PEGASUS PROPERTIES P. LTD.,PUNE vs. DY CIT, CC-2(3), MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

house property’. The provisions of Section 23(4) of the Act are meant only for properties that are held as investments and not as stock in trade. We find that decision rendered by the Hon’ble Jurisdictional High Court in the case of Mangla Homes Pvt. Ltd., reported in 325 ITR 281 would not be applicable in the instant case

ACIT CEN CIR 13, MUMBAI vs. ASIAN STAR DIAMONDS ITERNATIONAL P.LTD, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

House Property' are clearly not applicable in the present case. In my view, the most appropriate head is 'Profits and Gains of business'. In that case the loss can be set off under section 70(1) of the Act. Even if the unaccounted investment is assessed under 'income from other sources' the loss will be set off under section

ACIT CEN CIR 13, MUMBAI vs. 'A' STAR EXPORTS, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

House Property' are clearly not applicable in the present case. In my view, the most appropriate head is 'Profits and Gains of business'. In that case the loss can be set off under section 70(1) of the Act. Even if the unaccounted investment is assessed under 'income from other sources' the loss will be set off under section

PRASHANT PRAKASH NILAWAR ,PUNE vs. ACIT CIRCLE-6(1), NARIMAN POINT MUMBAI

In the result, the appeal of the Revenue, being ITA

house property, business, capital gains, and other sources. 5. A search and seizure operation under section 132 of the Act was carried out on 23.09.2021 in the case of Rucha Group. The assessee was also covered in the said search action. Subsequently, the case was centralised with the Assistant Commissioner of Income Tax, Central Circle-6(1), Mumbai, by virtue

DCIT-CC-6(1), MUMBAI, BKC, KAUTILYA BHAWAN vs. PRASHANT PRAKASH NILAWAR, PUNE

In the result, the appeal of the Revenue, being ITA

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

house property, business, capital gains, and other sources. 5. A search and seizure operation under section 132 of the Act was carried out on 23.09.2021 in the case of Rucha Group. The assessee was also covered in the said search action. Subsequently, the case was centralised with the Assistant Commissioner of Income Tax, Central Circle-6(1), Mumbai, by virtue

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 3424/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2013-14)

House Property - Rs.4.83 crores, Capital Gains - Ks.43.92 crores and Income from Other Sources Rs.1,494.21 15 I.T.A. No. 3424/Mum/2019 Tata Motors Ltd crores, thereby resulting in Total Loss of Rs.3,939.43 crores which comprises of Unabsorbed Depreciation - Rs.1,424.18 crores and Unabsorbed Business Loss -Rs. 2,215. 26 crores; which is carried forward for set-off against Other Income / Business

NEELA P. DOSHI,MUMBAI vs. DCIT CC 9, MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 2009-10 Smt. Neela P. Doshi, The Asst. Comm. Of Income Acme Ghar, 19 K.D. Road, Tax, बनाम/ Ville Parle (W), Central Circle-9, Vs. Mumbai-400056 Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aacpd6490Q

section 69A were not warranted in this case. 6. The Ld. CIT(A), after considering the submissions of the assessee observed that it was correct that the overall weight of the gold jewellery declared by the assessee and his family in the books of accounts was in excess of gold jewellery found during the course of search action, however

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

House Property - Rs.4.36 crores. Capital Gains - Rs.29.78 crores and Income from Other Sources Rs.35,79 crores, thereby resulting in Total Loss of Rs.2.249.51 crores which comprises of Unabsorbed Depreciation - Rs. 1.316.80 crores and Unabsorbed Business Loss- Rs.9.32.71 crores; which is carried forward for set-off" against Other Income / Business Profits in future. In the assessment order dated 27.02.2017 the same

ACIT CC 25, MUMBAI vs. PARLE BOTTLING P.LTD, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year- 1998-99 Acit, M/S Parle Bottling Pvt. Ltd. Cc-25, Room No.404, Western Express Highway, बनाम/ Aayakar Bhavan, Chakala, Andheri (East), Vs. M.K.Road, Mumbai-4000099 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacp8417H Shri Arvind Kumar-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Firoze Ahdhyarajina

section 69A were not warranted in this case. 6. The Ld. CIT(A), after considering the submissions of the assessee observed that it was correct that the overall weight of the gold jewellery declared by the assessee and his family in the books of accounts was in excess of gold jewellery found during the course of search action, however

LATE SHRI MAHAVIR PRASAD GUPTA THROUGH L.H SHRI SUSHIL GUPTA,MUMBAI vs. ITO WD 20(4), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 1988-89 Late Shri Mahavir Gupta Income Tax Officer, Through Legal Heir Shri Ward-12(3)(1), बनाम/ Sushil Gupta, Aayakar Bhavan, Vs. 161-C, Mittal Tower, M.K. Road Nariman Point, Mumbai-400020 Mumbai-400021 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aalpg1065E

section 69A were not warranted in this case. 6. The Ld. CIT(A), after considering the submissions of the assessee observed that it was correct that the overall weight of the gold jewellery declared by the assessee and his family in the books of accounts was in excess of gold jewellery found during the course of search action, however

