DCIT CEN CIR 30, MUMBAI V. G.N.M REALTORS P. LTD, MUMBAI

ITA 4247/MUM/2013

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2527 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 5 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-11-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 17-11-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 28-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

G N M REALTORS PVT LTD ITA NO. 4247 /MUM/20 1 3 1 G IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH G , MUMBAI , , BEFORE SHRI AMIT SHUKLA , JUDICIAL MEMBER AND SHRI RAMIT KOCHAR , ACCOUNTANT MEMBER ITA NO. : 4247 /MUM/20 1 3 ( ASSESSMENT YEAR: 20 1 0 - 11 ) DY. COMMISSIONER OF INCOME TAX CC - 22 & 30, CENTRAL RANGE - 5, ROOM NO. 404, 4 TH FLOOR, AAYAKAR BHAVAN, M K ROAD, MUMBAI - 400 020 VS G N M REALTORS PVT LTD , 204, RAHEJA CENTRE, FREE PRESS JOURNA L MARG, 214, NARIMAN POINT, MUMBAI - 400 021 .: PAN: A ABCG 4 937 E (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI ABANI KANTA NAYAK RESPONDENT BY : SHRI SHEKHAR GUPTA /DATE OF HEARING : 17 - 11 - 201 5 / DATE OF PRONOUNCEMENT : 17 - 11 - 201 5 ORDER , . . : PER AMIT SHUKLA, J M : THE AFORESAID APPEAL HA S BEEN FILED BY THE REVENUE AGAINST IMPUGNED ORDER DATED 1 2.0 3 .2013 PASSED BY CIT(A) - 39 , MUMBAI FOR THE QUANTUM OF ASSESSMENT PASSED U/S 143(3) FOR THE ASSESSMENT YEAR 20 1 0 - 11 ON THE FOLLOWING SOLE EFFECTIVE GROUND : - THAT ON THE FACTS & CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DELETING THE ADDITION OF RS. 47,50,000/ - TO THE ANNUAL LETTING VALUE OF THE FLAT LET OUT BY THE ASSESSEE AT MONTHLY RENT OF RS. 50,000/ - AND OBTAINING INTEREST FREE SECURITY DEPOSIT OF RS. 5 CRORES WHEREAS THE SAID FLAT HAD EARLIER BEEN LET OUT AT MONTHLY RENT OF RS. 2,00,000/ - AND INTEREST FREE DEPOSIT OF RS. 3 CRORES. G N M REALTORS PVT LTD ITA NO. 4247 /MUM/20 1 3 2 2 . AT THE OUTSET, THE LD. COUNSEL SUBMITTED THAT HERE IN THIS CASE, THE LD. CIT(A) HAS MERELY REMANDED THE MATTER TO THE AO FOR DETERMINATION OF ANNUAL LETTING VALUE U/ S 23(1)(A) AND AFTER TAKING INTO CONSIDERATION THE DECISION OF HONBLE DELHI HIGH COURT I N THE CASE OF MONI KUMAR SUBBA, REPORTED IN 333 ITR 330. 3. LD. DR ON THE OTHER HAND, ALSO ADMITTED THAT ADDITION HAS NOT BEEN DELETED BY THE CIT(A) BUT THE MATTER HAS BEEN REMANDED BACK TO THE AO. 4. AFTER CONSIDERING THE AFORESAID CONTENTION AND ON PER USAL OF THE IMPUGNED ORDER, WE FIND THAT THE GROUND RAISED BY THE REVENUE IS MISCONCEIVED, AS THE LD. CIT(A) HAS NOT DELETED THE ADDITION BUT HAS REMANDED THE MATTER TO THE AO TO DETERMINE THE ANNUAL LETTING VALUE (ALV) AND TO TAKE INTO CONSIDERATION THE R ATIO LAID DOWN BY THE HONBLE DELHI HIGH COURT IN THE CASE OF MONI KUMAR SUBBA ( SUPRA ). BEFORE US IT HAS BEEN POINTED OUT THAT NOW THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF TIP TOP TYPOGRAPHY , REPORTED IN 368 ITR 330, THE HONBLE COURT HAS GIVEN VERY DETAILED GUIDELINES AFTER CONSIDERING THE SAID DECISION OF THE DELHI HIGH COURT. ACCORDINGLY, WE REITERATE THE DIRECTION OF THE CIT(A) FOR DETERMINATION OF ALV, HOWEVER, WITH A DIRECTION THAT AO SHOULD DETERMINED THE ALV IN ACCORDANCE WITH THE DECISI ON OF HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF TIP TOP TYPOGRAPHY ( SUPRA ). ACCORDINGLY, GROUND RAISED BY THE REVENUE STAND S DISMISS ED. 6. IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH NOVEMBER , 2015. SD/ - SD/ - ( ) ( ) (RAMIT KOCHAR ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 17 TH NOVEMBER , 2015 G N M REALTORS PVT LTD ITA NO. 4247 /MUM/20 1 3 3 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3) THE CIT (A) - 39 , MUMBAI. 4 ) THE CIT CENTRAL II , MUMBAI. 5 ) G , , / THE D.R. G BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS