ARUN DAMJI GADA, MUMBAI V. ACIT 24(1), MUMBAI

ITA 8167/MUM/2010

• Counselvise Citation: [2018] 118 COUNSELVISE.COM (IT) 9555 (ITAT-MUMBAI)
• Duration Of Justice: 8 year(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 21-07-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 25-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Gift

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAVISH SOOD , JM ITA NO. 8167 / MUM/20 10 ( ASSESSMENT YEAR : 2007 - 08 ) SHRI ARUN DAMJI GADA A - 103, GO D GIFT ADARSHA DUGDHALAYA LANE, ADARSH NAGAR, ADARSH DHUGH ALA LANE, MALAD (W) MUMBAI 400 064 VS. ACIT 24(1) PRATYSHAKAR BHAWAN BANDRA KURLA COMPLEX BANDRA (E) MUMBAI 400 050 PAN/GIR NO. AABPG3923F APPELLANT ) .. RESPONDENT ) ITA NO. 105/ MUM/20 11 ( ASSESSMENT YEAR : 2007 - 08 ) ACIT 24(1) C - 13 R/NOP, 503 PRATYSHAKAR BHAWAN BANDRA KURLA COMPLEX BANDRA (E) MUMBAI 400 050 VS. SHRI ARUN DAMJI GADA A - 103, G O D GIFT ADARSHA DUGDHALAYA LANE, ADARSH NAGAR, ADARSH DHUGHALA LANE, MALAD (W) MUMBAI 400 064 PAN/GIR NO. AAB PG3923F APPELLANT ) .. RESPONDENT ) ITA NO.8167/MUM/2010 & ITA NO.105/MUM/2011 SHRI ARUN DAMJI GADA 2 CORRIGENDUM O R D E R THIS CORRIGENDU M ORDER IS PASSED TO RECTIFY AN ARITHMETICAL MISTAKE IN ORDER DATED 19/01/2018. IN PARAGRAPH 23 OF PAGE 25, IT WAS MENTIONED AS 80% OF EXPENDITURE WORKS OUT TO RS. 2,92 ,50,000/ - INSTEAD OF RS.3,04,00,000/ - . SINCE, THERE IS A SMALL ARTHIMETICAL MISTAKE IN PARA 23 OF PAGE 25, WE RECTIFY THE SAME AND DIRECT AO TO READ THE PARAGRAPH AS OUT OF THIS EXPENDITURE, CIT(A) HAS ALLOWED RS.2,39,72,000/ - ON RS.3.80 CRORES WHICH WOR KS OUT TO BE RS.63% OF CLAIM EXPENDITURE. AFTER CONSIDERING NATURE OF EXPENDITURE WHICH ARE ESSENTIALLY REQUIRED TO BE INCURRED TO EARN REVENUE FROM SALE OF FLAT VIS - - VIS NATURE OF ASSESSEES BUSINESS BEING A BUILDER, WE MODIFY THE ORDER OF CIT(A) AND DIR ECT AO TO ALLOW 80% OF THESE EXPENDITURE WHICH WORKS OUT TO RS.3,04,00,000/ - . THUS, IN PLACE OF EXPENDITURE ALLOWED BY CIT(A) AT RS.2,39,72,000/ - , WE DIRECT THE AO TO ALLOW EXPENDITURE OF RS.3,04,00,000/ - WHICH WORKS OUT TO BE 80% OF THE EXPENDITURE SO CLA IMED. WE DIRECT ACCORDINGLY. SD/ - ( RAVISH SOOD ) SD/ - ( R.C.SHARMA ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 18 / 12 /201 8 KARUNA SR. PS COPY OF THE ORDER FORWARDED TO : BY ORDER, ( ASSTT. REG ISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//