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

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

property" and citing several Supreme\nCourt decisions. The High Court upheld the Tribunal's decision, stating\nthat the principles of consistency should apply. It noted that in previous\nyears, the Revenue had accepted this income as “income from house\nproperty" without any material change in circumstances.\n9. In view of the detailed discussion in preceding paras, we hold\nthat there

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

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

property" and citing several Supreme\nCourt decisions. The High Court upheld the Tribunal's decision, stating\nthat the principles of consistency should apply. It noted that in previous\nyears, the Revenue had accepted this income as “income from house\nproperty" without any material change in circumstances.\n9. In view of the detailed discussion in preceding paras, we hold\nthat there

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 and bogus long-term capital gain which are all based on the independent incriminating material found during the course of search relevant to those assessment years. Assessment year 2015 – 16 is not a concluded assessment year and therefore shall abate and assessing officer can make addition even in absence of incriminating material found during the course of search

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 and bogus long-term capital gain which are all based on the independent incriminating material found during the course of search relevant to those assessment years. Assessment year 2015 – 16 is not a concluded assessment year and therefore shall abate and assessing officer can make addition even in absence of incriminating material found during the course of search

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 and bogus long-term capital gain which are all based on the independent incriminating material found during the course of search relevant to those assessment years. Assessment year 2015 – 16 is not a concluded assessment year and therefore shall abate and assessing officer can make addition even in absence of incriminating material found during the course of search

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 and bogus long-term capital gain which are all based on the independent incriminating material found during the course of search relevant to those assessment years. Assessment year 2015 – 16 is not a concluded assessment year and therefore shall abate and assessing officer can make addition even in absence of incriminating material found during the course of search

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 and bogus long-term capital gain which are all based on the independent incriminating material found during the course of search relevant to those assessment years. Assessment year 2015 – 16 is not a concluded assessment year and therefore shall abate and assessing officer can make addition even in absence of incriminating material found during the course of search

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 and bogus long-term capital gain which are all based on the independent incriminating material found during the course of search relevant to those assessment years. Assessment year 2015 – 16 is not a concluded assessment year and therefore shall abate and assessing officer can make addition even in absence of incriminating material found during the course of search

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 and bogus long-term capital gain which are all based on the independent incriminating material found during the course of search relevant to those assessment years. Assessment year 2015 – 16 is not a concluded assessment year and therefore shall abate and assessing officer can make addition even in absence of incriminating material found during the course of search

FAROOQ ABDULLA MERCHANT,MUMBAI vs. ITO 23 (1)(4), MUMBAI

In the result, Ground No. V raised by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Blefarooq Abdulla Merchant V. Income Tax Officer- Ward – 23(1)(4) Matru Mandir, Tardev Road A-1401, Poseidon Tower Mumbai – 400 007 Versova, Yari Road Above Indian Bank, Versova Andheri (W), Mumbai - 400061 Pan: Ahupm7426K (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punamiya Department Represented By : Smt. Vranda U. Matkarni

Section 54 of the Income-tax Act, of Madras, in case of 1961 - Capital gains - Profit on sale Tilokchand & Sons V. of property used for residential Income Tax Officer, Ward-Il purpose (4), Madurai. (Copy of Order - Assessment year 2005-06 - enclosed in Paper book Page Whether word a residential house t No. 133

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of development rights. The said finding of the Ld CIT(A) is reproduced ts. The said finding of the Ld CIT(A) is reproduced ts. The said finding

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of development rights. The said finding of the Ld CIT(A) is reproduced ts. The said finding of the Ld CIT(A) is reproduced ts. The said finding

PANKAJ ENTERPRISES,MUMBAI vs. JT CIT RG 25(3), MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of provisions of section 50C are not applicable on transfer of development rights. The said finding of the Ld CIT(A) is reproduced ts. The said finding of the Ld CIT(A) is reproduced ts. The said finding

M/S ARENA ENTERPRISES ,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX, , MUMBAI-17

In the result, appeal filed by the assessee is partly allowed as indicated above

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Arena Enterprise V. Pcit –Mumbai-17 Cts No. 20, Arena Space, Village Majas Room No. 120, 1St Floor Jvlr, Behind Majas Depot Kautilya Bhavan, C-41 To C-43 Jogeshwari (E), Mumbai - 400060 G-Block, Bandra Kurla Complex Bandra(E), Mumbai - 400051 Pan: Aanfa3473E (Appellant) (Respondent) Assessee Represented By : Ms. Mrugakshi Joshi Department Represented By : Shri Jagadish Jangid

133/-stands disallowed as these expenditure are not allowable under the head Income From House Property. Thus, the Computation of Income discloses all allowable/disallowable which are correctly computed and offered for income. 2. Interest paid to Partners B. It is mentioned in the notice that the assessee firm has paid interest to partners at the rate of 18% pa. whereas

TARUN KUMAR RATAN SINGH RATHI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 32(1), MUMBAI

House property admittedly purchased by the assessee\nwas not registered with the sub-registrar till 25 11.2017 and\nhence said property was not legally transferred to the assessee,\nwithout appreciating the legal position u/s. 54 of \"the act\" as held\nby the various courts that what is important is \"Purchase\" of and\n\"utilization\" of capital gain for payment

RITESH AGGARWAL,MUMBAI vs. ITO - 16(3)(3), MUMBAI

In the result the appeal of the assessee is partly allowed for In the result the appeal of the assessee is partly allowed for In the result the appeal of the assessee is partly allowed for statisti...

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2016-17 Mr. Ritesh Aggarwal, Ito-16(3)(3), D 704, Imperial Heights Best Colony Aayakar Bhavan, Maharshi Road, Goregaon West, Opp. Vs. Karve Road, New Marine Lines, Goregaon Fire Bridge, Mumbai-400020. Mumbai-400104. Pan No. Aadpa 6828 R Appellant Respondent

house property (iv) (iv) Unverified Unverified and and non-genuine non genuine expenses expenses – ₹62,505/- (v) (v) (v) Interest Interest Interest on on on refund refund refund not not not offered offered offered – ₹1,461/- (vi) Disallowance of deduction under Chapter VI (vi) Disallowance of deduction under Chapter VI-A – ₹10,000/- Mr. Ritesh Aggarwal 2.3 In appeal

ACIT -CC- 4(2), MUMBAI vs. CHALET HOTELS LTD. (AS A SUCCESSOR TO M/S.MAGNA DISTRIBUTION & WAREHOUSING PVT. LTD.), MUMBAI

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

Housing & Land Development Trust's case (supra) Sultan Bros's case (supra) and Karan Pura Development Co. Ltd.'s case (supra) the levy of income tax in the case of one holding house property is premised not on whether the assessee carries on business, as landlord, but on the ownership. The incidence of charge is because of the fact

CHALET HOTELS LTD.,MUMBAI vs. DY CIT,CC-4(2), MUMBAI

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

Housing & Land Development Trust's case (supra) Sultan Bros's case (supra) and Karan Pura Development Co. Ltd.'s case (supra) the levy of income tax in the case of one holding house property is premised not on whether the assessee carries on business, as landlord, but on the ownership. The incidence of charge is because of the fact