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 under section (in Rupees) property 10 (38) of the act on (in account of Rupees) allegedly bogus long- term capital gain (in Rupees) 2010 – 11 78,96,470 203,727 198,000 82,98,197 2011 – 12 87,34,940 215,107 89,50,047 2012 – 13 2,15,71

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 under section (in Rupees) property 10 (38) of the act on (in account of Rupees) allegedly bogus long- term capital gain (in Rupees) 2010 – 11 78,96,470 203,727 198,000 82,98,197 2011 – 12 87,34,940 215,107 89,50,047 2012 – 13 2,15,71

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 under section (in Rupees) property 10 (38) of the act on (in account of Rupees) allegedly bogus long- term capital gain (in Rupees) 2010 – 11 78,96,470 203,727 198,000 82,98,197 2011 – 12 87,34,940 215,107 89,50,047 2012 – 13 2,15,71

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 under section (in Rupees) property 10 (38) of the act on (in account of Rupees) allegedly bogus long- term capital gain (in Rupees) 2010 – 11 78,96,470 203,727 198,000 82,98,197 2011 – 12 87,34,940 215,107 89,50,047 2012 – 13 2,15,71

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 under section (in Rupees) property 10 (38) of the act on (in account of Rupees) allegedly bogus long- term capital gain (in Rupees) 2010 – 11 78,96,470 203,727 198,000 82,98,197 2011 – 12 87,34,940 215,107 89,50,047 2012 – 13 2,15,71

SUMAN GUPTA,MUMBAI vs. DCIT - CC- 4(2), MUMBAI

In the result, appeal of the assessee for assessment year 2015

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 3860 & 3859/Mum/2018 Assessment Years: 2014-15 & 2015-16 Smt. Suman Gupta, Dy. Cit Cc-4(2), 6Th New Harileela House, Air India Building, 19Th Mint Road, Fort, Vs. Floor, Room No. 1918, Mumbai-400 001. Nariman Point, Mumbai-21. Pan No. Ahqpg 0220 P Appellant Respondent Assessee By : Mr. Bhupendra Karkhanis & Mr. Aakash Marthak & Mr. Vijay Bhatt, Ars Revenue By : Dr. Kishor Dhule, Cit-Dr Date Of Hearing : 02/03/2023 : Date Of Pronouncement 27/04/2023 Order

71,49,899 Property at Alibaug Property at Alibaug 5,02,696 5,02,696 Flat at Pune 20,72,866 20,72,866 50% share in Sakinaka Property 50% share in Sakinaka Property 2,37,027 2,37,027 Total 4,94,89,832 4,94,89,832 7% of above 34,64,288 34,64,288 Smt. Suman

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

71,264/-. Thus, the assessee’s claim of interest expenditure to the tune of Rs.7,55,87,118/- as revenue expenditure is allowed. 7. Next ground of appeal of the revenue is against the action of the Ld. CIT(A) disallowing the commission and brokerage of expenses Rs.17,43,949/-. C.O. 27/Mum/2023 A.Ys. 2013-14, 2014-15 & 2016-17 Rustomjee

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

71,264/-. Thus, the assessee’s claim of interest expenditure to the tune of Rs.7,55,87,118/- as revenue expenditure is allowed. 7. Next ground of appeal of the revenue is against the action of the Ld. CIT(A) disallowing the commission and brokerage of expenses Rs.17,43,949/-. C.O. 27/Mum/2023 A.Ys. 2013-14, 2014-15 & 2016-17 Rustomjee

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

71,264/-. Thus, the assessee’s claim of interest expenditure to the tune of Rs.7,55,87,118/- as revenue expenditure is allowed. 7. Next ground of appeal of the revenue is against the action of the Ld. CIT(A) disallowing the commission and brokerage of expenses Rs.17,43,949/-. C.O. 27/Mum/2023 A.Ys. 2013-14, 2014-15 & 2016-17 Rustomjee

SARITA SUNIL MANTRI,MUMBAI vs. INCOME TAX OFFICER, MUMBAI

In the result, the appeal of the assessee is partly allowed for In the result, the appeal of the assessee is partly allowed for In the result, the appeal of the assessee is partly allowed for stati...

