AMIRALI AKBARALI ENGINEER,MUMBAI vs. ACIT 24(1), MUMBAI

The appeal of the assessee is partly allowed for

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2012-13 Amirali Akbarali Engineer, Vs Acit, A/201, Senha Apna Ghar, Ward-24(1), Unit No.11, Piramal Chamber, Lalbaug, Swami Samarth Nagar, Mumbai Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aacpe9331N

54B and section 54D also use the word ‘any other land’ and ‘any other land and building’ respectively. The expression ‘any other land’ is an expression of widest amplitude and, therefore, its meaning cannot be restricted to any one piece of land. On the other hand, the Legislature has used the word ‘a’ in sections

VISHAL DUTT,NAVI MUMBAI vs. ITO WD 22(3)(4), NAVI MUMBAI

In the result, the appeal filed by the assessee in ITA N0

Bench: Shri Sanjay Garg & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 878/Mum/2014 ("नधा"रण वष" / Assessment Year : 2008-09) Vishal Dutt, बनाम/ Income Tax Officer, Ward 205, B-Wing, Big Splash, – 22(3)(4), V. Sector – 17,Vashi, 3 Rd Floor, Tower No. 6, Navi Mumbai – 400703. Vashi Railway Station, Navi Mumbai – 400 703. "थायी लेखा सं./Pan : Aagpd 1553 M (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H is chargeable to income tax under the head 'capital gains' and shall be deemed to be income of the previous year in which the transfer took place. The aforesaid sections which form part of section 54 of the Act are cases where capital gain on transfer of capital asset

MR COLATHUR N. RAM ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX 34(1), MUMBAI

In the result, the appeal is partly allowed for statistical purposes in terms of what we have observed hereinabove

Bench: SHRI BR BASKARAN (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

section 54 was allowed where the new residential property was purchased in the name of the wife of the assessee. b) DIT vs. Mrs. Jennifer Bhide MANU/KA/2766/2011: [2011] 15 taxmann.com 82 (Kar HC)-The Tribunal has allowed exemption u/s 54 for investment in residential property by the assessee jointly with her husband. c) Kamlesh Keswani vs. ACIT W.P.(C) 13713/2022

PRADIPKUMAR P. KANAKIA,MUMBAI vs. DCIT CIR13(2), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 Shri Pradipkumar Purshottam Dcit, Kanakia, Circle-13(2), बनाम/ C/O- Pratap Re-Rollers Pvt. Ltd Aayakar Bhavan, Vs. 18, Steel Yard House, Iron Mumbai-400020 Market, Sant Tukaram Road, Mumbai-400009 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Afvpk8451P

property’ (hereafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house, then. Instead of the capital gain being charged to income

ACIT, CIRCLE-24(1), MUMBAI, MUMBAI vs. NAKUL AGGARWAL, MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Smt. Beena Pillai () & Smt.Renu Jauhri ()

property and thereby necessary conditions under section 54F also do not stands fulfilled. And the assessee’s case is that post purchase of the two flats, the revised plan was approved by MHADA wherein the two flats were considered as one single unit, with one kitchen and therefore the necessary criteria under section 54 F stands fulfilled. 4.2. Before

NAKUL AGGARWAL,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-24(1), MUMBAI

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

Bench: Smt. Beena Pillai () & Smt.Renu Jauhri ()

property and thereby necessary conditions under section 54F also do not stands fulfilled. And the assessee’s case is that post purchase of the two flats, the revised plan was approved by MHADA wherein the two flats were considered as one single unit, with one kitchen and therefore the necessary criteria under section 54 F stands fulfilled. 4.2. Before

ITO 20(3)(3), MUMBAI vs. SHEHAB SULTAN BOHRA, MUMBAI

Appeal stands partly allowed for statistical purposes

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.3171/Mum/2015 (िनधा"रण वष" / Assessment Year: 2010-11) Shehab S.Bohra Income Tax Officer 20(3)(3) Flat No. 1202, 12Th Floor Piramal Chamber बनाम/ Yash Height Chsl Parel Nesbit Road Mumbai – 400 012 Vs. Near Union Bank Of India Mazgaon, Mumbai-400 010 (अपीलाथ" /Appellant) (""थ" / Respondent) :

