Sakarlal Balabhai v. ITO

100 ITR 97High Court1975#6324 most cited
18

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2022.

Issues it is cited on

section 24(1)tax recovery officersection 23(1)(a)section 23(1)interest on interestannual letting valueannual valuesection 2(47)section 220section 54fsection 22section 24

Judgments citing Sakarlal Balabhai v. ITO

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

In the result, two appeals for AY 2000-01 and 2005-06 are partly allowed and Appeal for AY 2006-

ITA 3143/MUM/2010[2006-07]Status: DisposedITAT Mumbai31 Oct 2022AY 2006-07

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Vranda U Matkarni, DR
Section 220

…Similarly, Delhi High Court, in the case of CIT vs. H.P. Sharma 122 ITR 675 has held that the municipal valuation is only a piece of evidence and it cannot override the figure of actual rent as the basis for determination of Annual Value. Gujarat High Court (100 ITR 97) has held that in absence of any better way of estimating rent, the rate of interest on cost, or on capital value, of building and land may provide a reasonable basis for determining the ALV of a properly. The decisions of the Hon'ble Supreme Court, while holding that standard rent may be considered as a sum for which the property might reasonably…

BHARAT K. SHETH,MUMBAI vs. ACIT 5(3), MUMBAI

In the result, two appeals for AY 2000-01 and 2005-06 are partly allowed and Appeal for AY 2006-

ITA 3142/MUM/2010[2005-06]Status: DisposedITAT Mumbai31 Oct 2022AY 2005-06

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Vranda U Matkarni, DR
Section 220

…Similarly, Delhi High Court, in the case of CIT vs. H.P. Sharma 122 ITR 675 has held that the municipal valuation is only a piece of evidence and it cannot override the figure of actual rent as the basis for determination of Annual Value. Gujarat High Court (100 ITR 97) has held that in absence of any better way of estimating rent, the rate of interest on cost, or on capital value, of building and land may provide a reasonable basis for determining the ALV of a properly. The decisions of the Hon'ble Supreme Court, while holding that standard rent may be considered as a sum for which the property might reasonably…

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

In the result, two appeals for AY 2000-01 and 2005-06 are partly allowed and Appeal for AY 2006-

ITA 3141/MUM/2010[2000-01]Status: DisposedITAT Mumbai31 Oct 2022AY 2000-01

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Vranda U Matkarni, DR
Section 220

…Similarly, Delhi High Court, in the case of CIT vs. H.P. Sharma 122 ITR 675 has held that the municipal valuation is only a piece of evidence and it cannot override the figure of actual rent as the basis for determination of Annual Value. Gujarat High Court (100 ITR 97) has held that in absence of any better way of estimating rent, the rate of interest on cost, or on capital value, of building and land may provide a reasonable basis for determining the ALV of a properly. The decisions of the Hon'ble Supreme Court, while holding that standard rent may be considered as a sum for which the property might reasonably…

BHARAT K SHETH,MUMBAI vs. DCIT RG 5(3), MUMBAI

Appeals stand allowed in terms of our above order

ITA 4648/MUM/2015[2011-12]Status: DisposedITAT Mumbai17 Dec 2020AY 2011-12

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकर अपील सं./ I.T.A. No.2140/Mum/2002 (िनधा"रण वष" / Assessment Year: 1998-99) & 2. आयकर अपील सं./ I.T.A. No.1527/Mum/2005 (िनधा"रण वष" / Assessment Year: 1999-2000) & 3. आयकर अपील सं./ I.T.A. No.2822/Mum/2006 (िनधा"रण वष" / Assessment Year: 2001-02) & 4. आयकर अपील सं./ I.T.A. No.2747/Mum/2012 (िनधा"रण वष" / Assessment Year: 2002-03) & 5. आयकर अपील सं./ I.T.A. No.2748/Mum/2012 (िनधा"रण वष" / Assessment Year: 2003-04) & 6. आयकर अपील सं./ I.T.A. No.2749/Mum/2012 (िनधा"रण वष" / Assessment Year: 2004-05) & 7. आयकर अपील सं./ I.T.A. No.8547/Mum/2010 (िनधा"रण वष" / Assessment Year: 2007-08) & 8. आयकर अपील सं./ I.T.A. No.2746/Mum/2012 (िनधा"रण वष" / Assessment Year: 2008-09) & 9. आयकर अपील सं./ I.T.A. No.2251/Mum/2018 (िनधा"रण वष" / Assessment Year: 2010-11) & 10. आयकर अपील सं./ I.T.A. No.4648/Mum/2015 (िनधा"रण वष" / Assessment Year: 2011-12) & 11. आयकर अपील सं./ I.T.A. No.2252/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) &

