Rayala Corporation Pvt. Ltd. v. ACIT

386 ITR 500Supreme Court of India2016#1286 most cited

What is Rayala Corporation Pvt. Ltd. v. ACIT authority for?

If an assessee company's main business object is to acquire and rent out properties, the rental income derived is taxable as 'Profits and gains of business or profession', rather than 'Income from house property', as the nature of the activity constitutes a business.

89

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2011 to 2025.

Also referred to as

Rayala Corporation Pvt. Ltd. v. ACIT · 386 ITR 500 · SC 2016 · rental income classification · business income vs house property · section 22 · section 23 · section 24 · profits and gains of business or profession · main object of business · property letting business · nature of activity assessee

Sections most often in play

Section 143(3)Section 24Section 119Section 139Section 143(1)Section 143(2)Section 14ASection 194-I

Issues it is cited on

section 23(1)(a)annual valuesection 23(1)house property incomesection 24(a)maximum marginal rateprofits and gains of business or professionmiscellaneous applicationsection 22section 24section 23unexplained expenditure

Judgments citing Rayala Corporation Pvt. Ltd. v. ACIT

DCIT, CIRCLE -3(1), VISAKHAPATNAM vs. NORD ANGLIA EDUCATION INFRASTRUCTURE PRIVATE LIMITED, VISAKHAPATNAM

In the result, all the appeals filed by the revenue, viz

ITA 314/VIZ/2025[2014-15]Status: DisposedITAT Visakhapatnam26 Nov 2025AY 2014-15

Bench: Shri Ravish Sood & Shri Balakrishnan S.

For Appellant: 1.Shri Karnjot Singh KhuranaFor Respondent: Shri Badicala Yadagiri, CIT-DR
Section 143(3)

…any was to acquire properties and earn income by letting out same, said income was to be brought to tax as business income and not as income from house property. It also relied on Hon’ble Supreme Court decision in case of Rayala Corporation (P.) Ltd. Vs ACIT (386 ITR 500) wherein Hon’ble Court held that the assessee company is in business of renting its properties and is receiving rent as its business income, the said income should be taxed under the Head "Profits and gains of business or profession". Hon’ble Supreme Court decision in case of Karanpura Development Co. Ltd. Vs CIT (44 ITR 362) wherein Hon’ble Cour…

DCIT, CIRCLE - 3(1), VISAKHAPATNAM vs. NORD ANGLIA EDUCATION INFRASTRUCTURE PRIVATE LIMITED, VISAKHAPATNAM

In the result, all the appeals filed by the revenue, viz

ITA 206/VIZ/2025[2018-19]Status: DisposedITAT Visakhapatnam26 Nov 2025AY 2018-19

Bench: Shri Ravish Sood & Shri Balakrishnan S.

For Appellant: 1.Shri Karnjot Singh KhuranaFor Respondent: Shri Badicala Yadagiri, CIT-DR
Section 143(3)

…any was to acquire properties and earn income by letting out same, said income was to be brought to tax as business income and not as income from house property. It also relied on Hon’ble Supreme Court decision in case of Rayala Corporation (P.) Ltd. Vs ACIT (386 ITR 500) wherein Hon’ble Court held that the assessee company is in business of renting its properties and is receiving rent as its business income, the said income should be taxed under the Head "Profits and gains of business or profession". Hon’ble Supreme Court decision in case of Karanpura Development Co. Ltd. Vs CIT (44 ITR 362) wherein Hon’ble Cour…

M/S. CHENNAI BUSINESS TOWER PVT. LTD.,KANCHIPURAM vs. PCIT-4, CHENNAI

In the result, the appeal of the assessee is allowed

ITA 1570/CHNY/2025[2010-11]Status: DisposedITAT Chennai12 Sept 2025AY 2010-11

Bench: Shri Aby T Varkey & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 1570/Chny/2025, धनिाारण वर्ा / Assessment Years: 2010-11 M/S. Chennai Business Tower Pcit-4, Private Limited (Formerly Known Vs Chennai. As Rmz Infinity (Chennai) Pvt. . Ltd), 110, Mount Poonamallee Road, Porur, Porur S.O. Kanchipuram – 600 116. [Pan:Aaacd-2287-R] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) अपीलाथी की ओर से/Appellant By : Shri. B. Ramakrishnan, Fca. प्रत्यथी की ओर से/Respondent By : Shri. R. Raghupathy, Addl. Cit. सुनवाई की तारीख/Date Of Hearing : 06.08.2025 घोर्णा की तारीख/Date Of Pronouncement : 12.09.2025 आदेश /O R D E R Per S. R. Raghunatha, Am:

