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

ITA 926/MUM/2012

• Counselvise Citation: 92619914 RSA 2012
• Duration Of Justice: 1 year(s) 6 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-09-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 03-11-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 10-02-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T ROUMUAN PAITE
• Assessee Lawyers: GO VIND AGGARWAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH E, MUMBAI BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND DR. S.T.M. PAVALAN, JUDICIAL MEMBER ITA NO. 926/MUM/2012 ASSESSMENT YEAR: 2008-09 DCIT CEN CIR 20 R.NO. 402, 4 TH FLOOR, AAYAKAR BHAVAN M.K. ROAD MUMBAI-400 020 VS. EVEREST KANTO INVESTMENT & FINANCE LTD. 501, RAHEJA CENTRE, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI-400 021 PAN:AAACE 4794 L (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI GOVIND AGGARWAL REVENUE BY : SHRI T. ROUMUAN PAITE DATE OF HEARING : 12.08.2013 DATE OF PRONOUNCEMENT : 04.09.2013 O R D E R PER DR. S.T.M. PAVALAN, JM: THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAIN ST THE ORDER OF THE LD.CIT(A) -39, MUMBAI DATED 08.11.2011 FOR THE ASSESSMENT YEAR 200 8-09. 2. THE ONLY ISSUE ARISING OUT OF THE GROUNDS OF APP EAL RAISED BY THE REVENUE IS PERTAINING TO THE CALCULATION OF THE ANNUAL VALUE O F THE PROPERTY U/S 23(1)(A) OF THE INCOME TAX ACT. AT THE OUTSET, IT HAS BEEN POINTED OUT THA T THE LD.CIT(A), IN THE FIRST APPELLATE PROCEEDINGS, PROVIDED THE RELIEF TO THE ASSESSEE BY DIRECTING THE AO TO DELETE THE IMPUGNED ADDITION MADE HIM BY RELYING ON THE ORDER OF THE IT AT IN THE ASSESSEES OWN CASE FOR THE ASSESSMENT YEARS 2001-02 TO 2006-07. THE RELEVANT F INDINGS OF THE DECISION OF THE ITAT ARE EXTRACTED HEREUNDER: 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 A ND FOLLOWED THE JUDGMENTS OF THE HONBLE APEX COURT AND JURISDICTIONAL HIGH COURT ON A SIMILAR ISSUE AND RESPECTFULLY FOLLOWING THE SAID JUDICIAL PRONOUNCEMENTS, WE REVE RSE THE IMPUGNED ORDER OF THE LD.CIT(A) ON THIS ISSUE AND DIRECT THE AO TO ADOPT THE RENT ACTUALLY RECEIVED BY THE ASSESSEE DURING A.Y. 2003-04 TO 2006-07 AS ANNUAL V ALUE OF THE PROPERTY BEING MORE THAN THE MUNICIPAL RATABLE VALUE. THE ADDITIONS MAD E BY THE AO AND CONFIRMED BY ITA NO. 926/MUM/2012 EVEREST KANTO INVESTMENT & FINANCE LTD. ASSESSMENT YEAR: 2008-09 2 THE LD.CIT(A) ON THIS ISSUE ARE ACCORDINGLY DELETED ALLOWING GROUND NO. 2 OF THE ASSESSEES APPEALS FOR A.Y. 2003-04 TO 2006-07. IN THE ABSENCE OF ANY CONTRARY FACTS BROUGHT ON REC ORD BY THE REVENUE FOR THE YEAR UNDER CONSIDERATION, WE ARE OF THE CONSIDERED OPINION THA T THE LD.CIT(A) HAS CORRECTLY RELIED ON THE ORDER OF THE ITAT IN DELETING THE IMPUGNED ADDI TION. THEREFORE, WE DO NOT FIND ANY JUSTIFIABLE REASON TO INTERFERE WITH THE DECISION O F THE LD.CIT(A) AND THE SAME IS UPHELD. 3. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 4 TH DAY OF SEPTEMBER, 2013. SD/- SD/- (P.M. JAGTAP) (DR. S.T.M. PAVALAN) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 04.09.2013. *SRIVASTAVA COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR E BENCH //TRUE COPY// [ BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.