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2013-14 Sarita Sunil Mantri, Ito-7(2)(1), Flat 3 & 4, Kamal Building, Aayakar Bhavan, 69 Walkeshwar Road, Opp. Vs. Mumbai-400020. Gopi Birla School, Walkeshwar, Mumbai-400006. Pan No. Adxpm 8070 E Appellant Respondent : Assessee By Mr. Abhishek Jhunjhunwala, Ar Revenue By : Mr. Aditya Rai, Dr : Date Of Hearing 17/01/2023 : Date Of Pronouncement 19/01/2023

house property" is a loss to the assessee and such loss cannot be or is not wholly set loss to the assessee and such loss cannot be or is not wholly set loss to the assessee and such loss cannot be or is not wholly set off against income from any other head of income in accordance off against income

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

71,050/- as cost of acquisition of asset. After, claiming these expenses, assessee has earned capital gain of ₹.3,97,26,969/-, out of which ₹.3,97,11,025/- was invested in two residential properties at Mumbai and Pune. 5. Further, Assessing Officer observed that assessee also claimed ₹.17,00,000/- as legal fees in his computation of income filed

DCIT -CC-5(4), MUMBAI vs. RAGHULEELA ESTATE PRIVATE LIMITED, MUMBAI

In the result, all the appeals of the Revenue are dismissed and Cross Objections of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

house property income on account of maintenance charges without Raghuleela Estate Pvt. Ltd. appreciating the fact that common area maintenance charges were part of rent agreement. ix) On the fact and circumstances of the case and in law, Ld. CIT(A) has erred relying on the decision of the Hon'ble Bombay High Court in the case

DCIT-CC-5(4), MUMBAI vs. RAGHULEELA ESTATES PVT LTD, MUMBAI

In the result, all the appeals of the Revenue are dismissed and Cross Objections of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

house property income on account of maintenance charges without Raghuleela Estate Pvt. Ltd. appreciating the fact that common area maintenance charges were part of rent agreement. ix) On the fact and circumstances of the case and in law, Ld. CIT(A) has erred relying on the decision of the Hon'ble Bombay High Court in the case

DCIT-CC-5(4), MUMBAI vs. RAGHULEELA ESTATES PVT LTD, MUMBAI

In the result, all the appeals of the Revenue are dismissed and Cross Objections of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

house property income on account of maintenance charges without Raghuleela Estate Pvt. Ltd. appreciating the fact that common area maintenance charges were part of rent agreement. ix) On the fact and circumstances of the case and in law, Ld. CIT(A) has erred relying on the decision of the Hon'ble Bombay High Court in the case

PANKAJ ENTERPRISES,MUMBAI vs. DY. / ASST. COMMISSIONER OF INCOME TAX, CIRCLE 41(1)(1), MUMBAI, MUMBAI

In the result, the appeal by the assessee is allowed for statistical\npurposes

Property\".\n26.\nThe brief facts of the case pertaining to this issue are that during the\nassessment proceedings, the assessee was asked to show cause as to why\nthe claim of interest of INR 2,86,21,439 under the head “Income from House\nProperty\" should not be disallowed. In response, the assessee submitted that\nduring the year under consideration

GOPALKRISHNA PANDU SHETTY,MUMBAI, MAHARASHTRA vs. ACIT CIRCLE 32(1), MUMBAI, MUMBAI, MAHRASHTRA

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

71,00,000/- [INR 81,00,000/- plus INR 90,00,000/-] received by the Appellant from the sale of two residential properties owned by the Appellant. Since the new residential house property was registered in the name of the wife of the Appellant, the Assessing Officer denied the claim of deduction under Section

PRIYA KAPIL TODARWAL ,MUMBAI vs. INCOME TAX OFFICER WARD, 30(1)(1), MUMBAI

In the result the appeal filed by the assessee stands allowed

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

house property" is a loss, in respect of the assessment years commencing on the 1st day of April, 1995 and the 1st day of April, 1996, such loss shall be first set off under sub-sections (1) and (2) and thereafter the loss referred to in section 71A shall be set off in the relevant assessment year in accordance with

ANGLO EASTERN INSTITUTES PRIVATE LIMITED,MUMBAI vs. ITO 9(1)(3), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Smt. Renu Jauhrianglo Eastern Institutes V/S. Cit(A)/Nfac, बनाम Pvt. Ltd. Delhi Unit No. 102, Mezzaniene Floor, Leela Business Park, Marol, Andheri-Kurla Road, Andheri (E), Maharashtra-400059 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aahcca3508K Appellant/अपीलार्थी .. Respondent/प्रतिवादी

house property as per section 71(B) of the Act. 3. Ground No. 3 - Levy of interest under section 234B