Mangla Homes Pvt. Ltd. v. ITO

Moraz Building Concepts Pvt. Ltd, Mumbai vs. DCIT Cent Cir 5(2), `Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…income from house property or business income, which Hon’ble High Court held that it should be assessed as business income. 10 On the contrary, on this point, Hon’ble Jurisdictional High Court in the case of Mangla Homes Pvt. Ltd. Vs. ITO, reported in (2010) 325 ITR 281(Bombay) wherein, the Hon’ble Bombay High Court on the facts where the Assessee Company was incorporated with the object of dealing in properties and the main object of the company as contained in the memorandum of association was to carry on business of dealing and investment in properties, flats, warehouses, shops, commercial and residential hou…

Moraj Building Concepts Pvt.Ltd, Mumbai vs. DCIT Central Cir -5(2), Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…income from house property or business income, which Hon’ble High Court held that it should be assessed as business income. 10 On the contrary, on this point, Hon’ble Jurisdictional High Court in the case of Mangla Homes Pvt. Ltd. Vs. ITO, reported in (2010) 325 ITR 281(Bombay) wherein, the Hon’ble Bombay High Court on the facts where the Assessee Company was incorporated with the object of dealing in properties and the main object of the company as contained in the memorandum of association was to carry on business of dealing and investment in properties, flats, warehouses, shops, commercial and residential hou…

DCIT Cent. Cir -4(2), Mumbai vs. M/S. Inorbit Malls (India ) Pvt. Ltd, Mumbai

In the result appeal of the revenue is partly allowed for statistical purposes

Bench: Shri Amit Shukla, Jm & Shri S Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No.2220/Mum/2021 (निर्धारणवर्ा / Assessment Year: 2017-18) Dcit Central Cir-4(2) M/S. Inorbit Malls P.Ltd Room No.1918, 19Th Floor, बिधम/ Plot No.C-30,Bnlock-G, Air India Bldg, Nariman Opp Sidbi Bank, Bkc, Point Mumbai 400021 Vs. Bandra (East), Mumbai 400050 स्थायीलेखासं./जीआइआरसं./ Pan No. Aaack9106G (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Mr. Madhur Agarwal, Adv. प्रत्यथीकीओरसे/Respondent By : Mr. Ganesh Bare, Cit Dr सुनवाईकीतारीख/ : 14.07.2022 Date Of Hearing घोषणाकीतारीख / : 11.10.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla:

…M/s. Inorbit Malls Pvt. Ltd. business income, which Hon‟ble High Court held that it should be assessed as business income. 10. On the contrary, on this point, Hon‟ble Jurisdictional High Court in the case of Mangla Homes Pvt. Ltd. Vs. ITO, reported in (2010) 325 ITR 281(Bombay) wherein, the Hon‟ble Bombay High Court on the facts where the Assessee Company was incorporated with the object of dealing in properties and the main object of the company as contained in the memorandum of association was to carry on business of dealing and investment in properties, flats, warehouses, shops, commercial and residential hou…

Pegasus Properties P. Ltd., Pune vs. Dy CIT, CC-2(3), Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

…n 23 of the Act; 8. erred in not following the decision of Hon’ble Tribunal in assessee’s own case against the 143(3) proceedings for AY 2013-14 and AY 2014-15 and incorrectly relying on the decision of Hon’ble Bombay High Court in case of Mangla Homes P Ltd (325 ITR 281) without appreciating the fact that in the case of said assessee, it was in the business of letting out of house property and therefore income earned was taxed as IFHP, whereas the assessee is in the business of builders and developers of residential property and income earned is taxable as IFBP; 9. Without prejudice to the above, erred in uphold…

Pegases Properties P. Ltd., Mumbai vs. Dy CIT - CC-2(3), Mumbai

In the result the appeals of the assessee are allowed and the appeals of the revenue are dismissed

…the decision of Hon'ble Delhi High Court in case of CIT vs. Ansal Housing & Construction (2016) (389 ITR 373) (Delhi) and CIT vs. Ansal Housing Finance & Leasing Co. Ltd (2013) (354 ITR 180) (Delhi) and Hon'ble Bombay High Court in case of Mangla Homes P Ltd (325 ITR 281) for determining the Annual Letting Value (ALV) of the unsold flats/units as per section 23 of the Act. The Ld. AO took the fair value of the rent which can be fetched in that area and considered Rs. 12 per Sq. Ft. Based on the same, the ld. AO applied the fair value rent of Rs. 12 per sq. ft. to the total saleable area of the unsold flats/ units…

Gemstar Enterprises, Mumbai vs. Asst CIT 30(1), Mumbai

In the result the ground No

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

…ht the amendment in section 23(5) of the Act to bring the unsold unit after a vacancy period of one year. 5. The ld. AR for the assessee was confronted with the decision of Hon'ble Bombay High Court in Mangla Homes (P) Ltd v. ITO [2009] 182 Taxman 55/[2010] 325 ITR 281. 4 ITA No. 5549/Mum/2016- Gemstar Enterprises 6. The ld. AR of the assessee submits that the ratio of the decision of jurisdictional High Court in Mangla Homes (P) Ltd.'s case (supra) is not applicable on the facts of the present case. The facts of the said case are entirely different. The assessee in the said case is not the builder like the…

Vijay Enterprises, Mumbai vs. DCIT 30(3), Mumbai

In the result the ground No

Bench: Shri Pawan Singh, Jm & Shri Rajesh Kumar, Am

…27.06.2018. 4. On the other hand the learned DR for the revenue supported the order of authorities below. 5. The ld. AR for the assessee was confronted with the decision of Hon'ble Bombay High Court in Mangla Homes (P) Ltd v. ITO [2009] 182 Taxman 55/[2010] 325 ITR 281. 6. The ld. AR of the assessee submits that the ratio of the decision of jurisdictional High Court in Mangla Homes (P) Ltd.'s case (supra) is not applicable on the facts of the present case. The facts of the said case are entirely different. The assessee in the said case is not the builder like the assessee in the case in hand. In Mangla Homes (P…

Poojeet Enterprises, Mumbai vs. ACIT 25(3), Mumbai

…e business of investing in flats and earn fixed rental income.He upheld the order of the AO. 4.Before us,In its written submissions the assessee relied upon the cases of Azimganj Estate Pvt. Ltd.(ITA no. 242 of 2003,dated,13/09/2011)and Mangla Homes Pvt Ltd.(325 ITR 281)of the Hon’ble Calcutta and Bombay High Court respectively.It has been submitted by the assessee that rental income received by it could not be taxed as business income.Departmental Representative(DR)supported the order of the FAA. 5.As stated earlier none appeared for the assessee. We have heard the DR and perused the material before us.We find…