For Appellant: Shri Percy Pardiwala-Ld.Sr. CounselFor Respondent: Shri Oommen Thorian -Ld. Sr.DR
Section 143(3)Section 234A

…Similarly, Delhi High Court, in the case of CIT vs. H.P. Sharma 122 ITR 675 has held that the municipal valuation is only a piece of evidence and it cannot override the figure of actual rent as the basis for determination of Annual Value. Gujarat High Court (100 ITR 97) has held that in absence of any better way of estimating rent, the rate of interest on cost, or on capital value, of building and land may provide a reasonable basis for determining the ALV of a properly. The decisions of the Hon'ble Supreme Court, while holding that standard rent may be considered as a sum for which the property might reasonably…

BHARAT K SHETH,MUMBAI vs. DCIT RG 5(3)(2), MUMBAI

Appeals stand allowed in terms of our above order

ITA 2253/MUM/2018[2013-14]Status: DisposedITAT Mumbai17 Dec 2020AY 2013-14

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकर अपील सं./ I.T.A. No.2140/Mum/2002 (िनधा"रण वष" / Assessment Year: 1998-99) & 2. आयकर अपील सं./ I.T.A. No.1527/Mum/2005 (िनधा"रण वष" / Assessment Year: 1999-2000) & 3. आयकर अपील सं./ I.T.A. No.2822/Mum/2006 (िनधा"रण वष" / Assessment Year: 2001-02) & 4. आयकर अपील सं./ I.T.A. No.2747/Mum/2012 (िनधा"रण वष" / Assessment Year: 2002-03) & 5. आयकर अपील सं./ I.T.A. No.2748/Mum/2012 (िनधा"रण वष" / Assessment Year: 2003-04) & 6. आयकर अपील सं./ I.T.A. No.2749/Mum/2012 (िनधा"रण वष" / Assessment Year: 2004-05) & 7. आयकर अपील सं./ I.T.A. No.8547/Mum/2010 (िनधा"रण वष" / Assessment Year: 2007-08) & 8. आयकर अपील सं./ I.T.A. No.2746/Mum/2012 (िनधा"रण वष" / Assessment Year: 2008-09) & 9. आयकर अपील सं./ I.T.A. No.2251/Mum/2018 (िनधा"रण वष" / Assessment Year: 2010-11) & 10. आयकर अपील सं./ I.T.A. No.4648/Mum/2015 (िनधा"रण वष" / Assessment Year: 2011-12) & 11. आयकर अपील सं./ I.T.A. No.2252/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) &

For Appellant: Shri Percy Pardiwala-Ld.Sr. CounselFor Respondent: Shri Oommen Thorian -Ld. Sr.DR
Section 143(3)Section 234A

…Similarly, Delhi High Court, in the case of CIT vs. H.P. Sharma 122 ITR 675 has held that the municipal valuation is only a piece of evidence and it cannot override the figure of actual rent as the basis for determination of Annual Value. Gujarat High Court (100 ITR 97) has held that in absence of any better way of estimating rent, the rate of interest on cost, or on capital value, of building and land may provide a reasonable basis for determining the ALV of a properly. The decisions of the Hon'ble Supreme Court, while holding that standard rent may be considered as a sum for which the property might reasonably…

LUSTRE MERCHANTS PVT. LTD.,DELHI vs. DCIT, NEW DELHI

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

ITA 6396/DEL/2015[2008-09]Status: DisposedITAT Delhi30 Oct 2019AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2008-09 Lustre Merchants Pvt. Ltd., Vs Dcit, C/O Kapil Goel, Advocate, Circle 4(1), A-1/25, Sector-15, New Delhi. Rohini, Delhi. Pan: Aaacl2457D (Appellant) (Respondent) Assessee By : Shri Kapil Goel, Advocate, Revenue By : Ms Ashima Neb, Sr. Dr Date Of Hearing : 29.08.2019 Date Of Pronouncement : 30.10.2019 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 21St September, 2015 Of The Cit(A)-5, New Delhi, Relating To Assessment Year 2008-09. 2. This Is The Second Round Of Litigation Before The Tribunal.

For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Ms Ashima Neb, Sr. DR
Section 143(3)

…We find that the CIT has not considered this issue. We accordingly set aside the order of CIT u/s 263 and restore the order of the AO dated 30.03.2015.” 10. Referring to the decision of the Hon'ble Gujarat High Court in the case of Sakar Lal Balabai vs. ITO, 100 ITR 97, he submitted that the Hon'ble High Court has distinguished between the tax avoidance and tax evasion. He submitted that his case may be a legitimate tax avoidance, but cannot be called as a tax evasion. 11. Referring to the decision of the coordinate Bench of the Tribunal in the case of Cosmos Industries Ltd. vs. DCIT, vide ITA No.3730/Del/2015…

ITO, WARD-3(1)(2),, AHMEDABAD vs. PASL WINDTECH PVT.LTD.,, AHMEDABAD

In the result, appeal filed by the assessee is allowed for statistical purposes and filed by the department is dismissed

ITA 3460/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad04 Apr 2019AY 2011-12

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Shri Bandish S. Soparkar, A.RFor Respondent: Shri S. K. Dev, Sr. D.R
Section 143(1)Section 143(2)Section 143(3)

…the issue was set aside to the file of the Learned AO with a direction to determine the ALV in terms of the observation ITA Nos.3212 & 3460/Ahd/2014 PASL Windtech pvt. Ltd. vs ITO Asst.Year – 2011-12 made in the case of Sakarlal Balabhai-vs-ITO reported in 100 ITR 97 i.e. by applying reasonable rate of interest on the cost of immovable properties. Ultimately, the Hon’ble Tribunal in ITA No.2639/Ahd/2013 for A.Y. 2005-06 upheld in adopting 8.5% to be the rate of interest as directed by the Learned CIT(A). In fact, subsequently in A.Y. 2010-11 the Co-ordinate Bench relying upon the said order dated 17.04.2015 pa…

PASL WINDTECH PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-5(2),, AHMEDABAD

In the result, appeal filed by the assessee is allowed for statistical purposes and filed by the department is dismissed

ITA 3212/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad04 Apr 2019AY 2011-12

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Shri Bandish S. Soparkar, A.RFor Respondent: Shri S. K. Dev, Sr. D.R
Section 143(1)Section 143(2)Section 143(3)

…the issue was set aside to the file of the Learned AO with a direction to determine the ALV in terms of the observation ITA Nos.3212 & 3460/Ahd/2014 PASL Windtech pvt. Ltd. vs ITO Asst.Year – 2011-12 made in the case of Sakarlal Balabhai-vs-ITO reported in 100 ITR 97 i.e. by applying reasonable rate of interest on the cost of immovable properties. Ultimately, the Hon’ble Tribunal in ITA No.2639/Ahd/2013 for A.Y. 2005-06 upheld in adopting 8.5% to be the rate of interest as directed by the Learned CIT(A). In fact, subsequently in A.Y. 2010-11 the Co-ordinate Bench relying upon the said order dated 17.04.2015 pa…

ASSISTANT COMMISSIONER OF INCOME TAX , CIRCLE-2, JAIPUR vs. M/S. ANGEL INFRASTRUCTURE PRIVATE LIMITED, JAIPUR

In the result, appeal of the assessee is partly allowed and the

ITA 761/JPR/2018[2009-10]Status: DisposedITAT Jaipur05 Dec 2018AY 2009-10
For Appellant: Shri Gautam Jain &For Respondent: Shri Varinder Mehta
Section 147Section 151

…ffairs as to avoid taxation but the arrangement must be real and genuine and not sham or make believe. There is a distinction between the legitimate avoidance and tax evasion as held by the Hon’ble Gujarat High Court in the case of Shakarlal Balabhai Vs. ITO 100 ITR 97 (Guj), therefore, the genuine arrangement would be permissible and may result in an assessee escaping tax. These are well settled legal propositions as considered from ITA 464 & 761/JP/2018_ 55 M/s Angel Infrastructure P Ltd. Vs DCIT time to time by the Hon'ble High Courts as well as the Hon'ble Supreme Court in the various decisions including…

M/S ANGEL INFRASTRUCTURE (P) LTD.,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

In the result, appeal of the assessee is partly allowed and the

ITA 464/JPR/2018[2009-10]Status: DisposedITAT Jaipur05 Dec 2018AY 2009-10
For Appellant: Shri Gautam Jain &For Respondent: Shri Varinder Mehta
Section 147Section 151

…ffairs as to avoid taxation but the arrangement must be real and genuine and not sham or make believe. There is a distinction between the legitimate avoidance and tax evasion as held by the Hon’ble Gujarat High Court in the case of Shakarlal Balabhai Vs. ITO 100 ITR 97 (Guj), therefore, the genuine arrangement would be permissible and may result in an assessee escaping tax. These are well settled legal propositions as considered from ITA 464 & 761/JP/2018_ 55 M/s Angel Infrastructure P Ltd. Vs DCIT time to time by the Hon'ble High Courts as well as the Hon'ble Supreme Court in the various decisions including…

