ACIT 19(3), MUMBAI V. MONISHA R JAISING, MUMBAI

ITA 1770/MUM/2012

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 71100 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-09-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2005-2006
• Appeal Filed On: 14-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Notional interest
• Section: 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI BEFORE SRI H.L. KARWA, PRESIDENT, AND SHRI N.K.BILLAIYA, AM ./ I.T.A. NO. 1770/MUM/2012 ( / ASSESSMENT YEAR : 2005-06) ACIT, CIRCLE-19(3), 3 RD FLOOR, ROOM NO.305, PIRAMAL CHAMBERS, PAREL, MUMBAI-400020 / VS. MONISHA R. JAISINGH, 20/21B CHAND TERRACE ST. ANDREWS RD. OFF HOLY FAMILY HOSPITAL BANDRA(W), MUMBAI-400050 !' $ ./ PAN : ADRPJ4593R ( '% / APPELLANT ) .. ( &''% / RESPONDENT ) '% ( ) / ASSESSEE BY : SHRI MANVENDRA GOYAL &''% ( ) / RESPONDENT BY : NONE ( *$ / DATE OF HEARING : 10-09-2013 +, ( *$ / DATE OF PRONOUNCEMENT : 10 -09-2013 -. / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINS T THE ORDER OF THE CIT(A) 30, MUMBAI, DATED 05.12.2011 PERTAINING TO A .Y. 2005-06. REVENUE HAS RAISED THREE SUBSTANTIVE GROUNDS OF APPEAL THE SUM AND SUBSTANCE OF THE GRIEVANCE OF THE REVENUE IS THAT CIT (A) ERRED IN D ELETING THE ADDITION MADE ON ACCOUNT OF NOTIONAL INTEREST AT THE RATE OF 10% ON INTEREST FREE SECURITY DEPOSITS AND ADVANCE RENT RECEIVED BY THE ASSESSEE WHILE COM PUTING THE ANNUAL VALUE OF THE RESIDENTIAL PROPERTIES U/S 23 OF ACT. 2 ITA NO.1770/MUM/2012 MONISHA R. JAISING. 2. THE ASSESSING OFFICER AT PARA 9 ON PAGE 4 OF ITS ORDER HAS OBSERVED THAT SIMILAR ADDITION HAS BEEN MADE IN THE CASE OF THE A SSESSEE FOR A.Y.2003-04 AND 2004-05. THE AO FOLLOWED THE FINDINGS OF HIS PRED ECESSOR WHILE MAKING THE ADDITIONS OF NOTIONAL INTEREST. THE CIT(A) WHILE D ELETING THE ADDITION HAS CONSIDERED THE ORDER OF HIS PREDECESSORS FOR A.Y. 2 003-04 AND 2004-05. BEFORE US, THE COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE TRIBUNAL HAS CONFIRMED THE ORDER OF THE CIT(A) FOR A.Y. 2003-04 AND 2004-05 IN ITA NO. 1161/MUM/2007 AND 3662/MUM/2011. 3. WE HAVE CAREFULLY PERUSED THE ORDER OF THE LOWER AUTHORITIES VIZ-A-VIZ GRIEVANCES OF THE REVENUE. WE FIND THAT THE ISSUE IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE ORDER OF THE COORDINATE BENC H FOR A.Y.2003-04 AND 2004-05 FOLLOWING THE DECISION OF THE COORDINATE BE NCH IN ASSESSEES OWN CASE. REVENUE APPEAL IS DISMISSED 4. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 10 /09/2013 -. ( +, $ /- 10/09/2013 , , ( 0 SD/- (H.L.KARWA) SD/- (N.K.BILLAIYA) HONBLE PRESIDENT ACCOUNTANT MEMBER MUMBAI; /- /DATED : 10 TH SEPTEMBER, 2013. SHEKHAR. P.S. -. -. -. -. ( (( ( &*12 &*12 &*12 &*12 32 * 32 * 32 * 32 * / COPY OF THE ORDER FORWARDED TO : 1. '% / THE APPELLANT 2. &''% / THE RESPONDENT. 3. 4 ( ) / THE CIT- , MUMBAI. 4. 4 / CIT(A)- , MUMBAI 3 ITA NO.1770/MUM/2012 MONISHA R. JAISING. 5. 250 &* , , / DR, ITAT, MUMBAI 6. 06 7 / GUARD FILE. -. -. -. -. / BY ORDER, '2* &* //TRUE COPY// 8 88 8 / 9 9 9 9 : : : : (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI