ASST CIT CEN CIR 20, MUMBAI V. EVEREST KANTO INVESTMENT & FINANCE LTD, MUMBAI

ITA 10/MUM/2014

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0775 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-06-2015
• Appeal Filed By: Assessee
• Bench Allotted: E
• Assessment Year: 1990-1991
• Appeal Filed On: 01-01-2014
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Section: 11

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL E , BENCH MUMBAI . . , , BEFORE SHRI R.C.SHARMA , A M & MS. SUSHMA CHOWLA , J M ./ I TA NO. 10 / MUM/20 1 4 ( / ASSESSMENT YEAR S : 20 10 - 1 1 ) ACIT CEN CIR - 20, MUMBAI - 20 VS. EVEREST KANTO INVESTMENT & FINANCE LTD., 501, RAHEJA CENTRE, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI - 400021 ./ ./ PAN/GIR NO. : A A AC E 4794 L ( / APPELLANT ) .. ( / RESPONDENT ) /REVENUE BY : SHRI NEIL PHILIP /ASSESSEE BY : SHRI SHEKHAR GUPTA / DATE OF HEARING : 0 4 /0 6 / 2015 / DATE OF PRONO UNCEMENT 04 /06 /2015 / O R D E R PER R.C.SHARMA (A.M) : THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER CIT (A), FOR THE ASSESSMENT YEAR 20 10 - 11 , IN THE MATTER OF ORDER PASSED U/S.1 43 (3) OF THE INCOME TAX ACT . 2. IN THIS APPEAL, THE R EVENUE IS AGGRIEVED FOR DELETING THE ADDITION MADE BY THE AO ON ACCOUNT OF HIGHER SECURITY DEPOSIT TAKEN BY THE ASSESSEE, WHILE CALCULATING THE ANNUAL LETTING VALUE OF THE PROPERTY IN VIEW OF THE SPECIFIC PROVISIONS OF SECTION 23(1)(A) OF THE ACT. 3. AT THE OUTSET , LD. AR PLACED ON RECORD ORDER OF THE TRIBUNAL IN ASSESSEES OWN CASE WHEREIN CONSISTENTLY SIMILAR ADDITION WAS DELETED BY ITA NO. 10 /1 4 2 THE TRIBUNAL IN ASSESSMENT YEAR 2001 - 02 TO 2006 - 07 AND 2008 - 09. THE PRECISE OBSERVATION OF THE TRIBUNAL FOR THE ASSESSMENT YEAR 2001 - 02 TO 2006 - 07 WAS AS UNDER : - IN OUR OPINION, THE ISSUE INVOLVED IN THE PRESENT CASE THUS IS SQUARELY COVERED BY THE DECISION OF CO - ORDINATE BENCH OF THIS TRIBUNAL IN THE CASE OF RECLAMATION REALTY INDIA P. LTD. (SUPRA) WHICH IN TURN HAS RELIED ON AND F OLLOWED THE JUDGMENTS OF THE HONBLE APEX COURT AND JURISDICTIONAL HIGH COURT ON A SIMILAR ISSUE AND RESPECTFULLY FOLLOWING THE SAID JUDICIAL PRONOUNCEMENTS, WE REVERSE THE IMPUGNED ORDER OF THE LD.CIT(A) ON THIS ISSUE AND DIRECT THE AO TO ADOPT THE RENT A CTUALLY RECEIVED BY THE ASSESSEE DURING A.Y. 2003 - 04 TO 2006 - 07 AS ANNUAL VALUE OF THE PROPERTY BEING MORE THAN THE MUNICIPAL RATABLE VALUE. THE ADDITIONS MADE BY THE AO AND CONFIRMED BY THE LD.CIT(A) ON THIS ISSUE ARE ACCORDINGLY DELETED ALLOWING GROUND N O. 2 OF THE ASSESSEES APPEALS FOR A.Y. 2003 - 04 TO 2006 - 07. 4 . AS THE FACTS AND CIRCUMSTANCES DURING THE YEAR UNDER CONSIDERATION ARE SAME AND THE CIT(A) HAS ALSO DELETED THE ADDITION BY FOLLOWING THE ABOVE DECISION OF THE TRIBUNAL , RESPECTFULLY FOLLOWI NG THE ORDER OF THE TRIBUNAL , WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF CIT(A). 5 . IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 04 /06 / 201 5 . SD/ - SD/ - ( ) ( SUSHMA CHOWLA ) ( . . ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 04 /06 /201 5 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. ITA NO. 10 /1 4 3 / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI //TR UE COPY/