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

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

JOHAR HASAN ZOJWALLA,KALYAN vs. ACIT, CIRCLE 3, KALYAN, KALYAN

In the result, the appeal by the assessee is allowed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

Housing and Properties Private Ltd.were not only disclosed by the assessee in its financial statement but the written submission regarding the same were also made during the scrutiny assessment proceedings. Johar Hasan Zojwalla. 13. For initiating the proceeding under section 147 of the Act, the AO is required to have “reason to believe” that income chargeable to tax has escaped

DCIT 4 (3)(1), MUMBAI vs. SHRI MOHIT KEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alcpk2213Q (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

house property u/s 23(1). 10. In view of the above discussion, the AO is directed to re-compute the addition made towards the Income from deemed let out property by considering the Worli property as the deemed let out property instead of the Juhu property considered in the assessment order. This ground of appeal is therefore partly allowed.” (emphasis

DCIT 4 (3)(1), MUMBAI vs. MOHIT DEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

house property u/s 23(1). 10. In view of the above discussion, the AO is directed to re-compute the addition made towards the Income from deemed let out property by considering the Worli property as the deemed let out property instead of the Juhu property considered in the assessment order. This ground of appeal is therefore partly allowed.” (emphasis

ACIT CIR-6(3)(2), MUMBAI vs. SHRI MOHIT DEEPAK KAMBOJ, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.4285/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T.A. No.6384/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-4(3)(1) बिधम/ Shri Mohit Deepak Room No. 649, 6Th Floor, Kamboj Vs. Aayakar Bhavan, Mumbai- A-15, Venus Co-Op. 400020. Society, R. G. Thandani Marg, Mumbai-400018. & आयकर अपील सं/ I.T.A. No.801/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit, Cir-6(3)(2) बिधम/ Shri Mohit Deepak R. No. 522, 5Th Floor, Kamboj Vs. Aayakar Bhavan, M. K. A-15, Venus Co-Op. Road, Mumbai-400020. Society, R. G. Thandani Marg, Mumbai-400018 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Alckp2213G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Satyaprakash Singh Revenue By: Shri P. R. Mane सुनवाई की तारीख / Date Of Hearing: 15/07/2022 घोषणा की तारीख /Date Of Pronouncement: 28/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

house property u/s 23(1). 10. In view of the above discussion, the AO is directed to re-compute the addition made towards the Income from deemed let out property by considering the Worli property as the deemed let out property instead of the Juhu property considered in the assessment order. This ground of appeal is therefore partly allowed.” (emphasis

APCOTEX INDUSTRIES LIMITED,RAIGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 15(1)(1), AAYAKAR BHAWAN, MUMBAI

In the result the appeal filed by the assesse stands partly allowed

Bench: Smt. Beena Pillai ()

195/-. 2. Disallowance in respect of deduction u/s 35(2AB) of the Act – Rs. 3,73,243/-. 3. Disallowance of expenses incurred for earning exempt income u/s 14A – Rs. 15,59,529/-. 4. Disallowance of interest on MSMED payments – Rs. 1,69,000/- 5. Disallowance of depreciation on assets (house properties) – Rs. 6,92,248/-. Aggrieved by the additions made

KAMAT HOTELS (INDIA) LIMITED,MUMBAI vs. ACIT, MUMBAI

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

house property to assess the same as income from property under section 24 of the Act. c. Learned CIT(A) failed to appreciate that the aforesaid income of 19 ITA No. 913/Mum/2024, ITA 894-Mum-2024 & 1483/Mum/2024 Assessment Year: 2017-2018 & 2018-2019 Rs.11,39,55,350/- was already booked by the appellant as income from hotel business

INCOME TAX OFFICER WARD- 2(1)(3), MUMBAI vs. KAMAT HOTELS INDIA LIMITED, MUMBAI

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

house property to assess the same as income from property under section 24 of the Act. c. Learned CIT(A) failed to appreciate that the aforesaid income of 19 ITA No. 913/Mum/2024, ITA 894-Mum-2024 & 1483/Mum/2024 Assessment Year: 2017-2018 & 2018-2019 Rs.11,39,55,350/- was already booked by the appellant as income from hotel business

KAMAT HOTELS (INDIA) LIMITED,VILE PARLE MUMBAI vs. ACIT, MUMBAI MAHARASHTRA

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

house property to assess the same as income from property under section 24 of the Act. c. Learned CIT(A) failed to appreciate that the aforesaid income of 19 ITA No. 913/Mum/2024, ITA 894-Mum-2024 & 1483/Mum/2024 Assessment Year: 2017-2018 & 2018-2019 Rs.11,39,55,350/- was already booked by the appellant as income from hotel business

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

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

house, Ld.CIT(A) applied the rate of 7% of property and restricted the addition to ₹.1,45,100/-. Against this order of the Ld.CIT(A), both assessee as well as revenue are in appeal before us. 23. Assessee has raised following grounds in its appeal: - “The grounds of appeal set out below are without prejudice to each other

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

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

house, Ld.CIT(A) applied the rate of 7% of property and restricted the addition to ₹.1,45,100/-. Against this order of the Ld.CIT(A), both assessee as well as revenue are in appeal before us. 23. Assessee has raised following grounds in its appeal: - “The grounds of appeal set out below are without prejudice to each other

ASST CIT 27(2), NAVI MUMBAI vs. MERIT MAGNUM CONSTRUCTION, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Gagan Goyal

property which otherwise satisfied condition of section 80IB(10), as referable to residential unit having a maximum built-up area as prescribed per clause (c) would qualify for deduction on proportionate basis thereunder to exclusion of other residential units. ITO vs. Satyananarayana Ramswaroop Agarwal [2014] 50 taxmann.com 11 (Pune Trib.) Section 80-IB of the Income-tax act, 1961-Deduction

DCIT- 8(2)(1), MUMBAI vs. PIRAMAL ESTATES PRIVATE LIMITED , MUMBAI

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

Bench: Shri Kuldip Singh & Shri Gagan Goyal

property; and (ii) the deduction under section 24(b) of the Act cannot be allowed on the basis of area let out. In our view, the reasons on the basis of which the Assessing Officer disallowed deduction under section 24(b) of the Act are unacceptable. Undisputedly, the loan was sanctioned for construction of the entire building. When a part

ACIT CIRCLE 4(3)(1), MUMBAI vs. MAGNUS PROPERTIES PVT. LTD., MUMBAI

In the result, both the appeals of the revenue are dismissed and\nCross Objection filed by the assessee is allowed

house property. Therefore, the grounds raised in\nappeal are allowed\n7.0.\nAccordingly, the appeal of the Appellant for the AY 2016-17 is allowed.”\nIt is evident from the decision of ld. CIT(A) as reproduced supra\nthat the similar issue on identical fact has been consistently decided by\nthe ITAT in favour of the assessee from assessment year