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“Section 23(5)”

Section References (mined)Section 23Section 23(5)87 judgments

The decision most relied on for Section 23(5) is CIT v. Ansal Housing Finance & Leasing Co. Ltd. (354 ITR 180), cited in 208 judgments on BharatTax.

Leading authorities on Section 23(5)

CIT v. Ansal Housing Finance & Leasing Co. Ltd.
354 ITR 180 · 2013 · High Court
208
citing judgments

Annual Letting Value (ALV) of unsold stock-in-trade flats/shops held by a real estate developer can be assessed under Section 22 of the Income Tax Act, 1961, as income from house property. This approach was followed by the Assessing Officer (AO) based on this decision.

CIT v. Tip Top Typography
368 ITR 330 · 2014 · High Court
161
citing judgments

For computing income from house property, the Annual Letting Value (ALV) cannot be arbitrarily estimated by the Assessing Officer, but must be determined based on the Municipal ratable value of the property.

CIT v. Neha Builders Pvt. Ltd.
296 ITR 661 · 2008 · High Court
129
citing judgments

Income from unsold flats held as stock-in-trade by a builder or developer is assessable as business income, not income from house property, for assessment years prior to the insertion of Section 23(5) of the Income-tax Act.

CIT v. Oswal Agro Mills Ltd.
341 ITR 467 · 2012 · High Court
108
citing judgments

The Legislature abolished terminal depreciation under section 32(1)(iii) and the taxing of balancing charge under section 41(2), replacing these provisions with the requirement to reduce sale proceeds of depreciable assets from the block of assets.

Keshav Mills Ltd. v. CIT
23 ITR 230 · 1953 · Supreme Court
86
citing judgments

Income taxability depends on the real nature of the receipt and actual or constructive receipt of income, not merely on book entries. An amount is only "deemed to be received" if explicitly provided by the Income Tax Act, not by an assessee's unilateral intention.

CIT v. Gujarat Power Corporation Ltd.
352 ITR 583 · 2013 · High Court
80
citing judgments

Disallowance under Section 14A for interest expenditure is not justified if an assessee uses its own interest-free funds for investments generating exempt income, and borrowed funds are entirely utilized for business purposes, without evidence of diversion to earn tax-free income.

Principal Commissioner of Income-tax-2, Meerut v. Canara Bank Securities Ltd.
114 Taxmann.com 545 · 2020 · Supreme Court
57
citing judgments

Property held as stock-in-trade is not assessable under the head 'Income from House Property' (Section 23). An Assessing Officer's decision not to tax such income, when supported by inquiry, typically cannot be considered erroneous and prejudicial under Section 263.

CIT v. Sane & Doshi Enterprises
377 ITR 165 · 2015 · High Court
38
citing judgments

Rental income from unsold property held by a real-estate developer is assessable under the head 'Income from House Property' and not as 'Business Income'. The treatment in books of account as stock-in-trade does not alter the income's character for tax purposes.

Judgments citing Section 23(5)

Bengal Shapoorji Housing Development Pvt. Ltd, Mumbai vs. DCIT, Circle 3(1)(1), Mumbai

In the result, the appeals filed by the assessee are allowed for statistical purpose

ITA 4640/MUM/2024[2018-19]Status: DisposedITAT Mumbai25 Oct 2024AY 2018-19

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

For Appellant: Dr. K. Shivaram, Sr. Adv &For Respondent: Shri Kailash C. Kanojiya &
Section 143(2)Section 23(5)Section 250

Merits 2.1. The Ld CIT(A)/NFAC failed to appreciate that the annual letting value of the inventory as per the provisions of Section 23(5) shall be NIL and hence, the entire income from house property assessed u/s 23(5) may be deleted. 2.2 The Ld CIT(A)/NFAC ... failed to appreciate that the provisions of Section 23(5) are not applicable in the facts and circumstances of the case and hence, the entire income from house property assessed u/s 23(5) may be deleted. 3. Merits Flats allotted to the allottees cannot

Arihant Vastunirman Private Limited, Ratnagiri vs. Assistant Commissioner of Income Tax, Circle 1, Kolhapur

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

ITA 448/PUN/2024[2017-18]Status: DisposedITAT Pune23 Oct 2024AY 2017-18

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.448/Pun/2024 िनधा"रण वष" / Assessment Year: 2017-18 Arihant Vastunirman Private Vs. Acit, Circle-1, Kolhapur. Limited, Office No.1, Siddhivinayak Community Hall, Shivaji Nagar, Siddhivinayak Nagar, Ratnagiri- 415612. Pan : Aakca4408K Appellant Respondent Assessee By : Shri Pramod S. Shingte Revenue By : Shri Ramnath P. Murkunde Date Of Hearing : 14.08.2024 Date Of Pronouncement 23.10.2024 : आदेश / Order Per Vinay Bhamore, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.02.2024 Passed By Ld. Cit(A)/Nfac For The Assessment Year 2017-18. 2. The Appellant Has Raised The Following Grounds Of Appeal :- “1. On The Facts & Circumstances Of The Case & In Law The Ld. Cit(A) Erred In Confirming The Addition By The A.O. Of Rs.34,14,922/- Representing Notional Rental Income In Respect Of Unsold Flats Forming Part Of Closing Inventory Of The Appellant.

For Appellant: Shri Pramod S. ShingteFor Respondent: Shri Ramnath P. Murkunde
Section 143(2)Section 23(4)Section 23(5)

business and admittedly stock in trade. It was also submitted that regarding calculation of deemed rent on unsold stock in trade a new section 23(5) of the IT Act has been introduced w.e.f. assessment year 2018-19 only & no 3 such section was in existence during the relevant period ... letting value determined by the Assessing Officer is on higher side. Ld. Counsel of the assessee also submitted that a new section i.e. section 23(5) of the IT Act was introduced w.e.f. assessment year 2018-19 only, which suggest to calculate deemed rent/notional rent on the unsold closing stock

Shri Kirankumar Rasiklal Sanghvi, Deesa vs. The Pr.CIT-4, Ahmedabad

The appeal of the assessee is allowed

ITA 179/AHD/2024[2015-16]Status: DisposedITAT Ahmedabad24 Sept 2024AY 2015-16

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarिनधा"रण वष"/Assessment Year: 2015-16 Shri Kirankumar Rasiklal Sanghvi, The Principal Commissioner Of 1, Paras Society, Neminathnagar Income-Tax-4, Vs. Road, Deesa, Gujarat-385535 Ahmedabad Pan : Afops 0131 D अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Manish J. Shah & Shri Rushin Patel, Ars Revenue By : Shri Durga Dutt, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 12.09.2024 घोषणा क" तारीख /Date Of Pronouncement: 24.09.2024 आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: This Appeal Filed By The Assessee Is Directed Against The Order Passed By The Learned Principal Commissioner Of Income-Tax-4, Ahmedabad [Herein- After Referred To As “Pcit”] Dated 03.03.2020, In Exercise Of His Revisionary Powers Under Section 263 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], For The Assessment Year (Ay) 2015-16. 2. The Registry Has Noted The Present Appeal To Be Barred By Limitation By 1355 Days. The Ld. Counsel For The Assessee Explained That There Was, In Fact, No Delay In Filing The Appeal Before The Tribunal For The Reason That The Assessee Had Inadvertently Filed The Appeal Against The Order Of The Ld. Pcit Before The Surat Bench Of The Itat Which, When The Appeal Came Up For Hearing Before It, Passed A Judicial Order Dated 21.11.2023 Dismissing The Appeal As Withdrawn, Noting The Fact That The Correct Jurisdiction Lay With The 2 Shri Kirankumar Rasiklal Sanghvi Vs. Pcit Ay : 2015-16

For Appellant: Shri Manish J. Shah &For Respondent: Shri Durga Dutt, CIT-DR
Section 14Section 143(3)Section 23Section 263Section 54F

virtue of insertion of sub clause (5) to section 23 of the Act by Finance Act 2017. Our attention was drawn to section 23(5) of the Act as under: Section 23(5) Where the property consisting of any building or land appurtenant thereto is held as stock-in-trade

M/S. Varun Developers, Pune vs. ACIT, Circle 2, Pune

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

ITA 613/PUN/2024[2016-17]Status: DisposedITAT Pune10 Sept 2024AY 2016-17

Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)

For Appellant: Shri Nikhil PathakFor Respondent: Shri Sourabh Nayak
Section 143(2)Section 143(3)Section 22Section 23(1)(c)Section 24Section 80I

deemed rental income from property held as stock in trade. It is only from assessment year 2018-19 that a 9 new section 23(5) was inserted which permits the Assessing Officer to calculate the deemed rental income of the property held as stock in trade even if such property ... purposes of income tax prior to assessment year 2018-19. The intentions of the Legislature are very much clear because they introduced section 23(5) w.e.f. assessment year 2018-19 only and nowhere it was mentioned that it has been retrospectively made applicable. When the operation of this section

Shweta Infrastructure Housing (I) Private Limited, Mumbai vs. Asst. Commissioner of Income Tax Circle 13(2)(2) Mumbai, Mumbai

ITA 4167/MUM/2023[2013-14]Status: DisposedITAT Mumbai26 Aug 2024AY 2013-14

Bench: Shri Satbeer Singh Godara (Jm) & Shri Omkareshwar Chidara (Am)

Section 142(1)Section 143(3)Section 144Section 147Section 148Section 23(5)Section 250

made based on the decision cited above by Ld. AO. The Ld. AO rejected the explanation of the appellant company and stated that section 23(5) of the Act relied upon by the appellant was inserted in the Income Tax Act and it comes into effect from 1.4.2018 whereas

M/S Kolte Patil Developers Ltd, Pune vs. DCIT, Circle-7, Pune

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

ITA 704/PUN/2024[2014-15]Status: DisposedITAT Pune12 Aug 2024AY 2014-15

Bench: Shri R. K. Panda & Shri Vinay Bhamoreassessment Year : 2014-15

For Appellant: Shri Nikhil S PathakFor Respondent: Shri Ramnath P Murkende
Section 143(2)Section 40Section 43C

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND SHRI VINAY

Mack Star Marketing Pvt Ltd, Mumbai vs. NFAC, Delhi

In the result, appeal of the assessee is allowed in part for statistical purposes

ITA 1812/MUM/2023[2014-15]Status: DisposedITAT Mumbai19 Apr 2024AY 2014-15

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sunil Kumar Singh, Hon'Ble

Section 23

facts and circumstances of the case in making an addition on account of deemed rent of INK 26,98,74,180 under Section 23 (5) of the Income Tax Act, 1961 (IT Act). Page No. 2 ITA NOs. 1709 & 1812/MUM/2023 (A.Ys: 2012-13 & 2014-15) Mack Star Marketing Private Limited ... taxmann.com 303] whereas while confirming the assessment the Ld. CIT(A) drew support from specific provision inserted by the Finance Act, 2017 in section 23(5) of the Act. 19. We are of the considered view that both the Assessing Officer and Ld. CIT(A) erred

Mack Star Marketing Pvt Ltd, Mumbai vs. NFAC, Delhi

In the result, appeal of the assessee is allowed in part for statistical purposes

ITA 1709/MUM/2023[2012-13]Status: DisposedITAT Mumbai19 Apr 2024AY 2012-13

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sunil Kumar Singh, Hon'Ble

Section 23

facts and circumstances of the case in making an addition on account of deemed rent of INK 26,98,74,180 under Section 23 (5) of the Income Tax Act, 1961 (IT Act). Page No. 2 ITA NOs. 1709 & 1812/MUM/2023 (A.Ys: 2012-13 & 2014-15) Mack Star Marketing Private Limited ... taxmann.com 303] whereas while confirming the assessment the Ld. CIT(A) drew support from specific provision inserted by the Finance Act, 2017 in section 23(5) of the Act. 19. We are of the considered view that both the Assessing Officer and Ld. CIT(A) erred

La Kozy Builders LLP, Mumbai vs. Asstt. Commissioner of Income Tax Circle-21(2), Mumbai

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

ITA 2954/MUM/2023[2016-2017]Status: DisposedITAT Mumbai03 Apr 2024AY 2016-2017

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 143(1)Section 143(2)Section 23Section 23(5)Section 5

Learned CIT(A) was correct in confirming the addition of Rs.17,13,600/- made by the Assessing Officer relying on section 23(5) of the Act without appreciating the fact that said statutory Provision i.e. Sec. 23(5) is applicable prospectively i.e. w.e.f. A.Y. 2018-19, the same, thus, would ... appreciated this distinction. 18. One very important development took place post these Judgments, that an amendment has been brought in the statute in section 23(5) which is applicable from AY 2018-2019 which reads as under, "Where the property consisting of any building or land appurtenant there

DCIT 14(1)(1), Mumbai, Aayakar Bhawan vs. Neelkanth Urban Developers Pvt. Ltd, Mumbai

ITA 2408/MUM/2023[2017-18]Status: DisposedITAT Mumbai26 Mar 2024AY 2017-18
Section 143(3)Section 23Section 23(1)(a)Section 23(5)

account of notional rent on flats held by the assessee as stock in trade ignoring the fact that the provision of Section 23(5) were introduced in the Act, from the A.Y. 2018-19 onwards merely for granting relief to the builders. 2. The appellant prays that the order ... brought to tax in the hands of the Assessee for the Assessment Year 2017-18. Reliance in this regard was placed on Section 23(5) of the Act. It was further submitted before the CIT(A) that the occupation certificate in respect of units/flats forming part of closing stock

Sai Builders and Developers, Vashi vs. PCIT-27, Vashi

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

ITA 1916/MUM/2023[2018-19]Status: DisposedITAT Mumbai13 Mar 2024AY 2018-19

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalsaibuildersanddevelopers, Vs Pr.Cit-27, B12,Ashiana,Plotno.15, Roomno.401, Sector17,Vashi, 4Thflr,Towerno.6, Navi Mumbai-400703. Vashi Railway Stationcomplex,Vashi, Navimumbai-400703. Pan/Gir No. : Abbfs0092C Appellant .. Respondent

For Appellant: Shri.K.Gopal&Shri.OmKandalkar.ARFor Respondent: Shri.Hiren M Bhatt. Sr.DR
Section 143(3)Section 263

Therefore, it is crystal clear that Occupancy Certificate cannot be equated with the Certificate of completion of construction of property, as mentioned in section 23(5) of Income Tax Act. In support of our this contention, apart from documents relating to water and electricity connection, we are also enclosing herewith ... Another issue relating the Occupancy Certificate is related to the provision of Deemed House Property income under the provisions of section 23(5) of Income Tax Act, which was introduced in the statue from A.Y.2018-19 through the Finance Act, 2017, which has amended Section 23 of the Act to insert

Shamdarshan Properties Private Limited, Mumbai vs. ITO Ward 3(3)(2), Mumbai

ITA 2777/MUM/2023[2014-15]Status: DisposedITAT Mumbai22 Jan 2024AY 2014-15

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadale

Section 143(1)Section 143(3)Section 154

year 2017-18 dated 25.01.2023, though in the context of revision U/sec263 of the Act has dealt on the applicability of provisions of section 23(5) of the Act prospectively and granted relief observing at Para 7 to 9 of the order read as under:- “7. We heard the rival

Bhagwati Abhilasha Conventure, Mumbai vs. Circle 26(1), Mumbai

In the result, appeal of the assessee is dismissed

ITA 1698/MUM/2023[2018-2019]Status: DisposedITAT Mumbai18 Dec 2023AY 2018-2019

Bench: Shri Kuldip Singh & Shri Gagan Goyalbhagwati Abhilsha Conventure A/30, Patil Bhuvan, N.S.B. Road, Mulund (West), Mumbai-400080 Pan: Aahfb9198D ...... Appellant Vs. Pcit, Mumbai-41, Circle 41(2)(1) R. No. 541, Kautilya Bhavan, C-41 To C-43, G Block, Bandra Kurla Complex, Bandra East, Mumbai-400051 ..... Respondent

For Appellant: Shri M. Subramanian, Ld. ARFor Respondent: Shri Ashok Kumar Ambastha, Ld. DR
Section 142(1)Section 143(3)Section 22Section 23(5)Section 263

anomaly/divergent views of coordinate benches and Hon’ble High Courts on this subject an amendment has been brought in the statute in section 23(5) where in respect of unsold stock of properties held as 'stock-in-trade' for a period of two years from the date of obtaining completion ... unsold stock of flats held as ‘stock-in-trade’ upto A.Y. 2017-18. However, the amendment has been brought in the statute in section 23(5) from AY 2018-19 providing a moratorium period of two years. Hence, no addition could be made even for AY 2018-19 also

The Deputy Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Neepa Real Estates Pvt Ltd, Mumbai

ITA 1508/MUM/2023[2017-2018]Status: DisposedITAT Mumbai10 Nov 2023AY 2017-2018

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Years: 2017-18 The Deputy Commissioner M/S. Neepa Real Estates Of Income Tax, Pvt. Ltd., 12Th Floor, Hallmark Central Circle -6(1), Room No. 1905, Business Plaza, Vs. 19Th Floor, Sang Dnyaneshwar Marg, Air India Building, Near Gurunanak Hospital, Nariman Point, Bandra East, Mumbai- 400 021 Mumbai- 400 051 Pan: Aaacn1884C (Appellant) (Respondent)

For Appellant: Dr. K. Shivaram, Sr. A.R. &For Respondent: Shri Ashok Kumar Ambastha, D.R
Section 143(3)Section 43C

unsold stock cannot be taxed. It is also held in the aforesaid order passed by the co-ordinate Bench of the Tribunal that section 23(5) is prospective in nature and applicable from 2018-19. 9. We have perused the order passed by the Ld. CIT(A) deleting the addition ... made by the AO who has duly thrashed the facts in the light of the provisions contained under section 23(5) applicable w.e.f. 01.04.2018 and order passed by the co-ordinate Bench of the Tribunal in case of Sheth Developers Pvt. Ltd. (supra) and in case of DCIT vs. Bengal

ACIT- CC -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S. Magna Distribution & Warehousing Pvt. Ltd.), Mumbai

ITA 2513/MUM/2021[2014-15]Status: DisposedITAT Mumbai30 Aug 2023AY 2014-15

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

Section 132Section 14ASection 69C

IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI OM PRAKASH KANT

ACIT- CC -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S. Magna Distribution & Warehousing Pvt. Ltd.), Mumbai

ITA 2511/MUM/2021[2012-13]Status: DisposedITAT Mumbai30 Aug 2023AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

Section 132Section 14ASection 69C

IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI OM PRAKASH KANT

ACIT -CC -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S. Magna Distribution Pvt. Ltd.), Mumbai

ITA 2510/MUM/2021[2013-14]Status: DisposedITAT Mumbai30 Aug 2023AY 2013-14

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

Section 132Section 14ASection 69C

IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI OM PRAKASH KANT

ACIT Central Cir -4(2), Mumbai vs. Chalet Hotels Ltd. (As A Sucessor to Magna Distribution & Warehousing Pvt. Ltd), Mumbai

ITA 2507/MUM/2021[2016-17]Status: DisposedITAT Mumbai30 Aug 2023AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

Section 132Section 14ASection 69C

IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI OM PRAKASH KANT

ACIT -CC- 4(2), Mumbai vs. Chalet Hotels Ltd. (As A Successor to M/S.Magna Distribution & Warehousing Pvt. Ltd.), Mumbai

ITA 2505/MUM/2021[2017-18]Status: DisposedITAT Mumbai30 Aug 2023AY 2017-18

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

Section 132Section 14ASection 69C

IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI OM PRAKASH KANT

Chalet Hotels Ltd., Mumbai vs. Dy CIT, Central Circle-4(2), Mumbai

ITA 1401/MUM/2021[2017-18]Status: DisposedITAT Mumbai30 Aug 2023AY 2017-18

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.2505/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) & आयकर अपील सं/ I.T.A. No.2507/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.2510/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2013-14) & आयकर अपील सं/ I.T.A. No.2511/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T.A. No.2513/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit, Central Circle-4(2) बिधम/ M/S. Chalet Hotels Ltd Room No. 1918, 19Th Floor, (As A M/S. Magna Vs. Air India Building, Nariman Distribution & Point, Mumbai-400021. Warehousing Pvt. Ltd.) Plot No. C-30 Raheja Tower, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan No.Aaack0411E आयकर अपील सं/ I.T.A. No.1754/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2016-17) & आयकर अपील सं/ I.T.A. No.1755/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2015-16) & आयकर अपील सं/ I.T.A. No.1756/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Genext Hardware & Parks बिधम/ Dcit, Central Circle-4(2) Pvt. Ltd. Room No. 1918, Air India Vs. Raheja Tower, Plot No. C- Building, Nariman Point, 30, Oppo. Sidbi, Bandra Mumbai-400021. Kurla Complex, Bandra (E), Mumbai-400051. Pan No. Aaccg5567F

Section 132Section 14ASection 69C

IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI OM PRAKASH KANT