M.V. Sonavala v. CIT

ACIT CIR 7(1), MUMBAI vs. NOVARTIS INDIA ( FORMELRY KNOWN AS HINDUSTAN CIBA GIEGY LTD), MUMBAI

In the result, (i) the appeal filed by the assessee is partly allowed for statistical purpose (ii) the appeal filed by the revenue is dismissed and (iii) the Cross Objections filed by the assessee ...

Bench: Pavan Kumar Gadale & Shri Girish Agrawal & Co 76/Mum/2013 (A.Y 2003-04) Novartis India Limited Vs. Deputy Commissioner Of Income–Tax–14(1)(1) Inspire Bkc, 7Th Floor, Room No 432, Bandra Kurla Complex, Aaykar Bhawan, Bandra (E) M.K. Marg, Mumbai-400051. Mumbai-400020. Pan/Gir No. Aaach2914F (अपीलाथ"/Appellant) (""यथ"/Respondent) Deputy Commissioner Vs. Novartis India Limited Of Income–Tax–14(1)(1) Inspire Bkc, 7Th Floor, Room No 432, Bandra Kurla Complex, Aaykar Bhawan, Bandra (E) M.K. Marg, Mumbai-400051 Mumbai-400020 Pan/Gir No. Aaach2914F (अपीलाथ"/Appellant (""यथ"/Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL, “J” BENCH MUMBAI BEFORE PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER & CO 76/MUM/2013 (A.Y 2003-04) Novartis India Limited Vs. Deputy Commissioner of Income–Tax–14(1)(1) Inspire BKC, 7th Floor, Room no 432, Bandra Kurla Complex, Aaykar Bhawan, Bandra (E) M.K. Marg, Mumbai-400051. Mumbai-400020. PAN/GIR No. AAACH2914F (अपीलाथ"/Appellant) (""यथ"/Respondent) Deputy Commissioner Vs. Novartis India Limited of Income–Tax–14(1)(1) Inspire BKC, 7th Floor, Room no 432, Bandra Kurla Complex, Aaykar Bhawan, Bandra (E) M.K. Marg, Mumbai-400051 Mumbai-40002…

ADDL CIT R G 7(1), MUMBAI vs. NOVARTIS INDIA LTD ( FORMERLY KNOWN AS HINDUSTAN CIBA GIEGY LTD. ), MUMBAI

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Novartis India Limited V. Asst. Commissioner Of Income –Tax - 7(2)(2) {Earlier Addl. Commissioner Of Income –Tax – 7(1)} 6Th& 7Th Floor 1St Floor, Aayakar Bhavan Inspire Bkc M.K. Road, Mumbai - 400020 “G” Block, Bkc Main Road Bandra Kurla Complex, Bandra (E) Mumbai – 400051 Pan: Aaach2914F (Appellant) (Respondent) Addl. Commissioner Of Income –Tax – 7(1) V. M/S. Novartis India Limited Room No. 622, Aayakar Bhavan {Earlier Known As Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 Pan: Aaach2914F (Appellant) (Respondent) Co No.190/Mum/2011 [Arising Out Of Ita No.6772/Mum/2010 (A.Y. 2002-03)] M/S. Novartis India Limited V. Addl. Commissioner Of Income –Tax – 7(1)} Room No. 622, Aayakar Bhavan {Earlier Known As Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 Pan: Aaach2914F (Appellant) (Respondent)

…50,000 square feet of commercial and residential premises being used by CSCIL. However, Ld. AO opined that since the assessee had let out the property but did not charge the rent then in terms of decision of Hon‟ble Bombay High Court in M.V. Sonavala Vs. CIT (177 ITR 246) Bom.), it was possible for AO to take into consideration the amount for which the property might be let from year to year or AO could also consider the annual ratable value. Considering the market rate for commercial premises at Goregaon, the rates would be in the region of Rs.30/- per square feet per month and that of residential premises being…

RAVI K SHETH,MUMBAI vs. DCIT 5(3), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Bleshri Ravi K. Sheth V. Dcit – 5(3) C/O Kalyaniwalla & Mistry Llp Room No. 573 2Nd Floor, Esplande House Aayakar Bhavan, M.K. Road 29, Hazarimal Somani Marg Mumbai – 400020 Fort, Mumbai – 400001 Pan: Aaips7341E (Appellant) (Respondent) Assessee By : Shri Percy Paridiwala Department By : Shri Bharat Andhle

…ined by the municipal corporation. In a reference, the Calcutta High Court held that the Tribunal had justified in giving these directions. 14. Advocate for the assessee then relied upon a judgment of this Court in the case of M.V.Sonavala Vs. CIT reported in 177 ITR 246, where this Court following the view taken by the Calcutta High Court in the case of CIT Vs. Prabhabati (supra), held that the annual value of different properties should be calculated on the basis of which the property might reasonably be let from year to year or the annual municipal value. The aforesaid decision was given for calculating the an…

NOVARTIS INDIA LTD,MUMBAI vs. DCIT CIR 7(1), MUMBAI

Appeal stand partly allowed

…50,000 square feet of commercial and residential premises being used by CSCIL. However, Ld. AO opined that since the assessee had let out the property but did not charge the rent then in terms of decision of Hon‟ble Bombay High Court in M.V. Sonavala Vs. CIT (177 ITR 246) Bom.), it was possible for AO to take into consideration the amount for which the property might be let from year to year or AO could also consider the annual ratable value. Considering the market rate for commercial premises at Goregaon, the rates would be in the region of Rs.30/- per square feet per month and that of residential premises being…