ASSISTANT COMMISSIONER OF INCOME-TAX vs. SINHAGAD TECHNICAL EDUCATION SOCIETY,, PUNE

Accordingly, additional ground No.3 by the assessee is allowed

ITA 16/PUN/2015[2008-09]Status: DisposedITAT Pune17 Oct 2018AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

For Appellant: Shri S. N. DoshiFor Respondent: Shri Rajeev Kumar
Section 11Section 13(1)(d)Section 143(3)Section 153C

…the Allahabad High court (supra) judgment regarding 7% rate of return being reasonable is concerned, it is noticed that in two decisions , the Gujrat High Court has also rendered somewhat similar decisions. In the decision of Sakarlal Balabhai Vs. ITO, 1975, 100 ITR 97 (Guj.), it was mentioned that the capital value of the property has a relevance and bearing on the question of letting value of a property. In the absence of any better way of estimating rent rate of interest on the cost of the building and land may provide a reasonable basis for determining the annual letting value of the property. In the decisio…

ASSISTANT COMMISSIONER OF INCOME-TAX vs. SINHAGAD TECHNICAL EDUCATION SOCIETY,, PUNE

Accordingly, additional ground No.3 by the assessee is allowed

ITA 17/PUN/2015[2009-10]Status: DisposedITAT Pune17 Oct 2018AY 2009-10

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

For Appellant: Shri S. N. DoshiFor Respondent: Shri Rajeev Kumar
Section 11Section 13(1)(d)Section 143(3)Section 153C

…the Allahabad High court (supra) judgment regarding 7% rate of return being reasonable is concerned, it is noticed that in two decisions , the Gujrat High Court has also rendered somewhat similar decisions. In the decision of Sakarlal Balabhai Vs. ITO, 1975, 100 ITR 97 (Guj.), it was mentioned that the capital value of the property has a relevance and bearing on the question of letting value of a property. In the absence of any better way of estimating rent rate of interest on the cost of the building and land may provide a reasonable basis for determining the annual letting value of the property. In the decisio…

SINHGAD TECHNICAL EDUCATION SOCIETY,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

Accordingly, additional ground No.3 by the assessee is allowed

ITA 2077/PUN/2014[2008-09]Status: DisposedITAT Pune17 Oct 2018AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

For Appellant: Shri S. N. DoshiFor Respondent: Shri Rajeev Kumar
Section 11Section 13(1)(d)Section 143(3)Section 153C

…the Allahabad High court (supra) judgment regarding 7% rate of return being reasonable is concerned, it is noticed that in two decisions , the Gujrat High Court has also rendered somewhat similar decisions. In the decision of Sakarlal Balabhai Vs. ITO, 1975, 100 ITR 97 (Guj.), it was mentioned that the capital value of the property has a relevance and bearing on the question of letting value of a property. In the absence of any better way of estimating rent rate of interest on the cost of the building and land may provide a reasonable basis for determining the annual letting value of the property. In the decisio…

SINHGAD TECHNICAL EDUCATION SOCIETY,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

Accordingly, additional ground No.3 by the assessee is allowed

ITA 2076/PUN/2014[2008-09]Status: DisposedITAT Pune17 Oct 2018AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

For Appellant: Shri S. N. DoshiFor Respondent: Shri Rajeev Kumar
Section 11Section 13(1)(d)Section 143(3)Section 153C

…the Allahabad High court (supra) judgment regarding 7% rate of return being reasonable is concerned, it is noticed that in two decisions , the Gujrat High Court has also rendered somewhat similar decisions. In the decision of Sakarlal Balabhai Vs. ITO, 1975, 100 ITR 97 (Guj.), it was mentioned that the capital value of the property has a relevance and bearing on the question of letting value of a property. In the absence of any better way of estimating rent rate of interest on the cost of the building and land may provide a reasonable basis for determining the annual letting value of the property. In the decisio…

SINHGAD TECHNICAL EDUCATION SOCIETY,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

Accordingly, additional ground No.3 by the assessee is allowed

ITA 2075/PUN/2014[2007-08]Status: DisposedITAT Pune17 Oct 2018AY 2007-08

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

For Appellant: Shri S. N. DoshiFor Respondent: Shri Rajeev Kumar
Section 11Section 13(1)(d)Section 143(3)Section 153C

…the Allahabad High court (supra) judgment regarding 7% rate of return being reasonable is concerned, it is noticed that in two decisions , the Gujrat High Court has also rendered somewhat similar decisions. In the decision of Sakarlal Balabhai Vs. ITO, 1975, 100 ITR 97 (Guj.), it was mentioned that the capital value of the property has a relevance and bearing on the question of letting value of a property. In the absence of any better way of estimating rent rate of interest on the cost of the building and land may provide a reasonable basis for determining the annual letting value of the property. In the decisio…

