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

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

House Property, ii. Addition on account of Bogus Long term capital gain and iii. Addition u/s 68 of the Act of unsecured loan. AY 2010-11 09. ITA number 715/M/2021 for assessment year 2010 – 11 is filed by the assessee against the appellate order passed by the Commissioner Of Income Tax, Appeals – 53, Mumbai (the learned CIT – A) dated 12/3/2021

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

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

House Property, ii. Addition on account of Bogus Long term capital gain and iii. Addition u/s 68 of the Act of unsecured loan. AY 2010-11 09. ITA number 715/M/2021 for assessment year 2010 – 11 is filed by the assessee against the appellate order passed by the Commissioner Of Income Tax, Appeals – 53, Mumbai (the learned CIT – A) dated 12/3/2021

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

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

House Property, ii. Addition on account of Bogus Long term capital gain and iii. Addition u/s 68 of the Act of unsecured loan. AY 2010-11 09. ITA number 715/M/2021 for assessment year 2010 – 11 is filed by the assessee against the appellate order passed by the Commissioner Of Income Tax, Appeals – 53, Mumbai (the learned CIT – A) dated 12/3/2021

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

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

House Property, ii. Addition on account of Bogus Long term capital gain and iii. Addition u/s 68 of the Act of unsecured loan. AY 2010-11 09. ITA number 715/M/2021 for assessment year 2010 – 11 is filed by the assessee against the appellate order passed by the Commissioner Of Income Tax, Appeals – 53, Mumbai (the learned CIT – A) dated 12/3/2021

ACIT CEN CIR-I, RG0-2, MUMBAI vs. REHAB HSG. P. LTD, MUMBAI

In the result, all the cross objections by the assessee are allowed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

153B and section 153C, all other provisions of this Act shall apply to the assessment made under this section; 13 M/s. Rehab Housing Pvt. Ltd. (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year

REGENCY MAHAVIR PROPERTIES,PUNE vs. ACIT CEN CIR 1, THANE

In the result, the appeals of the assessee are allowed

Bench: Shri P K Bansal & Shri Ravish Sood

153B will also not be workable in absence a last panchnama witnessing the execution of the last of the authorizations. Thus, it was stressed that the execution of the last of the authorizations for search under section 132 or for requisition under section 132A is important to decide the time limit to complete the assessments or reassessments for the fast

ASST CIT CC 24 & 26 CEN RG 5, MUMBAI vs. SAMIR NARAIN BHOJWANI, MUMBAI

In the result, all the four appeals of Revenue are dismissed and the three Cross Objections of the assessee are dismissed as infructuous

Bench: Sri Mahavir Singh, Jm & Sri Ashwani Taneja, Am

house property was assessed as rental income and accordingly, the assessment was made. Now, the learned Counsel for the assessee stated that there is no incriminating material and qua the same Revenue has filed a letter from AO i.e. the DCIT center circle 3(4), Mumbai vide letter No. DCIT CC-3(4)/Revised form No. 36/2016-17 dated

ACIT CC 24 & 26, MUMBAI vs. SAMIR NARAIN BHOJWANI, MUMBAI

In the result, all the four appeals of Revenue are dismissed and the three Cross Objections of the assessee are dismissed as infructuous

Bench: Sri Mahavir Singh, Jm & Sri Ashwani Taneja, Am

house property was assessed as rental income and accordingly, the assessment was made. Now, the learned Counsel for the assessee stated that there is no incriminating material and qua the same Revenue has filed a letter from AO i.e. the DCIT center circle 3(4), Mumbai vide letter No. DCIT CC-3(4)/Revised form No. 36/2016-17 dated

ASST CIT CC 24 & 26 CEN RG 5, MUMBAI vs. SAMIR NARAIN BHOJWANI, MUMBAI

In the result, all the four appeals of Revenue are dismissed and the three Cross Objections of the assessee are dismissed as infructuous

Bench: Sri Mahavir Singh, Jm & Sri Ashwani Taneja, Am

house property was assessed as rental income and accordingly, the assessment was made. Now, the learned Counsel for the assessee stated that there is no incriminating material and qua the same Revenue has filed a letter from AO i.e. the DCIT center circle 3(4), Mumbai vide letter No. DCIT CC-3(4)/Revised form No. 36/2016-17 dated

ASST CIT CC 24 & 26 CEN RG 5, MUMBAI vs. SAMIR NARAIN BHOJWANI, MUMBAI

In the result, all the four appeals of Revenue are dismissed and the three Cross Objections of the assessee are dismissed as infructuous

Bench: Sri Mahavir Singh, Jm & Sri Ashwani Taneja, Am

house property was assessed as rental income and accordingly, the assessment was made. Now, the learned Counsel for the assessee stated that there is no incriminating material and qua the same Revenue has filed a letter from AO i.e. the DCIT center circle 3(4), Mumbai vide letter No. DCIT CC-3(4)/Revised form No. 36/2016-17 dated

