Satishchandra and Co. v. Commissioner of Income Tax

DCIT CENT. CIR 1(2) , MUMBAI vs. M/S. HIRANANDANI CONSTRUCTION PVT. LTD, MUMBAI

In the result, the appeal filed by the revenue is dismissed

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadaledcit, Vs. M/S. Hiranandani Central Circle – 1(2) Constructions Pvt Ltd 906, 9Th Floor, Pratishta 511, Dalmal Towers, Bhavan, Old Cgo Bldg 211, Nariman Point, (Annexe), Mk Road, Mumbai – 400021. Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach0409H Appellant .. Respondent Appellant By : Shri Tejinder Pal Singh Anand, Sr Dr Respondent By : Shri K Gopal Sr. Adv & Shri Om Kandalkar, Adv Date Of Hearing 03.11.2022 Date Of Pronouncement 15.11.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Passed By The Commissioner Of Income Tax (Appeals)(Cit(A)-47, Mumbai Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

…of it and to re reduce the cost of the project. It was therefore offered as Business Income'. The Ld. AR in this respect has relied upon the various case laws including the decision of Hon'ble Karnataka High Court in the case of "Swish Chandra & Co. vs. CIT" 234 ITR 70 (KAR) and decision of Hon'ble Bombay High Court in the case of "CIT Vs. Lok Holdings" 308 ITR 356 (Bom.) and has contended that the said decisions are fully M/s Hiranandani Constructions Pvt Ltd, Mumbai. applicable on the facts of this case. The Ld. DR on the other hand has relied upon the findings of the lower authorities. 10. We find that in th…

DCIT CENTRAL CIR.1(2), MUMBAI vs. M/S. SUNNY VISTA REALATORS PVT. LTD, MUMBAI

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2008-09 Assessment Year: 2009-10 Assessment Year: 2013-14

…se of it and to reduce the cost of the project. It was therefore offered as 'Business Income'. The Ld. AR in this respect has relied upon the various case laws including the decision of Hon'ble Karnataka High Court in the case of "Swish Chandra & Co. vs. CIT" 234 ITR 70 (KAR) (and decision of Hon'ble Bombay High Court in the case of "CIT Vs. Lok Holdings" 308 ITR 356 (Bom.) and has contended that the said decisions are fully applicable on the facts of this case. The Ld. DR on the other hand has relied upon the findings of the lower authorities. 10. We find that in the facts and circumstances of the case in hand,…

DCIT 24(3), MUMBAI vs. GUNDECHA BUILDERS, MUMBAI

In the result appeal filed by the revenue for the Asst

Bench: Shri Rajendra (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2011-12

…in either the action of the AO or the facts and circumstances of both the cases. Following the Order of his predecessor in the case of M/s. ME and relying upon the judgments of the Hon‟ble High Courts of Karnataka and Bombay in the cases Satish Chandra & Co.(234 ITR 70) and Lok Holdings(308 ITR 356) decided the issue in favour of the assessee. He held that interest earned on surplus funds of business should be assessed as business income and not as income from other sources. He further directed the AO to allow the interest paid against the same, accordingly as per the provisions of Act. 2.3. Before us, Departme…

NEHA HOME BUILDERS P.LTD,MUMBAI vs. DCIT 9(2), MUMBAI

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA no.3078/Mum./2013 (Assessment Year : 2009–10) Neha Home Builders Pvt. Ltd. Gundecha House Plot no.141 Jawahar Nagar, Goregaon (W) ……………. Appellant Mumbai 400 062 PAN – AACCNP7092E v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–9(2), Mumbai Assessee by : Shri Vimal Punmiya Revenue by : Shri Chandrajit Singh Date of Hearing – 10.03.2016 Date of Order – 23.03.2016 O R D E R PER SAKTIJIT DEY, J.M. Aforesaid appeal of the assessee is directed against the orde…

DCIT 24(3), MUMBAI vs. GUNDECHA BUILDERS, MUMBAI

In the result, Department’s appeal is partly allowed

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA no.3906/Mum./2014 (Assessment Year : 2010–11) Dy. Commissioner of Income Tax Pratyaksha Kar Bhavan ……………. Appellant Bandra Kurla Complex Bandra (E), Mumbai 400 051 v/s M/s. Gundecha Builders 141, Gundecha House Jawahar Nagar ……………. Respondent Goregaon (W), Mumbai 400 062 PAN – AAAFG0848D Assessee by : Shri Vimal Punmiya Revenue by : Shri Shrikant Mamdeo Date of Hearing – 05.01.2016 Date of Order – 05.01.2016 O R D E R PER SAKTIJIT DEY, J.M. Instant appeal preferred…

HIRANANDANI PALACE GARDENS P. LTD,MUMBAI vs. ACIT (OSD) CIR 3(1), MUMBAI

In the result, the appeal of the assessee is hereby allowed

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2009-10 M/S. Hiranandani Palace The Assistant Commissioner Of Gardens P. Ltd., Income Tax (Osd), 514 Dalamal Towers, 211 Fpj Circle -3(1), Vs. Marg, Aayakar Bhavan, Nariman Point, M.K. Road, Mumbai – 400 021 Mumbai - 400020 Pan: Aaccc 8862H (Appellant) (Respondent) Present For: Assessee By : Shri Chetan Karia, A.R. Revenue By : Shri Vikash Kumar Agarwal, D.R. Date Of Hearing : 23.10.2015 Date Of Pronouncement : 30.12.2015

…se of it and to reduce the cost of the project. It was therefore offered as 'Business Income'. The Ld. AR in this respect has relied upon the various case laws including the decision of Hon'ble Karnataka High Court in the case of “Swish Chandra & Co. vs. CIT” 234 ITR 70 (KAR) and decision of Hon'ble Bombay High Court in the case of “CIT Vs. Lok Holdings” 308 ITR 356 (Bom.) and has contended that the said decisions are fully applicable on the facts of this case. The Ld. DR on the other hand has relied upon the findings of the lower authorities. 10. We find that in the facts and circumstances of the case in hand,…