ltd. v/s. iTO (32 SOT 419) (Mum) and the other decisions relied by the assessee." 5. Respectfully following the decision of my learned predecessor in A.Yr.2009-10 and with a view to maintain judicial consistency, A.O. is directed to accept the conversion of ownership land into stock-in-trade and treat the income, if any, arising from sale of such land under reference, as b…

Addl CIT 2(1) City 2, Mumbai vs. The Estate Investmet Co. P.Ltd, Mumbai

In the result, Revenue’s appeal for Asst

ITA 1105/MUM/2013[2009-10]Status: DisposedITAT Mumbai20 Jan 2016AY 2009-10

Bench: Shri Jason P. Boaz (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2009-10

For Appellant: Shri. Vivek A. OjhaFor Respondent: Shri. Arvind Sonde

Section 143(1)Section 143(3)Section 50CSection 55A

…gned order that the Ld. CIT(A) has rendered no such finding. The Ld. CIT(A) has in fact held that the provisions of Section 50C of the Act are not applicable in the case of in case business income in view of the decision of inter alia, Indralok Hotels P. Ltd.(32 SOT 419)(Mum). We therefore reject ground no.3 (b) raised by revenue. 10 CO 65/MUM/2014 Assessment Year: 2009-10 6.3.3. In respect of revenues claim in grounds no.4, that the Ld. CIT(A) erred in concluding that the AO has allowed all the expenses claimed by the assessee, after an appreciation of the details on record, we concur with the observation of…