annual value — 425 case laws

D C Polyester Limited, Mumbai vs. DCIT Central Circle-6(4), Mumbai

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

ITA 188/MUM/2023[2017-18]Status: DisposedITAT Mumbai17 Oct 2023AY 2017-18

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

Section 143(1)Section 153ASection 24Section 270A

Bench of the Tribunal in the case of S. Saroja Vs. DCIT (ITA No. 418/Chny/2023). In the above said case the assessee had declared annual value of the property at Rs. 5,40,000/- instead of Rs. 8,40,000/-. It was noticed that the above said mistake has occurred

Sunil Pandurang Mantri, Mumbai vs. ACIT, Mumbai

In the result the appeal filed by the assessee is partly allowed for statistical purposes

ITA 1799/MUM/2023[2016-17]Status: DisposedITAT Mumbai13 Oct 2023AY 2016-17

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm Sunil Pandurang Mantri Acit 3&4, Kamal Co-Op. Society, Aaykar Bhawan, M.K. Road, Walkeshwar Road, Walkeshwar, Vs. Mumbai-400020 Mumbai-400006 (Appellant) (Respondent) Pan No. Abnpm4825D Assessee By : Shri. Abhishek Jhunjhunwala Revenue By : Shri. Swapnil Sawant Date Of Hearing: 03.08.2023 Date Of Pronouncement : 13.10.2023

For Appellant: Shri. Abhishek JhunjhunwalaFor Respondent: Shri. Swapnil Sawant

Section 143(3)Section 23Section 24

balance sheet as at 31.03.2015 the assessee was having four properties, one of the properties is at Ambey Valley. The assessee has shown annual value for deemed late out property at 5% of actual cost of acquisition. From the above sum, the assessee has deducted interest on loan ... well as the assessee is having one more flat in Mantri park Bloom 1604 for which the assessee has not declared any annual value. Accordingly, the AO as per the provision of section 23 following the decision of Allahabad High Court in the case of Radha Devi Dalamia

Laxmi Co-Operative Housing Society Ltd, Mumbai vs. Income Tax Officer- 22(2)(3), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 1745/MUM/2023[2015-2016]Status: DisposedITAT Mumbai28 Sept 2023AY 2015-2016

Bench: Shri Amit Shukla & Shri Gagan Goyal & Laxmi Co-Operative Housing Society Ltd. Laxmi Nagar, Khar(W), Mumbai-400 052 Pan: Aaaal1009P ...... Appellant Vs.

For Respondent: Shri. K. Shivram & & Ms. Neelam Jadhav

Section 143(3)Section 147Section 2(19)Section 234ASection 56Section 80Section 80PSection 80P(2)

derives from letting out House Property and deduction U/s 24(a) i.e. a sum equal to thirty percent of the annual value be allowed as standard deduction (8) The interest charged under section 234A NIL 234B Rs. 6, 62,424/- 234C NIL be deleted. The Assessing Officer erred

Dy. Commissioner of Income Tax -27(3), Mumbai vs. 3 Nn Corporation, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 2302/MUM/2023[2013-2014]Status: DisposedITAT Mumbai27 Sept 2023AY 2013-2014

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Ms. Renu KapoorFor Respondent: Shri Ashok Kumar Ambastha

Section 143(3)Section 250Section 263

Court in CIT v/s Ansal Housing Finance & Leasing Co Ltd. Pursuant to the aforesaid directions of the learned PCIT, the AO computed the gross annual value of the unsold flats at Rs.56,97,872, and after statutory deduction @30%, the net annual value taxable under the head income from house

Ashish Dyechem & Textiles Processors Pvt. Ltd, Mumbai vs. DCIT Cent-Cir 4(1) (1), Mumbai

ITA 1749/MUM/2021[2019-20]Status: DisposedITAT Mumbai27 Sept 2023AY 2019-20

Bench: Shri N. K. Choudhry, Jm & Ms. Padmavathy S, Am

For Appellant: NoneFor Respondent: Shri Raghuveer Madanappa, Ld

Section 139Section 142Section 143Section 143(1)Section 143(1)(a)Section 250Section 36

section 24(a) provides for a standard deduction for a sum equal to 30% of the ITA No.1242/Del/2022 National Housing Bank vs. ADIT 9 annual value, but the assessee has claimed deduction at 40%. These situations warrant an adjustment. It is obvious that none of the three clauses of Explanation

Ashish Dyechem & Textiles Processors Pvt. Ltd, Mumbai vs. DCIT 4(1) (1), Mumbai

ITA 1748/MUM/2021[2018-19]Status: DisposedITAT Mumbai27 Sept 2023AY 2018-19

Bench: Shri N. K. Choudhry, Jm & Ms. Padmavathy S, Am

For Appellant: NoneFor Respondent: Shri Raghuveer Madanappa, Ld

Section 139Section 142Section 143Section 143(1)Section 143(1)(a)Section 250Section 36

section 24(a) provides for a standard deduction for a sum equal to 30% of the ITA No.1242/Del/2022 National Housing Bank vs. ADIT 9 annual value, but the assessee has claimed deduction at 40%. These situations warrant an adjustment. It is obvious that none of the three clauses of Explanation

The ACIT, Corp Circle-1(2), Kochi vs. M/S.Knowell Realtors India P. Ltd, Kochi

In the result, the Revenue’s appeals are allowed

ITA 193/COCH/2019[2015-16]Status: DisposedITAT Cochin25 Sept 2023AY 2015-16

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Appellant: Sri. Santosh P. Abraham, AdvFor Respondent: Smt.J.M.Jamuna Devi, Sr.DR

Section 143(3)Section 268A

income. Section 22 and 28 concern income from house property and business income respectively, and read as under: Income from house property. 22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property ... which is irrespective of whether the same is let or not. This, apparent from s. 22, becomes abundantly clear from s. 23, deeming the annual value, i.e., the measure with reference to which the income is to be determined, as the sum for which the property might reasonably

The ACIT, Corp Circle-1(2), Kochi vs. M/S.Knowell Realtors India P. Ltd, Kochi

In the result, the Revenue’s appeals are allowed

ITA 192/COCH/2019[2012-13]Status: DisposedITAT Cochin25 Sept 2023AY 2012-13

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Appellant: Sri. Santosh P. Abraham, AdvFor Respondent: Smt.J.M.Jamuna Devi, Sr.DR

Section 143(3)Section 268A

income. Section 22 and 28 concern income from house property and business income respectively, and read as under: Income from house property. 22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property ... which is irrespective of whether the same is let or not. This, apparent from s. 22, becomes abundantly clear from s. 23, deeming the annual value, i.e., the measure with reference to which the income is to be determined, as the sum for which the property might reasonably