DE vs. HARDA DEVELOPERS P. LTD,MUMBAIVS.ITO 9(1)3, MUMBAI

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

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

Housing Society and therefore there cannot be two additions. Further the assessee claims that the amount is already declared and offered to tax for AY 2009-10 as part of survey proceedings. During the course of hearing the ld AR also submitted that impounded materials are in Gujarati and that the AO has made addition without considering the translated version

DE vs. HARDHA DEVELOPERS PVT LTD.,MUMBAIVS.ITO 9 (1)(3), MUMBAI

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

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

Housing Society and therefore there cannot be two additions. Further the assessee claims that the amount is already declared and offered to tax for AY 2009-10 as part of survey proceedings. During the course of hearing the ld AR also submitted that impounded materials are in Gujarati and that the AO has made addition without considering the translated version

DE vs. HARDHA DEVELOPERS PVT LTD. ,MUMBAIVS.ITO 9 (1)(3) , MUMBAI

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

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

Housing Society and therefore there cannot be two additions. Further the assessee claims that the amount is already declared and offered to tax for AY 2009-10 as part of survey proceedings. During the course of hearing the ld AR also submitted that impounded materials are in Gujarati and that the AO has made addition without considering the translated version

DEV SHARDA DEVELOPERS P. LTD,MUMBAI vs. ITO WD 9(1)(3), MUMBAI

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

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

Housing Society and therefore there cannot be two additions. Further the assessee claims that the amount is already declared and offered to tax for AY 2009-10 as part of survey proceedings. During the course of hearing the ld AR also submitted that impounded materials are in Gujarati and that the AO has made addition without considering the translated version

PERFECT THREAD MILLS LTD,MUMBAI vs. DCIT 8(2), MUMBAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri G.S.Pannu Vice Presedent,(As) Shri D. Karunakar Rao & Shri Amit Shukla, Sh. Pawan Singh & Shri Rajesh Kumarperfect Thread Mills Ltd Vs Dcit, 8(2), Mumbai 201, Millenium Plaza Behind Sakinaka Telephone Exchange, Andheri Kurla Road, Andheri (E), Mumbai- 72 Pan: Aaacp6449E Appellant Respondednt

house from assessee and vesting thereof with the bank. On these facts, the honourable High Court held that it was not a case of diversion of income by overriding title but application of income towards repayment of bank loan. In 3 case of inheritance/acquisition along with the mortgage perfecting his title by getting mortgage discharged, the assessee would be entitled

25FPS MEDIA PVT. LTD.,MUMBAI vs. ITO ,RANGE -6(3)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

House Property, Profit and Gains of business or profession, or capital gain) is to be computed and brought to charge under section 56 under the head “Income from Other sources”. In other words, it can be said that the residuary head of income can be resorted to only if none of the specific head is applicable to the income

ITO 6(3)(1), MUMBAI vs. 25 FPS MEDIA PVT. LTD. , MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

House Property, Profit and Gains of business or profession, or capital gain) is to be computed and brought to charge under section 56 under the head “Income from Other sources”. In other words, it can be said that the residuary head of income can be resorted to only if none of the specific head is applicable to the income

VIJAY M. HARIA,MUMBAI vs. ITO WD 13(3)(2), MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainshri Vijay M. Haria Income Tax Officer-13(3)(21) 502, Sharda Chambers No.2 Room No. 428, 4Th Floor Vs. Bhat Bazar, Masjid Bunder Àayakar Bhavan, M.K. Road Mumbai 400003 Mumbai 400020 Pan - Aabph1129C Appellant Respondent

house property against “Income from section 68, 69, 69A, 69B, 69C and 69D of I.T. Act, 1961” but mention about

CHANDERAKANTA H LALIA,NAVI MUMBAI vs. ITO, 28(1)(3), VASHI RAILWAY STATION

The appeal is dismissed as having become

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2014-15 Chanderakanta H Lalia, Ito, 28(1)(3), C/O Shri Shamji Bhanushali, Room No. 327, Tower No. 6, Chartered Accountant, 339, Big Vs. Vashi Railway Station Splash, Section -17, Vashi, Commercial Complex, Vashi, Navi Mumbai- 400703. Navi Mumbai-400703. Pan No. Ajvpl 7788 C Appellant Respondent

section 69A of the Act.  Addition of Rs.36556/ Addition of Rs.36556/- on account of difference in interest on account of difference in interest received from Bank under the head 'Income from Other eived from Bank under the head 'Income from Other eived from Bank under the head 'Income from Other Sources'. Sources'.  Addition of Rs. 194596/ Addition