House Property Income and Capital Gain was assessed u/s 143(3) for impugned AY on Shehab S.Bohra Assessment Year-2010-11 13/03/2013 at Rs.2,49,06,890/- as against returned income of Rs.1,450/- filed by the assessee on 23/11/2010. 2.2 Pursuant to receipt of Annual Information Return [AIR] information, it was noted that the assessee had sold 2 properties

SHEHAB S BOHRA,MUMBAI vs. ITO 20(3)(3), MUMBAI

Appeal stands partly allowed for statistical purposes

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.3171/Mum/2015 (िनधा"रण वष" / Assessment Year: 2010-11) Shehab S.Bohra Income Tax Officer 20(3)(3) Flat No. 1202, 12Th Floor Piramal Chamber बनाम/ Yash Height Chsl Parel Nesbit Road Mumbai – 400 012 Vs. Near Union Bank Of India Mazgaon, Mumbai-400 010 (अपीलाथ" /Appellant) (""थ" / Respondent) :

House Property Income and Capital Gain was assessed u/s 143(3) for impugned AY on Shehab S.Bohra Assessment Year-2010-11 13/03/2013 at Rs.2,49,06,890/- as against returned income of Rs.1,450/- filed by the assessee on 23/11/2010. 2.2 Pursuant to receipt of Annual Information Return [AIR] information, it was noted that the assessee had sold 2 properties

SUPERMAX PERSONAL CARE P.LTD,THANE vs. ASST CIT (LTU)-1, MUMBAI

property transferred must be a capital asset on the date of transfer. In the matter of Chunnilal Prabhudas & Co.,the Hon’ble Calcutta High Court (76 ITR 566), had observed as under: 6107/M/16.Supermax Personal Care Pvt.Ltd. In order to be taxable capital gain within the meaning of section 12B of the Income-tax Act, there has to be: (1) profit

VINOD PARASMAL JAIN ,MUMBAI vs. DY CIT CIRCLE- 3, THANE

In the result, the appeal of the assessee is allowed for a statistical purposes

Bench: Shri Om Prakash Kant () & Shri Amarjit Singh () Assessment Year: 2011-12 Vinod Parasmal Jain, Dcit, Circle 3, Thane, 6Th Floor, Ashar It Park, Wagle 1302/A, Vikas Palms, Dr. Vs. Ambedkar Road, Opp. Civil Industrial Estate, Road No. 16Z, Hospital, Thane(W)-400 604. Thane-400 601 Pan No. Aaopj 9371 K Appellant Respondent

house property (₹18,30,390/-) and income from other sources (₹4,68,127/-). During proceedings of the scrutiny of return of income filed by the assessee, the Ld. Assessing Officer observed one of the reason for selection of the case for the scrutiny was to examine taxability of the Vinod Parasmal Jain 3 sale of property. From the submission filed

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

property being land or building or both, shares and securities, loans and advances, deposits in bank account.] (2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has been annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub-section (1) or section 153, the assessment or reassessment relating

DCIT CEN CIR 4(2), MUMBAI vs. SUDHAKAR M. SHETTY, MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

property being land or building or both, shares and securities, loans and advances, deposits in bank account.] (2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has been annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub-section (1) or section 153, the assessment or reassessment relating

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

property being land or building or both, shares and securities, loans and advances, deposits in bank account.] (2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has been annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub-section (1) or section 153, the assessment or reassessment relating

ITO WD 3(4), KALYAN vs. SAMSUDDIN AHMED SAIYED, KALYAN

In the result, the appeal is dismissed

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2009-10 The Income Tax Officer, Samsuddin Ahmed Ward 3(4), 2Nd Floor, Rani Saiyed, 45/11, Zuneda Vs. Mansion, Murbad Road, Manzil, Old Fish Market, Kalyan (W)-421301. Kalyan (W). Pan No. Anmps6259A Appellant Respondent Revenue By : Mr. V. Justin, Dr Assessee By : Mr. Sunil R. Talreja, Ar Date Of Hearing : 22/02/2018 Date Of Pronouncement : 21/05/2018

property as “abandoned uncultivated land”. In view of the above facts the AO held that the aforesaid land was not an agricultural land and it was a capital asset as defined u/s 2(14) of the Act and therefore, liable to capital gains tax. In the computation of capital gains submitted by the assessee during the course of assessment proceedings