VIREN VINI AHUJA,MUMBAI vs. ASST CIT CEN CIR 8(4), MUMBAI

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

Bench: Shri Pawan Singh & Shri G. Manjunathavirenvini Ahuja Assistant Commissioner Of Bunglow No.1 Income Tax, Central, Circle- Neelkanth Teerth, 8(4), Mumbai-400021. Road No.6,Chembur, Vs. Mumbai-400 071. Pan: Aacpa4809M Appellant Respondent Appellant By : Shri J.P.Bairagra (Ar) Respondent By : Shri Rajeev Gubgotra (Dr)

…ITA No. 1855/Mum/2017-VirenVini Ahuja IN THE INCOME-TAX APPELLATE TRIBUNAL “F” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER VirenVini Ahuja Assistant Commissioner of Bunglow No.1 Income Tax, Central, Circle- Neelkanth Teerth, 8(4), Mumbai-400021. Road No.6,Chembur, Vs. Mumbai-400 071. PAN: AACPA4809M Appellant Respondent Appellant by : Shri J.P.Bairagra (AR) Respondent by : Shri Rajeev Gubgotra (DR) Date of Hearing : 04.04.2019 Date of Pronouncement : 04.04.2019 PER PAWAN SINGH, JUDICIAL MEMBER; This appeal by assessee is directed against the order of ld.…

MARINE CONTAINER SERVICES,MUMBAI vs. DCIT 12 (2), MUMBAI

In the result this ground of appeal is allowed for statistical

Bench: Shri B.R. Baskaran & Shri Pawan Singhm/S Marine Container Services, Dy.Cit, Circle-17(2), Room No. 123, 1St Floor, 71, World Trade Centre, Cuffe Parade, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400005. Mumbai-20. Pan: Aaafm9838J Appellant Respondent Appellant By : Shri B.V. Jhaveri (Ar) Respondent By : Shri T.A. Khan (Dr) Date Of Hearing : 16.05.2018 Date Of Pronouncement : 08.08.2018 Order Under Section 254(1)Of Income Tax Act Per Pawan Singh;

…from year to year". Thus, the Court concluded that the Municipal valuation and the annual value u/s. 23(1)(a) are one of the same. The decision of Hon'ble Calcutta High Court has been followed by Hon'ble Bombay High Court in the case of M.V. Sonavala Vs. CIT, 177 ITR 246 (Bom); wherein Hon'ble Bombay High Court has observed as follows :- "However, the questions posed to us are not whether the annual value of the property for the purpose of section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. The question is whether the annual value should be taken at the amount w…

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

…fest guide for this purpose and the rent actually received would not be of any relevance.” 21 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation 21. In the case of M.V. Sonavala v. CIT [177 ITR 246] the Jurisdictional High Court held as under: “4. However, the questions posed to us are not whether the annual value of the property for the purpose of Section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. It is whether the annual value should be taken at the amount which is actual compensation…

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

…fest guide for this purpose and the rent actually received would not be of any relevance.” 21 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation 21. In the case of M.V. Sonavala v. CIT [177 ITR 246] the Jurisdictional High Court held as under: “4. However, the questions posed to us are not whether the annual value of the property for the purpose of Section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. It is whether the annual value should be taken at the amount which is actual compensation…

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

…fest guide for this purpose and the rent actually received would not be of any relevance.” 21 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation 21. In the case of M.V. Sonavala v. CIT [177 ITR 246] the Jurisdictional High Court held as under: “4. However, the questions posed to us are not whether the annual value of the property for the purpose of Section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. It is whether the annual value should be taken at the amount which is actual compensation…

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

…fest guide for this purpose and the rent actually received would not be of any relevance.” 21 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation 21. In the case of M.V. Sonavala v. CIT [177 ITR 246] the Jurisdictional High Court held as under: “4. However, the questions posed to us are not whether the annual value of the property for the purpose of Section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. It is whether the annual value should be taken at the amount which is actual compensation…

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

…fest guide for this purpose and the rent actually received would not be of any relevance.” 21 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation 21. In the case of M.V. Sonavala v. CIT [177 ITR 246] the Jurisdictional High Court held as under: “4. However, the questions posed to us are not whether the annual value of the property for the purpose of Section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. It is whether the annual value should be taken at the amount which is actual compensation…

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

…fest guide for this purpose and the rent actually received would not be of any relevance.” 21 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation 21. In the case of M.V. Sonavala v. CIT [177 ITR 246] the Jurisdictional High Court held as under: “4. However, the questions posed to us are not whether the annual value of the property for the purpose of Section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. It is whether the annual value should be taken at the amount which is actual compensation…

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

…fest guide for this purpose and the rent actually received would not be of any relevance.” 21 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation 21. In the case of M.V. Sonavala v. CIT [177 ITR 246] the Jurisdictional High Court held as under: “4. However, the questions posed to us are not whether the annual value of the property for the purpose of Section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. It is whether the annual value should be taken at the amount which is actual compensation…

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

…rties, on the ground that the details of ALV were not furnished by the appellant. The AO may be directed to adopt Municipal Rateable Value for reaming properties as per the decision of the Jurisdictional Bombay High Court in the case of M. V. Sonavala v. CIT (177 ITR 246).” 3. Briefly stated facts are that the AO during the course of assessment proceedings noticed that the assessee is in possession of the following properties: - “1. Abhishek –Naigaon 2. Dosti Acres-Wadala 4 3. Shivneri-flat No 51 & 78 at Dadar 4. House at Kolhapur 5. Property at Talegaon (addition during the year) 6. Property at Kalyan (ad…