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

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

21 October 2024 the hon'ble Bombay High\nCourt allowed the appeal and set aside the orders of the Tribunal on\nidentical issue. The Court ruled that the income derived from\nleasing/renting properties is to be assessed as “Income from\nProfits and Gains of Business” and not as “Income from\nHouse Property,” overturning the Tribunal's decision. Relevant parts

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

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

21 October 2024 the hon'ble Bombay High\nCourt allowed the appeal and set aside the orders of the Tribunal on\nidentical issue. The Court ruled that the income derived from\nleasing/renting properties is to be assessed as “Income from\nProfits and Gains of Business” and not as “Income from\nHouse Property,” overturning the Tribunal's decision. Relevant parts

THE PHOENIX MILLS LTD,MUMBAI vs. DCIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

ASST CIT CC 8(4), MUMBAI vs. PHOENIX MILLS LTD, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

ASST CIT CC 8(4), MUMBAI vs. PHOENIX MILLS LTD, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

THE PHOENIX MILLS LTD,MUMBAI vs. ASST CIT CEN CIR 47, MUMBAI

In the result, ground No.4 taken by assessee in assessment year

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

21,36,366 may kindly be deleted. Without prejudice to Ground 18& 2 above, on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the allocation done by AO of additional sum of Rs. 86,03,116 out of repairs and maintenance expenditure to the income from house property, ignoring

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, disallowance of exemption under section 10 (38) of the act and addition on account of undisclosed income. 014. Assessment proceedings can be summarized as under:- Assessment Date of Returned Return Income Income year filing of income filed returned assessed as return of under under per (in Rupees) income section section assessment under 153A of 153A of the order

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, disallowance of exemption under section 10 (38) of the act and addition on account of undisclosed income. 014. Assessment proceedings can be summarized as under:- Assessment Date of Returned Return Income Income year filing of income filed returned assessed as return of under under per (in Rupees) income section section assessment under 153A of 153A of the order

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, disallowance of exemption under section 10 (38) of the act and addition on account of undisclosed income. 014. Assessment proceedings can be summarized as under:- Assessment Date of Returned Return Income Income year filing of income filed returned assessed as return of under under per (in Rupees) income section section assessment under 153A of 153A of the order

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, disallowance of exemption under section 10 (38) of the act and addition on account of undisclosed income. 014. Assessment proceedings can be summarized as under:- Assessment Date of Returned Return Income Income year filing of income filed returned assessed as return of under under per (in Rupees) income section section assessment under 153A of 153A of the order

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, disallowance of exemption under section 10 (38) of the act and addition on account of undisclosed income. 014. Assessment proceedings can be summarized as under:- Assessment Date of Returned Return Income Income year filing of income filed returned assessed as return of under under per (in Rupees) income section section assessment under 153A of 153A of the order

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, disallowance of exemption under section 10 (38) of the act and addition on account of undisclosed income. 014. Assessment proceedings can be summarized as under:- Assessment Date of Returned Return Income Income year filing of income filed returned assessed as return of under under per (in Rupees) income section section assessment under 153A of 153A of the order

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, disallowance of exemption under section 10 (38) of the act and addition on account of undisclosed income. 014. Assessment proceedings can be summarized as under:- Assessment Date of Returned Return Income Income year filing of income filed returned assessed as return of under under per (in Rupees) income section section assessment under 153A of 153A of the order