For Appellant: Shri. B. Ramakrishnan, FCAFor Respondent: Shri. R. Raghupathy, Addl. CIT
Section 143(1)Section 154Section 24Section 263

…passive owner, the rental income is taxable under the head 'Business Income'. The Hon'ble Supreme court in the cases of Chennai Properties & Investments Limited [373 ITR 673, Karanpura Development Co. Limited [44 ITR 362) and Rayala Corporation (P.) Limited [386 ITR 500] has held that the deciding factor is not the ownership of the land or leases, but the nature of the activity of the assessee and the nature of the operations in relation to the same. Further, the Hon'ble Supreme Court has emphasised that for income to be characterised as "business income," the activities actually carried out by the assessee need…

ARUN ENGINEERING UDYOG PVT. LTD.,,KOLKATA vs. PR. CIT (CENTRAL) - 2, , KOLKATA

In the result, the appeal of the assessee is allowed

ITA 786/KOL/2025[2021-2022]Status: DisposedITAT Kolkata11 Sept 2025AY 2021-2022

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2021-22 Arun Engineering Udyog Pvt. Ltd……………………………….……….……Appellant 151/A, Cotton Street, Burrabazar, Kol - 700007. [Pan: Aalca8127A] Vs. Pcit(Central)-2, Kolkata…………………………………….....……...…..…..Respondent Appearances By: Shri Miraj D Shah, Ar, Appeared On Behalf Of The Appellant. Shri Raja Sengupta, Cit- Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 04, 2025 Date Of Pronouncing The Order : September 11, 2025 Order Per Pradip Kumar Choubey: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 14.02.2025 Of The Principal Cit(Central), Kolkata [Hereinafter Referred To As The “Ld. Pcit”] Exercising His Revision Jurisdiction U/S 263 Of The Income Tax Act, 1961 [Hereinafter Referred To As The “Act”].

Section 132Section 133(6)Section 139Section 143(3)Section 263

…sessee passed in in the case of Royla Corporation Pvt. Ltd. vs. ACIT (supra) and the relevant portion of the order passed by the Apex Court is extracted hereinbelow: “(k) In Royla Corporation Private Limited Versus Assistant Commissioner of Income Tax (2016) 386 ITR 500 (SC) Hon'ble Supreme Court considered the question as to whether the income received by way of renting by the assessee engaged in business of renting its properties and receiving rent is business income or income from house property when the assessee company is engaged in business of renting of its properties. The Hon'ble Supreme Court found that…

DECORUM INFRASTRUCTURE PVT. LTD., ,KOLKATA vs. PR. CIT (CENTRAL) - 2, , KOLKATA

In the result, the appeal of the assessee is allowed

ITA 785/KOL/2025[2021-2022]Status: DisposedITAT Kolkata11 Sept 2025AY 2021-2022
Section 132Section 133(6)Section 139Section 143(3)Section 263

…Court in the\ncase of Sultan Bros. (P) Ltd. vs. CIT (1964) 5 SCR 807 and also filed a\ndecision of Hon'ble Apex Court in the case of Chennai Properties &\nInvestment Ltd., reported in 373 ITR 673 and in the case of Royla\nCorporation Pvt. Ltd. vs. ACIT (2016) 386 ITR 500 (SC).\n3.1 So far as the issue regarding of the unsecured loan taken, the\nsubmission of the ld. AR is that in the course of assessment proceedings,\nthe assessee furnished documentary evidences such as source of fund,\nloan confirmation, copy of bank statement, audited financial statement\nand ITR acknowledgement and not only that, the Assessing…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), , GUNTUR vs. BBM ESTATES PRIVATE LIMITED, GUNTUR

In the result, Revenue appeal is allowed and the C

ITA 185/VIZ/2024[2020-21]Status: DisposedITAT Visakhapatnam01 Apr 2025AY 2020-21

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnan.आ.अपी.सं /Ita No.185/Viz/2024 (िनधा"रण वष"/Assessment Year: 2020-21) Acit Vs. Bbm Estates (P) Ltd Circle 1(1) Guntur Guntur Pan: Aaace2607G (Appellant) (Respondent) C.O No.12/Viz/2024 (Arising Out Of Ita No.1895/Viz/2024) Bbm Estates (P) Ltd Vs. Acit Guntur Circle 1(1) Pan: Aaace2607G Guntur (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri G.V.N. Hari, Ca राज" व "ारा/Revenue By:: Shri Satyasai Rath, Dr सुनवाई की तारीख/Date Of Hearing: 07/01/2025 घोषणा की तारीख/Pronouncement: 01/04/2025 आदेश/Order

For Appellant: Shri G.V.N. Hari, CAFor Respondent: : Shri Satyasai Rath, DR

…rental income from the business of letting out the property to be assessed as business income and not as income from house property. The learned DR has further submitted that the Hon'ble Supreme Court in case of Rayala Corporation (P) Ltd vs. ACIT reported in 386 ITR 500 has held that where the business of the company is to lease out its property and to earn rent, then the income so earned should be treated as its business income and not as income from house property. The learned DR has referred to the memorandum of association of the assessee and submitted that to carry on business of letting/hiring properties i…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2, NAGPUR vs. M/S SAS DEVELOPERS & ENGINEERS `, NAGPUR

In the result, the appeal filed by department is dismissed

ITA 82/NAG/2020[2015-16]Status: DisposedITAT Nagpur18 Jun 2024AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj Moriyani, AdvocateFor Respondent: Shri Surjit Kumar Saha, Sr.DR
Section 143(3)Section 24

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA No. 82/Nag./2020 (Assessment Year : 2015-16) Deputy Commissioner of Income Tax, Circle-2, Nagpur-440001 ……………. Appellant v/s M/s. SAS Developers & Engineers, 6th Floor, Landmark, Ramdaspeth, ……………. Respondent Nagpur-440010 PAN – AAEFM7920M Assessee by : Shri Manoj Moriyani, Advocate Revenue by : Shri Surjit Kumar Saha, Sr.DR Date of Hearing – 18/06/2024 Date of Order – 18/06/2024 O R D E R PER K.M. ROY, A.M. The present appeal has been preferred by the Department chal…

ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR vs. U R INVESTMENTS, JAIPUR

15. In view of the above discussion, finding no illegality or irregularity in the impugned order, present appeal by the Department challenging the impugned order deserves to be dismissed

ITA 765/JPR/2023[2018-19]Status: DisposedITAT Jaipur25 Apr 2024AY 2018-19

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

For Appellant: Shri R.K. Bhatra (C.A.)For Respondent: Shri Anoop Singh (Addl. CIT) (V.H.)
Section 234B

…ed, in case of a firm. In this regard, reference may be made to decisions in Chennai Properties & Investments Limited v. CIT, [2015] 373 ITR 673 (SC) ; Karanpura Development Co. Limited [1962] 44 ITR 362 (SC) and Rayala Corporation (P.) Limited v. ACIT, 2016] 386 ITR 500 (SC). Even, in the case of Raj Dadarkar & Associates v. ACIT, Civil Appeal Nos 6455-6460 of 2017, Hon’ble Apex Court has held that apart from relying on the object clause, the assessee-taxpayer would be required to produce or refer any other material to show the conduct of activities as per its constitution documents. In its circular no. 16/ 2017…

M/S. OBEROI BUILDING & INVESTMENT (P) LIMITED vs. COMMISSIONER OF INCOME TAX-II, KOLKATA & ANR.

The appeal is allowed

ITA/168/2010HC Calcutta15 Dec 2023

Bench: HON'BLE JUSTICE SURYA PRAKASH KESARWANI,HON'BLE JUSTICE RAJARSHI BHARADWAJ

For Respondent: - Mr. Smarajit Roychowdhury, Adv
Section 22Section 269USection 27Section 28

…y". We, accordingly, allow this appeal and set aside the judgment of the High Court and restore that of the Income-tax Appellate Tribunal. No orders as to costs. 17. In Royla Corporation Private Limited Versus Assistant Commissioner of Income Tax (2016) 386 ITR 500 (SC) Hon’ble Supreme Court considered the question as to whether the income received by way of renting by the assessee engaged in business of renting its properties and receiving rent is business income or income from house property when the assessee company is engaged in business of renting of its properties. The Hon’ble Supreme Court foun…

THE ACIT, CORP CIRCLE-1(2), KOCHI vs. M/S.KNOWELL REALTORS INDIA P. LTD, KOCHI

In the result, the Revenue’s appeals are allowed

ITA 193/COCH/2019[2015-16]Status: DisposedITAT Cochin25 Sept 2023AY 2015-16

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Appellant: Sri. Santosh P. Abraham, AdvFor Respondent: Smt.J.M.Jamuna Devi, Sr.DR
Section 143(3)Section 268A

…re or concern in the nature of trade. The aspect stands explained by the Apex Court in Karanpura Development Co. Ltd. vs. CIT [1962] 44 ITR 362 (SC), which observations stand also extracted in it’s recent decision in Rayala Corp. Pvt. Ltd. v. Asst. CIT [2016] 386 ITR 500 (SC): ‘As has been already pointed out in connection with the other two cases where there is a letting out of premises and collection of rents the assessment on property basis may be correct but not so, where the letting or sub-letting is part of a trading operation. The dividing line is difficult to find; but in the case of a company with its pr…

THE ACIT, CORP CIRCLE-1(2), KOCHI vs. M/S.KNOWELL REALTORS INDIA P. LTD, KOCHI

In the result, the Revenue’s appeals are allowed

ITA 192/COCH/2019[2012-13]Status: DisposedITAT Cochin25 Sept 2023AY 2012-13

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Appellant: Sri. Santosh P. Abraham, AdvFor Respondent: Smt.J.M.Jamuna Devi, Sr.DR
Section 143(3)Section 268A

…re or concern in the nature of trade. The aspect stands explained by the Apex Court in Karanpura Development Co. Ltd. vs. CIT [1962] 44 ITR 362 (SC), which observations stand also extracted in it’s recent decision in Rayala Corp. Pvt. Ltd. v. Asst. CIT [2016] 386 ITR 500 (SC): ‘As has been already pointed out in connection with the other two cases where there is a letting out of premises and collection of rents the assessment on property basis may be correct but not so, where the letting or sub-letting is part of a trading operation. The dividing line is difficult to find; but in the case of a company with its pr…

DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RUSTOMJEE EVERSHINE JOINT VENTURE , MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1825/MUM/2022[2014-15]Status: DisposedITAT Mumbai31 Jul 2023AY 2014-15

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RUSTOMJEE EVERSHINE JOINT VENTURE , MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1824/MUM/2022[2016-17]Status: DisposedITAT Mumbai31 Jul 2023AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

DCIT CENTRAL CIRCEL-2(4), MUMBAI vs. RUSTOMJI EVERSHINE JOINT VENTURE, MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1349/MUM/2022[2013-2014]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-2014

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

PCIT-07, DELHI vs. M/S WEL INTERTRADE PVT. LTD.

ITA - 135 / 2023HC Delhi07 Mar 2023
Section 36(1)(iii)Section 68

…2023:DHC:2439-DB ITA 135/2023 Pg.1 of 12 $~24 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision: 07.03.2023 + ITA 135/2023 PCIT-07, DELHI ......Appellant Through: Mr Sunil Agarwal, Sr Standing Counsel with Mr Utkarsh Tiwari, Adv. versus M/S WEL INTERTRADE PVT. LTD. ......Respondent Through: None. CORAM: HON'BLE MR. JUSTICE RAJIV SHAKDHER HON'BLE MS. JUSTICE TARA VITASTA GANJU [Physical Hearing/Hybrid Hearing (as per request)] RAJIV SHAKDHER, J. (ORAL): CM Appl.11087/2023 1. Allowed,…

DEPUTY COMMISSIONER OF INCOME TAX -3 (1), INDORE vs. M/S M.P. ENTERTAINMENT AND DEVELOPERS PRIVATE LIMITED, INDORE

ITA 203/IND/2018[2014-15]Status: DisposedITAT Indore21 Nov 2022AY 2014-15

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

For Appellant: Shri Anil Kamal Garg & Arpit GaurFor Respondent: Shri P.K. Mitra, CIT-DR
Section 139(4)Section 143(3)Section 22Section 23Section 28

…by the company from leasing out properties in the mall falls under the head income from business and not under the head from income from house property, relying on Hon’ble Apex Court’s decision in the cases of M/s. Rayala Corporation Pvt. Ltd. vs. ACIT (2016) 386 ITR 500 (SC) and M/s. Chennai Properties & Investments Ltd. vs. CIT (2015) 373 ITR 673 (SC) which are in respect of the assessee company involved in earning of rental income from letting out of properties only and are distinguishable on facts & circumstances of the present case and the decision of Shambhau Investment relied on by the AO is neither discus…

THE DCIT-3(1), INDORE vs. M/S. M.P. ENTERTAINMENT & DEVELOPERS PVT. LTD., INDORE

ITA 344/IND/2017[2013-14]Status: DisposedITAT Indore21 Nov 2022AY 2013-14

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

For Appellant: Shri Anil Kamal Garg & Arpit GaurFor Respondent: Shri P.K. Mitra, CIT-DR
Section 139(4)Section 143(3)Section 22Section 23Section 28

