M/S SHETH DEVELOPERS P. LTD.,MUMBAI vs. DY CIT CENTRAL CIRCLE- 4(2), MUMBAI

In the result, appeal of the Revenue in ITA No

1) of the Act, granting other deductions, also uses similar expression - `for the purposes of the business or profession'. This has been interpreted to be wider in its scope vis-à-vis the expression `for the purpose of making or earning such income' as used in section 57(iii), providing deduction under the head `Income from other sources'. Reverting

DY CIT DD-4(2), MUMBAI vs. M/S SHETH DEVELOPERS P. LTD., MUMBAI

In the result, appeal of the Revenue in ITA No

1) of the Act, granting other deductions, also uses similar expression - `for the purposes of the business or profession'. This has been interpreted to be wider in its scope vis-à-vis the expression `for the purpose of making or earning such income' as used in section 57(iii), providing deduction under the head `Income from other sources'. Reverting

ACIT, MUMBAI vs. ANILKUMAR JAGDISHRAJ SETH , MUMBAI

In the result, the appeal of the Revenue is dismissed whereas

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2018-19 Acit, Anil Kumar Jagdishraj Seth, 506, 5Th Floor, Piramal Flat No. 1201, Jeevan Satya Co-Op. Vs. Chamber, Lalbaug, Parel, Housing Society, 15Th Road, Plot No. Mumbai-400012. 411, Bandra (W), Mumbai-400050. Pan No. Aobps 8150 E Appellant Respondent

Housing Society, 15th Road, Lalbaug, Parel, Plot No. 411, Bandra (W), Mumbai-400012. Mumbai-400050. PAN NO. AOBPS 8150 E Appellant Respondent : Mr. Madhur Agrawal Assessee by Revenue by : Mr. Ram Krishn Kedia, Sr. DR : 23/10/2024 Date of Hearing Date of pronouncement : 28/10/2024 Anil Kumar Jagdishraj Seth Anil Kumar Jagdishraj Seth 2 3378/MUM/2024 & CO No. 137/M/24 ORDER PER OM PRAKASH

GOBINDRAM JAGDISH KAKWANI,MUMBAI vs. ITO INTERNATIONAL TAXATION WARD 3(1)(1), MUMBAI

In the result, appeal filed by the assessee partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon’Blegobindram Jagdish Kakwani Vs. Ito (It)- Ward 3(1)(1) C/O Gulabani & Co. Ca, Air India Building 507, 5Th Floor, Shree Prasad House Nariman Point 35Th Road, Off Linking Road Mumbai-400021 Bandra (West), Mumbai- 400050 Pan: Awopk5474C (Appellant) (Respondent)

1) of section 50C, for the purpose of computation of capital gain, the value assessed by Stamp Duty Valuation Authority should be the full value of the consideration received as a result of transfer of the property. In view of the above discussion, the AO was correct in adopting the assessed value of Rs.69,32,000/-, as assessed

THE NAVYUG CO OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

1. The Vithalnagar Co-operative Housing Society Ltd. 3656/Mum/2014 2. The Nutan Laxmi Co-operative Housing Society Ltd. 3655/Mum/2014 3. The Navyug Co-operative Housing Society Ltd. 3655/Mum/2014 4. Vallabhnaghar Co-operative Housing Society Ltd. 3659/Mum/2014 5. The Suvarnagar Co-operative Housing Society Ltd. 3658/Mum/2014 3.6. Similarly, detailed arguments were made by Shri S. Divatia on behalf

VALLABHNAGAR OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

1. The Vithalnagar Co-operative Housing Society Ltd. 3656/Mum/2014 2. The Nutan Laxmi Co-operative Housing Society Ltd. 3655/Mum/2014 3. The Navyug Co-operative Housing Society Ltd. 3655/Mum/2014 4. Vallabhnaghar Co-operative Housing Society Ltd. 3659/Mum/2014 5. The Suvarnagar Co-operative Housing Society Ltd. 3658/Mum/2014 3.6. Similarly, detailed arguments were made by Shri S. Divatia on behalf

