Regency Mahavir Properties v. ACIT

89 Taxmann.com 444Income Tax Appellate Tribunal2018#4577 most cited

What is Regency Mahavir Properties v. ACIT authority for?

An addition to income cannot be made solely on the basis of information seized from a third party, particularly when that third party denies involvement or payment.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2026.

Also referred to as

Regency Mahavir Properties v ACIT · addition on third party information · seized information · corroborative evidence · affidavit denial · absence of evidence · AO reliance on third party

Also reported as

87 TTJ 183

Sections most often in play

Section 147Section 143(3)Section 148Section 69ASection 153CSection 131(1A)Section 132(4A)Section 133A

Issues it is cited on

annual letting valuesection 10(2)(xv)mis-reporting of incomesection 24(a)section 245dsection 115baaannual valuepermanent account numberbogus long term capital gainviolation of natural justicesection 234csection 22

Judgments citing Regency Mahavir Properties v. ACIT

Bombay Real Estate Development Co. P. Ltd., Mumbai vs. ITO Ward-1(1)-3, Mumbai

In the result, appeal by the assessee is allowed

ITA 513/MUM/2021[2010-11]Status: DisposedITAT Mumbai14 Jun 2022AY 2010-11

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri K. Gopal a/wFor Respondent: Shri C.T. Mathews, Sr. A.R
Section 115JSection 143Section 143(3)Section 147Section 148Section 148(1)Section 14ASection 250Section 40

…his case since the assessee has not offered the income irom house property the ALV of said unsold Property is estimated at Rs. 12,97,960/- being 8.5% of cost of said Unsold flats of Rs.1,52,70,111/- as per the ratio laid down in the judgment of Omprkash & Co, 87 TTJ 183 (Mum) and Chem Mach P Ltd. (83 lTD 427 Mum). Omission to do so has resulted into under assessment of Rs. 9,08,572/- on this issue. Further, it was also observed from the record, that the assessee company had received dividend of Rs.3,97,85,797/- which was claimed as exempt. Also it has shown short term capital loss of Rs. 4972,979/-. No details of…

Dimple Enterprises, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle 2(2), Mumbai

In the result this appeal by the assessee stands partly allowed for statistical purposes

ITA 5269/MUM/2019[2015-16]Status: DisposedITAT Mumbai21 May 2021AY 2015-16
Section 143(2)Section 23(5)Section 270Section 270A

…ed to provide the same. In absence of the ALV, the annual value is arrived at by estimating the same @8.5% of the cost of construction of the property. This position has also been upheld by the Mumbai Tribunal in the following cases: a) M/s. Om Prakash & Co. (87 TTJ 183 Mum) and b) M/s. ChemMech(P) Ltd. (83 ITD 427 Mum) 7. Upon assessee’s appeal Ld.CIT (A) referred to Delhi High Court decision in the case of Ansal Housing Finance and Leasing Company Ltd (supra) and found the same to be applicable on the facts of the case. He further noted that as submitted assessee itself section 23(5) amendment is prospective.…

Haware Infotech Ltd, Navi Mumbai vs. DCIT CC 4(2), Mumbai

Accordingly, the appeal filed by the assessee is allowed in terms of our aforesaid observations

ITA 281/MUM/2018[2013-14]Status: DisposedITAT Mumbai08 May 2019AY 2013-14

Bench: Shri Shamim Yahya & Shri Ravish Soodita Nos.281 & 291/Mum/2018 (Assessment Years: 2013-14 & 2014-15) Haware Infotech Ltd. Acit- Central Circle-4(2) 413/416 Vardhaman Market Air India Building, 19Th Floor, Sector 17, Dbc, Vashi, Vs. Nariman Point, Navi Mumbai – 400 705 Mumbai – 400 021

For Appellant: Shri Ruturaj H. Gurjar, A.RFor Respondent: Shri Manoj Kumar Singh, D.R
Section 143(1)Section 143(2)Section 143(3)