SINHGAD TECHNICAL EDUCATION SOCIETY,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

Accordingly, additional ground No.3 by the assessee is allowed

ITA 2110/PUN/2014[2009-10]Status: DisposedITAT Pune17 Oct 2018AY 2009-10

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

For Appellant: Shri S. N. DoshiFor Respondent: Shri Rajeev Kumar
Section 11Section 13(1)(d)Section 143(3)Section 153C

…the Allahabad High court (supra) judgment regarding 7% rate of return being reasonable is concerned, it is noticed that in two decisions , the Gujrat High Court has also rendered somewhat similar decisions. In the decision of Sakarlal Balabhai Vs. ITO, 1975, 100 ITR 97 (Guj.), it was mentioned that the capital value of the property has a relevance and bearing on the question of letting value of a property. In the absence of any better way of estimating rent rate of interest on the cost of the building and land may provide a reasonable basis for determining the annual letting value of the property. In the decisio…

VIDYA EDUCATION INVESTMENTS PVT. LTD.,NEW DELHI vs. ITO, NEW DELHI

In the result, appeal of assessee is partly allowed

ITA 6177/DEL/2014[2010-11]Status: DisposedITAT Delhi22 Jun 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Respondent: Shri Amit Jain, Sr. D.R

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “D” : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER ITA.No.6177/Del./2014 Assessment Year 2010-2011 Vidya Education Investments Pvt. Ltd., 5C, The Income Tax Officer, Friends Colony (West), Main Ward-17(3), vs Mathura Road, New Delhi. New Delhi – 110 065. PAN AABCV9413E (Appellant) (Respondent) Shri Prakash Yadav, Advocate For Assessee : & Shri Mukesh Bansal, C.A. For Revenue : Shri Amit Jain, Sr. D.R. Date of Hearing : 28.05.2018 Date of Pronouncement : 22.06.2018 ORDER PER BHAVNESH SAINI, J.M. This appeal by as…

SHARAN HOSPITALITY P. LTD,MUMBAI vs. DCIT CIR 9(3), MUMBAI

In the result, the assessee’s appeal is dismissed

ITA 6717/MUM/2012[2009-10]Status: DisposedITAT Mumbai12 Sept 2016AY 2009-10

Bench: Shri Sanjay Arora, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./I.T.A. No. 6717/Mum/2012 ("नधा"रण वष" / Assessment Year: 2009-10) Sharan Hospitality Private Limited Dy. Cit – Circle 9(3) बनाम/ Ground Floor, Gys Infinity, Mumbai Paranjape ‘B’, Scheme, Subhas Road, Vs. Vile Parle (E), Mumbai-57 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aagcs 8608 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Ms. Priyanka Jain ""यथ" क" ओर से/Respondent By : Shri K. Mahondas सुनवाई क" तार"ख / : 26.5.2016 Date Of Hearing घोषणा क" तार"ख / : 12.9.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Arora, A. M.: This Is An Appeal By The Assessee Directed Against The Order By The Commissioner Of Income Tax (Appeals)-20, Mumbai (‘Cit(A)’ For Short) Dated 18.9.2012, Dismissing The Assessee’S Appeal Contesting Its Assessment U/S.143(3) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) For The Assessment Year (A.Y.) 2009- 10 Vide Order Dated 22.12.2011. 2. The Only Issue Arising In This Appeal Is The Correct Amount At Which The Annual Value In Respect Of The Assessee’S Swami Vivekanand (S.V.) Road, Mumbai Property

For Appellant: Ms. Priyanka JainFor Respondent: Shri K. Mahondas
Section 143(3)Section 22Section 23

…is well-settled, for which reference is made to CIT vs. Dalhousie Properties Ltd. [1984] 149 ITR 708 (SC); New Piece Goods Bazar Co. Ltd. vs. CIT [1950] 18 ITR 516 (SC); CIT vs. H. G. Gupta & Sons [1984] 149 ITR 253 (Del); and Sakarlal Balabhai vs. ITO [1975] 100 ITR 97 (Guj). The AV, irrespective of whether the property is actually let or not, is thus to be subject to tax, unless covered under section 23(1)(b), as again reiterated by the Hon’ble Apex Court per its Constitution Bench decision in Sultan Brothers (P.) Ltd. v. CIT [1964] 51 ITR 353 (SC). In Liquidator of Mahamudabad Properties (P.) Ltd. v. CIT [1980…