SUVARNA NAGAR CO OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

1. The Vithalnagar Co-operative Housing Society Ltd. 3656/Mum/2014 2. The Nutan Laxmi Co-operative Housing Society Ltd. 3655/Mum/2014 3. The Navyug Co-operative Housing Society Ltd. 3655/Mum/2014 4. Vallabhnaghar Co-operative Housing Society Ltd. 3659/Mum/2014 5. The Suvarnagar Co-operative Housing Society Ltd. 3658/Mum/2014 3.6. Similarly, detailed arguments were made by Shri S. Divatia on behalf

JAI HIND CO OP HSG SOC LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

1. The Vithalnagar Co-operative Housing Society Ltd. 3656/Mum/2014 2. The Nutan Laxmi Co-operative Housing Society Ltd. 3655/Mum/2014 3. The Navyug Co-operative Housing Society Ltd. 3655/Mum/2014 4. Vallabhnaghar Co-operative Housing Society Ltd. 3659/Mum/2014 5. The Suvarnagar Co-operative Housing Society Ltd. 3658/Mum/2014 3.6. Similarly, detailed arguments were made by Shri S. Divatia on behalf

THE AZAD NAGAR, COOPERATIVE HOUSING, SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

1. The Vithalnagar Co-operative Housing Society Ltd. 3656/Mum/2014 2. The Nutan Laxmi Co-operative Housing Society Ltd. 3655/Mum/2014 3. The Navyug Co-operative Housing Society Ltd. 3655/Mum/2014 4. Vallabhnaghar Co-operative Housing Society Ltd. 3659/Mum/2014 5. The Suvarnagar Co-operative Housing Society Ltd. 3658/Mum/2014 3.6. Similarly, detailed arguments were made by Shri S. Divatia on behalf

VITHALNAGAR CO OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

1. The Vithalnagar Co-operative Housing Society Ltd. 3656/Mum/2014 2. The Nutan Laxmi Co-operative Housing Society Ltd. 3655/Mum/2014 3. The Navyug Co-operative Housing Society Ltd. 3655/Mum/2014 4. Vallabhnaghar Co-operative Housing Society Ltd. 3659/Mum/2014 5. The Suvarnagar Co-operative Housing Society Ltd. 3658/Mum/2014 3.6. Similarly, detailed arguments were made by Shri S. Divatia on behalf

GLORY SHIPMANAGEMENT PVT LTD,MUMBAI vs. CIT (A), NFAC DELHI, DELHI

Accordingly, Ground no 2 is dismissed

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL "G" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 3149/MUM/2023 (Assessment Year: 2018-2019) Glory Shipmanagement Private Limited, 504, Abhay Steel House, 22 Baroda Street, Masjid (East), Mumbai - 400009 [PAN: AACCG2684H] ...... Appellant Commissioner of Income Tax (Appeals), Centralized Processing Centre, Delhi Vs .......... .... Respondent Appearance For the Appellant/Assessee : None For the Responden

House, 22 Baroda Street, Masjid (East), Mumbai - 400009 [PAN: AACCG2684H] …………… Appellant Commissioner of Income Tax Vs (Appeals), Centralized Processing Centre, Delhi ……………. Respondent Appearance For the Appellant/Assessee : None For the Respondent/Department : Shri Dr. Kishor Dhule Date Conclusion of hearing : 28.12.2023 Pronouncement of order : 30.01.2024 O R D E R Per Rahul Chaudhary, Judicial Member: 1. By way of the present appeal

RADHARAMAN CONSTRUCTIONS,MUMBAI vs. ACIT, CIRCLE- 19(3), MUMBAI

In the result, this appeal by the assessee stands allowed for statistical purposes

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm Radharaman Constructions Asst. Cit, Circle – 19(3), Ground Floor, Shri Kunj, Mumbai 3A Altamount Road, Vs. Mumbai-400 026

property, to escape the vigil of section 50C of the Act would defeat the aforementioned intent in a substantial way leading to the emasculation of the said section. The appellant has pointed out that section 50C of the Act was a deeming fiction and, hence, ought to be given a restricted, strict meaning. No doubt the provision is a deeming

ACIT -893) (1) , MUMBAI vs. M/S. TRIPLE SECURITIES PVT. LTD, MUMBAI

property in question is not of the nature covered by section 50C(1) of the Act. Therefore, on this point itself, we set aside the order of the ld. Commissioner of Income Tax(A) and direct the Assessing Officer to delete the addition.” 21. To the same effect are decision of the Mumbai Bench of the Tribunal in the case

HBS VIEW PRIVATE LIMITED,MUMBAI vs. PR. COMMISSIONER OF INCOME TAX - 8, MUMBAI

In the result, appeal of the revenue is dismissed

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sandeep Singh Karhail, Hon’Ble

1. "On facts and circumstances of the case and in law, the learned CIT(A) erred in deleting the disallowance of Rs. 76,66,066/- made by the Assessing Officer, which was related to the excess interest claimed by the assessee under Section 24(b) of the Income Tax Act and the interest claimed was not exclusively linked

AXIA INFOSERVE LLP,MUMBAI vs. NATIONAL E-ASSESSMENT CENTRE, , DELHI

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

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleaxia Infoserve Llp V. Additional/Joint/Dy/Acit 16Th Floor, Tower 2A National E-Assessment Centre One Indiabulls Centre Delhi Senapati Bapat Road, Elphinstone Road Mumbai- 400013 Pan: Abifa7158G (Appellant) (Respondent) Assessee Represented By : Shri Nitesh Joshi Department Represented By : Shri Minal Kamble

Housing Society Ltd. situated at C.S.T. No.369, Tulsiwadi Road, Tardeo, Mumbai for a consideration of ₹.3,25,00,000/- from its partners Mrs. Sonal Jiten Page No. | 2 Axia Infoserve LLP Choksey and Mrs. Sonal Jiten Choksey and assessee had paid stamp duty on the value of ₹.3,34,30,500/-. 4. Further, assessee furnished copy of 'Supplementary Agreement showing

FARID GULMOHAMED,MUMBAI vs. ITO (IT) 3(1), MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainshri Farid Gulmohamed Income Tax Officer C/O. M/S. B.C. Dastur & Co. (Internationla Tax) 3(1) Vs. Reliance Bldg., 3Rd Floor Schindia House, Ballard Estate 269, D.N. Road, Mumbai Mumbai 400038 Pan - Aefpg3094K Appellant Respondent

House, Ballard Estate 269, D.N. Road, Mumbai Mumbai 400038 PAN - AEFPG3094K Appellant Respondent Appellant by: Shri Dharmesh Shah Assessee by: Shri Javed Akhtar Date of Hearing: 29.02.2016 Date of Pronouncement: 16.03.2016 O R D E R Per Jason P. Boaz, A.M. This appeal by the assessee is directed against the order of the CIT(A)- 10, Mumbai dated

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

1,96,07,000/- and Rs. 2,01,57,500/- is less than 5%. The ld. AR therefore, submitted that the 3rd proviso to section 50C which states that when the stamp duty value does not exceed 5% then the actual consideration received shall be deemed to be the full value of consideration, shall be applicable in assessee's case

ACIT-CC-7(3), MUMBAI vs. MANGALPRABHAT GUMANMAL LODHA , MUMBAI

In the result, appeal of the revenue is dismissed

housing loan from UBI & SBI\ntotaling to Rs.4,07,59,381/- as allowable deduction and interest paid on\nthe loan taken from Bank of Baroda of Rs.76,66,066/- was disallowed.\n4. 1. Proceeding further, the AO found that the assessee has purchased\nflat at 18th Floor in Lodha Costerja and on perusal of the details, the AO\nfound that