DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

house property’ or ‘capital gains’ or ‘income from other sources’ but in the case of ‘capital gains’ or ‘income from other sources’ but in the case of ‘capital gains’ or ‘income from other sources’ but in the case of assessee, who is engaged in the business of insura is engaged in the business of insurance such income nce such income

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

house property’ or ‘capital gains’ or ‘income from other sources’ but in the case of ‘capital gains’ or ‘income from other sources’ but in the case of ‘capital gains’ or ‘income from other sources’ but in the case of assessee, who is engaged in the business of insura is engaged in the business of insurance such income nce such income

ACIT, CENT. CIR.2, THANE vs. SAI HOME MAKERS, NAVI MUMBAI

In the result, assessee‟s appeals are allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

Properties, [2013] 353 ITR 36 (Bom.), the Hon'ble Jurisdictional High Court held that housing project comprises of several independent buildings consisting of several residential units. Therefore, even if one of the building in a housing project comprising of several residential units satisfies the conditions of section 80IB(10) assessee would be eligible for deduction. Similar view has also been

JM FINANCIAL INDIA FUND-SCHEME B,MUMBAI vs. ITO WARD 17(2)(1), MUMBAI

In the result this ground of appeal is allowed

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhjm Financial India Fund-Scheme Ito - 17(2)(1) Room No. 123-B, 1St Floor, B, 141, Maker Chambers Iii, Nariman Point, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400021. Mumbai-400020. Pan: Aabtj0401F Appellant Respondent

Housing Development Finance Corporation Ltd. It has been constituted to pool together resources, both institutional and other investors, for making investment in high growth sectors including real estate sector in India. The objects of the Trust are contained in clause 6, a copy of which is placed in the Paper Book. 21 ITA No. 277 Mum 2019-JM Financial India

ARIHANT DEVELOPERS ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

house properties, both these situations\nare totally distinct.\n22. In so far as the decision of the Supreme Court in East India\nHousing (supra) is concerned, in the said case, the Supreme Court was\nconcerned with the appellant / assessee whose main business was “to\nbuy and develop landed properties and to promote and develop\nmarkets", for which it had purchased

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

section 24(a) of the Act. The contention of the AO that the\nassessee is carrying out an organized activity of development and\nconstruction of godowns which are held as stock-in-trade and thus, the\nrental income generated in the course of the business has to be taxed as\nbusiness income and not as income from house property

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1 , KALYAN

In the result, all the above appeals of the assessee are\ndismissed

section 24(a) of the Act. The contention of the AO that the\nassessee is carrying out an organized activity of development and\nconstruction of godowns which are held as stock-in-trade and thus, the\nrental income generated in the course of the business has to be taxed as\nbusiness income and not as income from house property

ARIHANT DEVELOPERS,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1, KALYAN

In the result, all the above appeals of the assessee are\ndismissed

section 24(a) of the Act. The contention of the AO that the\nassessee is carrying out an organized activity of development and\nconstruction of godowns which are held as stock-in-trade and thus, the\nrental income generated in the course of the business has to be taxed as\nbusiness income and not as income from house property

ASST CIT CIR 2, THANE vs. ASHISH CONSTRUCTION CO., THANE

In the result, the common question of law framed in these two appeals are answered in favour of the assessee and against the Revenue

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2006 - 2007 Asst. Cit Circle-2, Ashish Construction Co., Thane S-1, Narmada Apartments, बनाम/ Cabin Road, Bhayander Vs. Road (E), Thane 401 105 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aajfa4249G राज"व क" ओर से / Revenue By Shri V Vidhyadhar "नधा"रती क" ओर से / Assessee By Shri Sanjay Sharma

Properties (supra). The relevant portion from the order is reproduced hereunder: “These two appeals are admitted on the following common substantial question of law and taken up for hearing by consent of both the parties. "Whether, on the facts and circumstances of the case and in law, the Income-tax Appellate Tribunal was justified in holding that the asses

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

section 68 of the income tax act the main submission of the assessee are as under:- i. The loan received by the assessee from sunrise Asian Ltd of ₹ 40 lakhs on 30/9/2013 is a genuine loan and out of the accounted source of the lender company. ITA No. 2089, 709 to 713 & 718 Mum/2023

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

section 68 of the income tax act the main submission of the assessee are as under:- i. The loan received by the assessee from sunrise Asian Ltd of ₹ 40 lakhs on 30/9/2013 is a genuine loan and out of the accounted source of the lender company. ITA No. 2089, 709 to 713 & 718 Mum/2023

MOHAN THANKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

section 68 of the income tax act the main submission of the assessee are as under:- i. The loan received by the assessee from sunrise Asian Ltd of ₹ 40 lakhs on 30/9/2013 is a genuine loan and out of the accounted source of the lender company. ITA No. 2089, 709 to 713 & 718 Mum/2023

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

section 68 of the income tax act the main submission of the assessee are as under:- i. The loan received by the assessee from sunrise Asian Ltd of ₹ 40 lakhs on 30/9/2013 is a genuine loan and out of the accounted source of the lender company. ITA No. 2089, 709 to 713 & 718 Mum/2023

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

section 68 of the income tax act the main submission of the assessee are as under:- i. The loan received by the assessee from sunrise Asian Ltd of ₹ 40 lakhs on 30/9/2013 is a genuine loan and out of the accounted source of the lender company. ITA No. 2089, 709 to 713 & 718 Mum/2023

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

section 68 of the income tax act the main submission of the assessee are as under:- i. The loan received by the assessee from sunrise Asian Ltd of ₹ 40 lakhs on 30/9/2013 is a genuine loan and out of the accounted source of the lender company. ITA No. 2089, 709 to 713 & 718 Mum/2023

MOHAN GURNANI,NAVI MUMBAI vs. DCIT CENTRAL CIRLE - 5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

section 68 of the income tax act the main submission of the assessee are as under:- i. The loan received by the assessee from sunrise Asian Ltd of ₹ 40 lakhs on 30/9/2013 is a genuine loan and out of the accounted source of the lender company. ITA No. 2089, 709 to 713 & 718 Mum/2023

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

10 M/s. The Phoenix Mills Ltd. The said proviso of section 147 has been reproduced below for ready reference: "Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from

THE PHOENIX MILLS LTD,MUMBAI vs. DCIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

10 M/s. The Phoenix Mills Ltd. The said proviso of section 147 has been reproduced below for ready reference: "Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from