WALCHAND PEOPLE FIRST LTD.,MUMBAI vs. ITO - 2(3)(4), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2543/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10)

199/- TOTAL 33,53,596/- 25.18% Income from property 68,41,067/- 1 68,41,067/- INCOME FROM HOUSE 51.40% PROPERTY 1 Profit from sale of investment 34,356/- 2 Profit from sale of assets 1,84,851/- CAPITAL GAIN 2,19,207 1.65% 1 Dividends 9,00,919/- Interest on Income tax refund

ITO 2(3)(4), MUMBAI vs. WALCHAND PEOPLE FIRST LTD, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2543/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10)

199/- TOTAL 33,53,596/- 25.18% Income from property 68,41,067/- 1 68,41,067/- INCOME FROM HOUSE 51.40% PROPERTY 1 Profit from sale of investment 34,356/- 2 Profit from sale of assets 1,84,851/- CAPITAL GAIN 2,19,207 1.65% 1 Dividends 9,00,919/- Interest on Income tax refund

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

1-4-2015) - Assessment year Paper book Page No. 180- 2009-10 - Deduction under section 184) 54 is allowable in respect of purchase of two flats" The Judgment of High Court "Section 54 of the Income-tax Act, of Karnataka, in case of 1961, read with section 13 of the Commissioner Income-tax General Clauses Act, 1897 - Capital v. Khoobchand

DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RUSTOMJEE EVERSHINE JOINT VENTURE , MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

199, wherein the Tribunal has held that if Assessee is a builder but business of the Assessee is not letting of property, then rent from unsold stock is to be assets has income from house property, after following the decision of Hon‟ble Delhi High Court in the case of CIT vs. Ansal Housing Financial and C.O. 27/Mum/2023 A.Ys

DCIT CENTRAL CIRCLE-2(4) , MUMBAI vs. RUSTOMJEE EVERSHINE JOINT VENTURE , MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

199, wherein the Tribunal has held that if Assessee is a builder but business of the Assessee is not letting of property, then rent from unsold stock is to be assets has income from house property, after following the decision of Hon‟ble Delhi High Court in the case of CIT vs. Ansal Housing Financial and C.O. 27/Mum/2023 A.Ys

DCIT CENTRAL CIRCEL-2(4), MUMBAI vs. RUSTOMJI EVERSHINE JOINT VENTURE, MUMBAI

In the result, the appeals filed by the revenue for AY 2013-14 &

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

199, wherein the Tribunal has held that if Assessee is a builder but business of the Assessee is not letting of property, then rent from unsold stock is to be assets has income from house property, after following the decision of Hon‟ble Delhi High Court in the case of CIT vs. Ansal Housing Financial and C.O. 27/Mum/2023 A.Ys

NAHALCHAND LALOOCHAND P. LTD,MUMBAI vs. DCIT 5(2)(1), MUMBAI

The appeals stand dismissed

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

199, under the head “lease rentals”. On verifying the details submitted by the assessee, the Assessing Officer found that in the relevant previous year, the assessee had received lease rentals as under:– Rent / Description of When the property To whom let out Compen– property purchased sation Gr. Floor (Pt.) Bank of Baroda Assessee company is a Kantilal House

GRASIM INDUSTRIES LTD ( CORPORATE FINANCE DIVISION),MUMBAI vs. ADDL CIT RG 6(3), MUMBAI

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

house property excluding the portions occupied by the Assessee for the purpose of business or profession can be computed. However, the Revenue has failed to point out corresponding provision providing for Assessment Years: 2006-2007 computation of depreciation and WDV of Block of Assets excluding the WDV of the asset let out during the relevant previous year. 7.8. We note

SANJEEV RAJENDRA PANDIT,MUMBAI vs. THE ASSISTANT DIRECTOR OF INCOME TAX (CPC) , MUMBAI

In the result, both these appeals are allowed

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2020-21 & Assessment Year: 2021-22 Sanjeev Rajendra Pandit, The Assistant Director Of Top Floor Madhav Vilas, 8 Income Tax (Cpc), Setalwad Road, Off Neapean Vs. Post Bag No.2, Electronic Sea Road, Cumballa Hill, S.O., City Post Office, Mumbai-400026. Bangalore-560500. Pan No. Agypp 4026 D Appellant Respondent : Assessee By Mr. Milin Dattani, Ar Revenue By : Mr. Aditya M. Rai, Dr : Date Of Hearing 18/01/2023 : Date Of Pronouncement 24/01/2023

house property, the assessee has provided breakup of receipt of rental income from Navbharat Property as under: of rental income from Navbharat Property as under: Month Month of of which which the the Amount of rent received Financial yea Financial year in which rental income pertains (₹) rent is received rent is received April 20 to November 20 April

