SUMAN GUPTA,MUMBAI vs. DCIT - CC- 4(2), MUMBAI

In the result, appeal of the assessee for assessment year 2015

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 3860 & 3859/Mum/2018 Assessment Years: 2014-15 & 2015-16 Smt. Suman Gupta, Dy. Cit Cc-4(2), 6Th New Harileela House, Air India Building, 19Th Mint Road, Fort, Vs. Floor, Room No. 1918, Mumbai-400 001. Nariman Point, Mumbai-21. Pan No. Ahqpg 0220 P Appellant Respondent Assessee By : Mr. Bhupendra Karkhanis & Mr. Aakash Marthak & Mr. Vijay Bhatt, Ars Revenue By : Dr. Kishor Dhule, Cit-Dr Date Of Hearing : 02/03/2023 : Date Of Pronouncement 27/04/2023 Order

section 23(1) of the Act and not as 7% of cost of 7% of cost of the properties, which is wrong and contrary to the facts the properties, which is wrong and contrary to the facts the properties, which is wrong and contrary to the facts of the case and provisions of the Income

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

house property, capital gain and other sources. Assessee has filed his return of income under section 139 (1) for all these years. Subsequently search and seizure action under section 132

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

house property, capital gain and other sources. Assessee has filed his return of income under section 139 (1) for all these years. Subsequently search and seizure action under section 132

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

house property, capital gain and other sources. Assessee has filed his return of income under section 139 (1) for all these years. Subsequently search and seizure action under section 132

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

house property, capital gain and other sources. Assessee has filed his return of income under section 139 (1) for all these years. Subsequently search and seizure action under section 132

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

house property, capital gain and other sources. Assessee has filed his return of income under section 139 (1) for all these years. Subsequently search and seizure action under section 132

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

house property, capital gain and other sources. Assessee has filed his return of income under section 139 (1) for all these years. Subsequently search and seizure action under section 132

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

house property, capital gain and other sources. Assessee has filed his return of income under section 139 (1) for all these years. Subsequently search and seizure action under section 132

ACIT 28 (2), MUMBAI vs. SMT. PUNITA SANJAY BIDRA , MUMBAI

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2012-13 Acit-28(2), Smt. Punita Sanjay Bindra, Room No. 307, 3Rd Floor, Tower 505-506, Kesar Solitaire, 5Th Vs. No. 6, Vashi Railway Station Floor, Sanpada, Plot No. 5, Complex, Vashi, Sector-19, Navi Mumbai-400703. Navi Mumbai-400705. Pan No. Acspb 2454 M Appellant Respondent

section 54F claimed by the assessee has been summarised by the Assessing Officer been summarised by the Assessing Officer as under: as under: Smt. Punita Sanjay Bindra. 4 Smt. Punita Sanjay Bindra ITA No. Rs. Rs. Rs. Consideration received on 30.04.2011 Consideration received on 30.04.2011 6,38,97,750 Invested in house property and claimed deduction u/s Invested in house

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

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

132 or requisition under Section 132A of the Act. 027. As in the present case there is an incriminating material in the form of balance sheet where certain properties are stated l to be owned by assessee with respect to the addition made by the AO of notional income from house property u/s 22 of The Income

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

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

132 or requisition under Section 132A of the Act. 027. As in the present case there is an incriminating material in the form of balance sheet where certain properties are stated l to be owned by assessee with respect to the addition made by the AO of notional income from house property u/s 22 of The Income

PRIYA MOHAN GURNANAI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

132 or requisition under Section 132A of the Act. 027. As in the present case there is an incriminating material in the form of balance sheet where certain properties are stated l to be owned by assessee with respect to the addition made by the AO of notional income from house property u/s 22 of The Income

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

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

132 or requisition under Section 132A of the Act. 027. As in the present case there is an incriminating material in the form of balance sheet where certain properties are stated l to be owned by assessee with respect to the addition made by the AO of notional income from house property u/s 22 of The Income

PRIYA MOHAN GURNANAI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

132 or requisition under Section 132A of the Act. 027. As in the present case there is an incriminating material in the form of balance sheet where certain properties are stated l to be owned by assessee with respect to the addition made by the AO of notional income from house property u/s 22 of The Income

PRIYA MOHAN GURNANI,NAVI MUMBAI vs. CY CIT-CC-5(2), MUMBAI

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

132 or requisition under Section 132A of the Act. 027. As in the present case there is an incriminating material in the form of balance sheet where certain properties are stated l to be owned by assessee with respect to the addition made by the AO of notional income from house property u/s 22 of The Income

DCIT CEN CIR 8(4), MUMBAI vs. PHOENIX MILLS LTD, MUMBAI

In the results, all the appeals of the revenue are dismissed

Bench: Shri Ramesh C Sharma & Shri Pawan Singhआयकर अपीऱ सं./I.T.A. No. 3991/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2011-12) आयकर अपीऱ सं./I.T.A. No. 3992/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) आयकर अपीऱ सं./I.T.A. No. 3993/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2013-14) आयकर अपीऱ सं./I.T.A. No. 3994/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2014-15) बिधम/ Dy. Commissioner Of M/S Phoenix Mills Ltd. Income Tax, 462, Senapati Bapat Vs. Central Circle-8(4), Marg, Lower Parel, 6Th Floor, Room No. 658, Mumbai-400013. Aayakar Bhavan, M.K. Road, Mumbai 400020 स्थायी ऱेखा सं./जीआइआर सं./ Pan/Gir No. : Aaacp 3325 J (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

Section 14A, and is only to the extent of disallowing expenditure "incurred by the assessee in relation to the tax exemrjt income". This proportion or portion of the tax exempt income surely cannot swallow the entire amount as has happened in this case. 14.6. In view of the above judicial pronouncements, we do not find any infirmity in the order

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

property being land or building or both, shares and securities, loans and advances, deposits in bank account. (2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has been annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub- section (1) or section 153, the assessment or reassessment relating

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

property being land or building or both, shares and securities, loans and advances, deposits in bank account. (2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has been annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub- section (1) or section 153, the assessment or reassessment relating

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

property being land or building or both, shares and securities, loans and advances, deposits in bank account. (2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has been annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub- section (1) or section 153, the assessment or reassessment relating