…f CIT Vs. Ansal Housing Finance & Leasing Company Ld. (2013) 354 ITR 180 (Del) and the P a g e | 3 ITA Nos. 281 & 291/Mum/2018 A.Ys. 2013-14 & 2014-15 Haware Infotech Ltd. Vs. ACIT, CC-4(2) orders of the ITAT, Mumbai, in the case of Omprakash & Company (2004) 87 TTJ 183 (Mum) & Chemmeck Pvt. Ltd. (2002) 83 ITD 427(Mum). In the backdrop of his aforesaid deliberations, the A.O called upon the assessee to furnish the details along with working of the “ALV” of the aforesaid units. In reply, the assessee submitted that as the aforesaid units were held by it as a developer, therefore, the „ALV‟ of the same could not be…

M/S.3Nn Corporation, Mumbai vs. Pr.CIT-27, Mumbai

In the result, the appeal of assessee is allowed

ITA 2637/MUM/2018[2013-14]Status: DisposedITAT Mumbai10 Apr 2019AY 2013-14

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri Shekhar Gupta, ARFor Respondent: Shri Ajay Kumar (CIT DR)
Section 143(3)Section 23(1)(a)Section 263

…on the annual letting value of unsold flats/ shops owned by you under the head “Income from house property” as held by Deli High Court in the case of CIT vs. Ansal Housing Finance & Leasing Co. Ltd and the ITAT Mumbai Bench in the case of M/s Om Prakash & Co. 87 TTJ 183, Mumbai and other cases. Accordingly the Gross Annual Value of the rent income comes to ₹ 56,97,872/- i.e. (7% of ₹ 8,13,98,173/-) and after statutory deduction (@30%), the Net Annual Value taxable under the head Income from House Property works out to ₹ 39,88,511/-. As the project was completed on 25.10.2012, the 4 notional rent for the five mont…

Deputy Commissioner of Income Tax-15(2)(1), Mumbai vs. Haware Constructions Private Limited, Mumbai

The appeal stands dismissed

ITA 4539/MUM/2017[2010-11]Status: DisposedITAT Mumbai09 Apr 2019AY 2010-11

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am

For Appellant: Devendra Jain- Ld.AR
Section 143(3)Section 22Section 24Section 263

…the case and in Law, the Ld CIT(A) erred in holding that no income under the head ' Income from House Property' could be charged in respect of unsold stock of flats, ignoring the decision of the jurisdictional Mumbai ITAT in the case of M/s. Om Prakash & Co (87 TTJ 183) and M/s. Chem Mech Pvt. Ltd (83 ITD427). 2. Whether on the facts and circumstances in the case and in Law, the CIT(A) erred in relying on its decision for A.Y. 2009-10 and A.Y. 2011-12 while giving relief for A.Y. 2010-11, ignoring the fact that the issue is still not decided as the Department has not accepted this decision and gone in appeal bef…

Suketu Shah, Mumbai vs. ITO 17(3)(4), Mumbai

In the result, this appeal by the assessee stands allowed for statistical purposes

ITA 4153/MUM/2017[2012-13]Status: DisposedITAT Mumbai01 Jan 2018AY 2012-13

Bench: Shri Shamim Yahyaआयकर अपील सं./I.T.A. No. 4153/Mum/2017 ("नधा"रण वष" / Assessment Year: 2012-13) Shri Suketu Shah Ito-17(3)(4), बनाम/ 401/402, Tulsiani Chambers, Aaykar Bhavan, M. K. Road, Free Press Journal Marg, Mumbai Vs. Nariman Point, Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Afjps 7645 R (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Anant Pai ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha

For Appellant: Shri Anant PaiFor Respondent: Ms. N. Hemalatha
Section 22Section 23(1)(a)

…आयकर अपील"य अ"धकरण “एक-सद"य मामला” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI "ी शमीम याहया, लेखा सद"य के सम" । BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 4153/Mum/2017 ("नधा"रण वष" / Assessment Year: 2012-13) Shri Suketu Shah ITO-17(3)(4), बनाम/ 401/402, Tulsiani Chambers, Aaykar Bhavan, M. K. Road, Free Press Journal Marg, Mumbai Vs. Nariman Point, Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AFJPS 7645 R (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant by : Shri Anant Pai ""यथ" क" ओर से/Respondent by : Ms. N. Hemalatha स…