…by the company from leasing out properties in the mall falls under the head income from business and not under the head from income from house property, relying on Hon’ble Apex Court’s decision in the cases of M/s. Rayala Corporation Pvt. Ltd. vs. ACIT (2016) 386 ITR 500 (SC) and M/s. Chennai Properties & Investments Ltd. vs. CIT (2015) 373 ITR 673 (SC) which are in respect of the assessee company involved in earning of rental income from letting out of properties only and are distinguishable on facts & circumstances of the present case and the decision of Shambhau Investment relied on by the AO is neither discus…

THE DCIT-3(1), INDORE vs. M/S. M.P. ENTERTAINMENT & DEVELOPERS PVT. LTD., INDORE

ITA 118/IND/2017[2012-13]Status: DisposedITAT Indore21 Nov 2022AY 2012-13

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

For Appellant: Shri Anil Kamal Garg & Arpit GaurFor Respondent: Shri P.K. Mitra, CIT-DR
Section 139(4)Section 143(3)Section 22Section 23Section 28

…by the company from leasing out properties in the mall falls under the head income from business and not under the head from income from house property, relying on Hon’ble Apex Court’s decision in the cases of M/s. Rayala Corporation Pvt. Ltd. vs. ACIT (2016) 386 ITR 500 (SC) and M/s. Chennai Properties & Investments Ltd. vs. CIT (2015) 373 ITR 673 (SC) which are in respect of the assessee company involved in earning of rental income from letting out of properties only and are distinguishable on facts & circumstances of the present case and the decision of Shambhau Investment relied on by the AO is neither discus…

THE DCIT-3(1), INDORE vs. M/S. M.P. ENTERTAINMENT & DEVELOPERS PVT. LTD., INDORE

ITA 117/IND/2017[2011-12]Status: DisposedITAT Indore21 Nov 2022AY 2011-12

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

For Appellant: Shri Anil Kamal Garg & Arpit GaurFor Respondent: Shri P.K. Mitra, CIT-DR
Section 139(4)Section 143(3)Section 22Section 23Section 28

…by the company from leasing out properties in the mall falls under the head income from business and not under the head from income from house property, relying on Hon’ble Apex Court’s decision in the cases of M/s. Rayala Corporation Pvt. Ltd. vs. ACIT (2016) 386 ITR 500 (SC) and M/s. Chennai Properties & Investments Ltd. vs. CIT (2015) 373 ITR 673 (SC) which are in respect of the assessee company involved in earning of rental income from letting out of properties only and are distinguishable on facts & circumstances of the present case and the decision of Shambhau Investment relied on by the AO is neither discus…

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE - 1(1),, PUNE vs. BALKRISHNAN SHANMUGHAM CHETTIAR, ALIAS S. BALAN,, PUNE

Appeals are dismissed in above terms

ITA 112/PUN/2021[2017-18]Status: DisposedITAT Pune16 Nov 2022AY 2017-18

Bench: Shri S.S.Godara & Shri Inturi Rama Raoआयकर अपीलसं. / Ita No’S.110, 111 & 112/Pun/2021 िनधा"रणवष" / Assessment Years : 2015-16, 2016-17 & 2017-18 The Asst. Commissioner Of M/S.Balkrishna Shanmugham Income Tax, Central Circle- Vs Chettiar Alias S. Balan, 1(1), Pune. . 1133/5, Nirankar F.C.Road, Shivaji Nagar, Pune – 411016. Pan: Aalpc 5158 J Appellant/ Assessee Respondent /Revenue Assessee By Shri M R Bhagwat – Ar Revenue By Shr Ramnath P Murkunde – Dr Date Of Hearing 08/09/2022 Date Of Pronouncement 16/11/2022 आदेश/ Order Per S.S.Godara, Jm: These Revenue’S Three Appeals For Ays 2015-16 To 2017-18 Arise Against The Commissioner Of Income Tax(Appeal)-11, Pune’S Separate Orders; All Dated 20.01.2021, Passed In Case Nos.Itba/Apl/S/250/2020-21/1029928824(1), Itba/Apl/S/ 250/2020-21/1029929977(1) & Itba/Apl/S/250/2020- 21/1029930177(1); Respectively, In Proceedings U/S.250 Of The Income Tax Act, 1961 [In Short “The Act”].

Section 250Section 80Section 80ISection 80i

…sidering the objects of the company, the Hon’ble Supreme Court held that such income was chargeable to tax under the head “Profits and gains from business or profession”. More recently, the Hon’ble Supreme Court in Rayala Corporation Pvt. Ltd. Vs. ACIT (2016) 386 ITR 500 (SC) considered a situation in which the assessee was engaged the business of renting its properties. The assessee claimed such rental income as falling under the head "Profits and gains of business or profession”. The AO denied such a treatment. When the matter finally came up before the Hon’ble Supreme Court, it considered both the judgments, n…

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