PRATYAKSHA PROPERTIES P.LTD,NAVI MUMBAI vs. DCIT CC 47, MUMBAI

In the result, appeals of the assessee are allowed in terms indicated hereinabove

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

Housing Development Company (supra) has, however, been pleased to express different view, however, as per the established proposition of law, we are bound to follow the decision of Hon‟ble Jurisdictional Delhi High Court and since, the Hon‟ble Karnataka High Court and the Hon‟ble Rajasthan High Court have expressed different views on the issue, the view favourable

PRATYAKSHA PROPERTIES P.LTD,NAVI MUMBAI vs. DCIT CC 47, MUMBAI

In the result, appeals of the assessee are allowed in terms indicated hereinabove

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

Housing Development Company (supra) has, however, been pleased to express different view, however, as per the established proposition of law, we are bound to follow the decision of Hon‟ble Jurisdictional Delhi High Court and since, the Hon‟ble Karnataka High Court and the Hon‟ble Rajasthan High Court have expressed different views on the issue, the view favourable

HINDUSTAN CONSTRUCTION COMPANY LIMITED ,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX, MUMBAI., MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalhindustan Construction Company Ltd., Hincon House, Lbs Marg, Vikhroli (W), Mumbai, Maharashtra – 400 083. Pan No.: Aaach0968B ..... Appellant Vs. Pcit, Mumbai-6, R. No. 501, 5Th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..... Respondent

House Property; ix). Foreign Assets; x). International Transactions; xi). Closing Stock and xii). Loss from currency fluctuations. 3. A reference u/s. 92CA (1) of the Act was made to the DCIT, TPO 2(2) (2), Mumbai also. The TPO vide his order dated: 29.01.2021 u/s. 92CA (3) of the Act proposed adjustments on account of international transactions amounting

JUPITER CONSTRUCTIONS,VIRAR vs. ACIT CC-3, , THANE

In the result, appeal of the assessee for assessment year 2008-09 is allowed

Bench: Shri Saktijit Dey () & Shri S. Rifaur Rahman () - Assessment Year 2010-11 - Assessment Year 2011-12 - Assessment Year 2012-13

properties developed by it and in the returns of income filed in pursuance to notice issued under section 153C of the Act, the assessee offered additional income representing on-money received in the relevant assessment years. However, against the additional income so declared, assessee had claimed deduction towards expenses as well as deduction under section

JUPITER CONSTRUCTIONS,VIRAR vs. ACIT CC 3 , THANE

In the result, appeal of the assessee for assessment year 2008-09 is allowed

Bench: Shri Saktijit Dey () & Shri S. Rifaur Rahman () - Assessment Year 2010-11 - Assessment Year 2011-12 - Assessment Year 2012-13

properties developed by it and in the returns of income filed in pursuance to notice issued under section 153C of the Act, the assessee offered additional income representing on-money received in the relevant assessment years. However, against the additional income so declared, assessee had claimed deduction towards expenses as well as deduction under section

UNIQUE STAR DEVELOPERS,MUMBAI vs. DCIT CC 47, MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri D.T.Garasia, Jm & Shri Rajesh Kumar, Am

property), 9. It is clear from the perusal of the above provisions that the section 153A(a) of the Act authorizes the AO to issue notice in a case where the search has been initiated and thus it is only machinery section. Section 153A(b) of the Act also authorizes the AO to assessee or re-assess the income

ANJALI PANDIT,MUMBAI vs. ASST CIT CEN CIR 12, MUMBAI

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.3028 To 3032/Mum/2011 (ननधधायण वषा / Assessment Year :2002-03 To 2006-07) Smt.Anjli Pandit, बनाम/ Asstt. Commissioner Of Income Gajanan Building No.8, 178, Tax, Central Circle 12, Vs. Cgo Building, M K Marg, Jawahar Nagar, Mumbai-400020. Goregaon (W), Mumbai-400062 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

153B. 53. The question now is - what is the scope of assessment or reassessment of total income u/s 153A (1) (b) and the first proviso ? We are of the view that for answering this question, guidance will have to be sought from section 132(1). If any books of account or other documents relevant to the assessment had not been

M/S.BALAJI BULLION & COMMODITIES (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE-40, MUMBAI

In the result, both the appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm Balaji Bullion & Commodities The Dy. Commissioner Of (India) Private Limited Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002 (Appellant) (Respondent) Pan No. Aadcbo236F Balaji Universal Tradelinks P. The Dy. Commissioner Of Ltd. Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002

153B and section 153C, all other provisions of this Act shall apply to the assessment made under this section; (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year. The scope and effect of insertion of section 153A