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

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

8. True it is, that income derived from the property would always be termed as\n'income' from the property, but if the property is used as 'stock-in- trade', then the\nsaid property would become or partake the character of the stock, and any income\nderived from the stock, would be 'income' from the business, and not income from

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

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

8. True it is, that income derived from the property would always be termed as\n'income' from the property, but if the property is used as 'stock-in- trade', then the\nsaid property would become or partake the character of the stock, and any income\nderived from the stock, would be 'income' from the business, and not income from

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 properties. He further states that the learned AO has not granted deduction of vacancy allowance, as well as deduction of men shipping taxation and maintenance charges and also standard deduction under section 24 of 30% of the annual value. The arguments of the assessee are stated that page number 8

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 properties. He further states that the learned AO has not granted deduction of vacancy allowance, as well as deduction of men shipping taxation and maintenance charges and also standard deduction under section 24 of 30% of the annual value. The arguments of the assessee are stated that page number 8

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 properties. He further states that the learned AO has not granted deduction of vacancy allowance, as well as deduction of men shipping taxation and maintenance charges and also standard deduction under section 24 of 30% of the annual value. The arguments of the assessee are stated that page number 8

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 properties. He further states that the learned AO has not granted deduction of vacancy allowance, as well as deduction of men shipping taxation and maintenance charges and also standard deduction under section 24 of 30% of the annual value. The arguments of the assessee are stated that page number 8

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 properties. He further states that the learned AO has not granted deduction of vacancy allowance, as well as deduction of men shipping taxation and maintenance charges and also standard deduction under section 24 of 30% of the annual value. The arguments of the assessee are stated that page number 8

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 properties. He further states that the learned AO has not granted deduction of vacancy allowance, as well as deduction of men shipping taxation and maintenance charges and also standard deduction under section 24 of 30% of the annual value. The arguments of the assessee are stated that page number 8

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 properties. He further states that the learned AO has not granted deduction of vacancy allowance, as well as deduction of men shipping taxation and maintenance charges and also standard deduction under section 24 of 30% of the annual value. The arguments of the assessee are stated that page number 8

H & M HOUSING FINANCE AND LEASING PRIVATE LIMITED ,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7(1)(2), MUMBAI

In the result, ground No. 1 and 2 of the assessee‟s appeal is allowed

Bench: Shri Vikram Singh Yadav & Shri Raj Kumar Chauhanassessment Year : 2017-18 H&M Housing Finance & Deputy Commissioner Of Leasing Private Limited, Income Tax, C/62, 9Th Floor, Vibgyor Towers, Vs. Circle–7(1)(2), Bandra Kurla Complex, Aayakar Bhavan, Bandra (East), M.K.Road, Mumbai-400051. Mumbai-400020. Pan : Aabch4398E (Appellant) (Respondent) Assessee By : Shri Nitesh Joshi & Shri Nishith Khatri Revenue By : Shri Hemanshu Joshi, Sr.Dr

section 9 and taxed accordingly”. This judgment, supported by earlier cases like United 7 Commercial Bank Ltd. vs. CIT (32 ITR 688) and others, and aligns with rulings from House of Lords in the case of Fry v. Salisbury House Estates Co. Ltd. (1930) AC 432 and Hon‟ble Calcutta High Court in Commercial Properties Limited

DCIT CC 4(2), MUMBAI vs. ROCKFORT ESTATE DEVELOPERS PVT LTD, MUMBAI

In the result, the appeal filed by the revenue is dismissed and the Cross objections filed by the assessee are allowed for statistical purposes

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadaledcit, Cc-4(2) Vs M/S Rockfort Estate Room No. 1918, 19Th Developers Pvt Ltd Floor, Air India Bldg, 1,Leela Baug, Andheri – Nariman Point, Kurla, Mumbai – 400021. Mumbai – 400051. Pan/Gir No. : Aabcr7896K Appellant .. Respondent Co No. 72/Mum/2021 (Arising Out Of Ita No. 4091/Mum/2019 A.Y 2014-15) M/S Rockfort Estate Vs Dcit, Cc-4(2) Developers Pvt Ltd Room No. 1918, 19Th 1, Leela Baug,Andheri Floor, Air India Bldg, – Kurla, Nariman Point, Mumbai – 400051. Mumbai – 400021. Pan/Gir No. : Aabcr7896K Appellant .. Respondent Assessee By : Mr.Rahul Hakani.Ar Revenue By : Mr.S.N. Kabra.Dr Date Of Hearing 28.01.2022 Date Of Pronouncement 25.04.2022 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-52

section 22 of the IT Act states that "Rental Income" is taxable under the head "Income from House Property" if the following three conditions are satisfied a) The property should consist of any buildings or land appurtenant there to; b) The appellant should be the owner of the property; c) The property should not be used by the owner

MRS ALKA PANDEY,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX -25(2), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2015-16 Mrs. Alka Pandey, Asst. Cit-25(2), Maitri – Plot No. 10, Jvpd Scheme, Kautilya Bhavan, Bkc, Vs. Vile Parle (West), Bandra (East), Mumbai-400049. Mumbai-400051. Pan No. Agepp 1076 H Appellant Respondent

Section 24(a) for income from house property. Instead, it is taxed as income for income from house property. Instead, it is taxed as income for income from house property. Instead, it is taxed as income from services rendered, which has different tax implications. om services rendered, which has different tax implications.” om services rendered, which has different tax implications

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

8. True it is, that income derived from the property would always be termed as 'income' from the property, but if the property is used as 'stock in-trade, then the said property would become or partake the character of the stock, and any income derived from the stock, would be 'income' from the business, and not income from

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

8. True it is, that income derived from the property would always be termed as 'income' from the property, but if the property is used as 'stock in-trade, then the said property would become or partake the character of the stock, and any income derived from the stock, would be 'income' from the business, and not income from

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

8. True it is, that income derived from the property would always be termed as 'income' from the property, but if the property is used as 'stock in-trade, then the said property would become or partake the character of the stock, and any income derived from the stock, would be 'income' from the business, and not income from

MODERN ABODES PVT LTD,MUMBAI vs. ITO WARD 12(3)(4) , MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blemodern Abodes Pvt. Ltd., V. Income Tax Officer – 12(3)(4) C/O. Gulabani & Co. Room No. 148, Aayakar Bhavan M.K. Road, Mumbai - 400020 506, 5Th Floor Shree Prasad House 35Th Road, Off. Linking Road Bandra (W), Mumbai - 400050 Pan: Aagcm1595B (Appellant) (Respondent) Assessee Represented By : Ms. Neelam Jadhav Shri Ashish Kumar Deharia Department Represented By :

section 23(5) from assessment year 2018-19. Hence, the direction given to take ALV is not valid in law and may be deleted. Without Prejudice to the above, "On Merits" II. No estimate addition of Rs.60.000/- for Property No. 1 under the head Income from House Property 3. The learned CIT(A) erred in directing to estimate notional rental

DIRECTI INTERNET SOLUTIONS PVT LTD,MUMBAI vs. ACIT 5(1)(2), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

house property. The relevant provision reads reads as under: “23(1) For the purposes of section 22, the annual value of any property “23(1) For the purposes of section 22, the annual value of any property “23(1) For the purposes of section 22, the annual value of any property shall be deemed to be shall be deemed

DIRECTI INTERNET SOLUTIONS PVT LTD,MUMBAI vs. ITO 5(1)(3), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

house property. The relevant provision reads reads as under: “23(1) For the purposes of section 22, the annual value of any property “23(1) For the purposes of section 22, the annual value of any property “23(1) For the purposes of section 22, the annual value of any property shall be deemed to be shall be deemed