NMS ENTRPRISES ,MUMBAI vs. PR CIT -27, MUMBAI, MUMBAI
In the result, the appeal filed by the assessee is allowed
ITA 1103/MUM/2022[2017-18]Status: DisposedITAT Mumbai25 Jan 2023AY 2017-18
Bench: Shri Prashant Maharishi & Shir Pavan Kumar Gadalenms Enterprises Vs. Pr. Cit – 27, Shop No. 1 & 2, Plot Room No. 401, 4Th No. 9, Sector No. 34, Floor, Tower No. 6, Kamothe, Vashi Rly Stn Navi Mumbai-410209 Commercial Complex, Navi Mumbai -400703 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahfn9167A Appellant .. Respondent Appellant By : Shri. Subodh Ratnaparkhi.Ar Respondent By : Dr. Mahesh Akhade.Cit Dr Date Of Hearing 19.01.2023 Date Of Pronouncement 25.01.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Pr. Commissioner Of Income Tax (Pr.Cit)-27, Mumbai, Passed U/S 143(3) Of The Act. The Assessee Has Raised The Fallowing Grounds Of Appeal:
For Appellant: Shri. Subodh Ratnaparkhi.ARFor Respondent: Dr. Mahesh Akhade.CIT DR
Section 143(2)Section 143(3)Section 23(1)(a)Section 24Section 263
…of unsold constructed property at Rs.86.90 crores as on 31.03.2017. However, we have not computed deemed NMS Enterprises, Mumbai. rental income u/s. 23(1)(a) of the IT Act, 1961. Your honour has relied upon the decision of Bipin Vadilal Family Trust vs. CIT (208 ITR 105) and has computed the deemed rent at 8% of the cost of property which comes to Rs.6,95,23,301/-and after standard deduction u/s. 24(a) of the IT Act, 1961 at Rs.4,86,66,310/-." In lieu of the above, it is mentioned in the show cause notice that the assessment order is deficient and erroneous and therefore the asst. order is apparently erroneous…