SANJEEV RAJENDRA PANDIT,MUMBAI vs. THE ASSISTANT DIRECTOR OF INCOME TAX (CPC), MUMBAI

In the result, both these appeals are allowed

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2020-21 & Assessment Year: 2021-22 Sanjeev Rajendra Pandit, The Assistant Director Of Top Floor Madhav Vilas, 8 Income Tax (Cpc), Setalwad Road, Off Neapean Vs. Post Bag No.2, Electronic Sea Road, Cumballa Hill, S.O., City Post Office, Mumbai-400026. Bangalore-560500. Pan No. Agypp 4026 D Appellant Respondent : Assessee By Mr. Milin Dattani, Ar Revenue By : Mr. Aditya M. Rai, Dr : Date Of Hearing 18/01/2023 : Date Of Pronouncement 24/01/2023

house property, the assessee has provided breakup of receipt of rental income from Navbharat Property as under: of rental income from Navbharat Property as under: Month Month of of which which the the Amount of rent received Financial yea Financial year in which rental income pertains (₹) rent is received rent is received April 20 to November 20 April

RELATIONSHIP PROPERTIES PRIVATE LIMITED,MUMBAI vs. DCIT 2(3)(1), MUMBAI

Appeal of the assessee stands allowed

Bench: Smt. Beena Pillai, Jm & Shri Arun Khodpia, Am Relationship Properties Deputy Commissioner Of Private Limited Income Tax, Circle 2(3)(1), 41-44, Sp Centre, Minoo V Mumbai Desai Marg, Colaba, S Mumbai – 400005. Pan/Gir No. Aadcr8947D (Appellant) : (Respondent)

section 143(2) of the Income-tax Act, 1961 (the Act'), issued without complying with the procedure laid by the Central Board of Direct Taxes in this regard. 2. Addition to revenue of Rs. 47,26,83,699 2.1 The learned CIT(A) [NFAC] erred in not deleting the complete addition made in the original assessment order, since

ACIT - 14(2) (2), MUMBAI vs. PFIZER LTD, MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

199 ITR 351]. 013. Arguing for the admission of this additional ground assessee submitted that i. Assessee has paid an interim and final dividend, which is available and properly disclosed in the financial statements of the assessee. ii. Similar dividends declared by the amalgamating company are also disclosed in schedule of Dividend Distribution Tax and in the financial statement

PFIZER LTD,MUMBAI vs. DCIT - 14(2) (2), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

199 ITR 351]. 013. Arguing for the admission of this additional ground assessee submitted that i. Assessee has paid an interim and final dividend, which is available and properly disclosed in the financial statements of the assessee. ii. Similar dividends declared by the amalgamating company are also disclosed in schedule of Dividend Distribution Tax and in the financial statement

ACIT 6(3), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

house property excluding the portions occupied by the Assessee for the purpose of business or profession can be computed. However, the Revenue has failed to point out corresponding provision providing for computation of depreciation and WDV of Block of Assets excluding the WDV of the asset let out during the relevant previous year. 7. 8. We note that Section

ACIT 17(1), MUMBAI vs. ELVE CORPORATION, MUMBAI

Bench: Shri Joginder Singh & Shri Ramit Kochar

199 (1). Mr. Mistri would submit that deduction of tax at source would arise in cases where employees receive salary. To meet the tax liability of the employee the deductions of tax is made. That is at source, meaning while payment. Inviting our attention to sections 202 and 205 of the IT Act it is submitted that such deduction

ACIT 17(1), MUMBAI vs. ELVE CORPORATION, MUMBAI

Bench: Shri Joginder Singh & Shri Ramit Kochar

199 (1). Mr. Mistri would submit that deduction of tax at source would arise in cases where employees receive salary. To meet the tax liability of the employee the deductions of tax is made. That is at source, meaning while payment. Inviting our attention to sections 202 and 205 of the IT Act it is submitted that such deduction

KENNETH M. MISQUITTA ,MUMBAI vs. ITO, 25(2)(5), MUMBAI

In the result, appeal filed by assessee is allowed for statistical purposes

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

1.— For the purposes of sub-clauses (v) and (vi), “immovable property” shall have the same meaning as in clause (d) of section 269UA. Explanation 2.— For the removal of doubts, it is hereby clarified that “transfer” includes and shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating

ASST CIT CIR 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

The appeal of the Revenue is allowed for statistical

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2012-13 Acit M/S Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5Th Floor, 1St Floor Bandbox House, Vs. Aayakar Bhavan, Dr. Ab Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafca2302P Shri Nitin Waghmode-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri J.D. Mistri Sr. Advocate

house properties or different securities, etc., and income from one or more items alone is taxable whereas income from the other item is exempt under the Act, the entire permissible expenditure in earning the income from that head is deductible; and (iii) in computing the "profits and gains of business or profession when an assessee is carrying on business