MEHOOL NARENDRA BHUVA,MUMBAI V. DCIT, CIRCLE 20(1), MUMBAI, MUMBAI

ITA 6767/MUM/2024

AI Insights

This case involves an appeal by Mehool Narendra Bhuva against the order of the Commissioner of Income Tax (Appeals), which pertained to various additions and disallowances made by the Assessing Officer for the Assessment Year 2008-09. The issues included the addition of notional interest on deposits, reclassification of rental income, disallowance of long-term capital loss, and addition of unexplained cash. However, before the tribunal could address these issues, the assessee decided to withdraw the appeal, as indicated in a written submission dated 17.02.2025.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 473669 (ITAT-MUMBAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-02-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: P. D. CHOUGULE
• Keywords: Notional interest
• Section: 69

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SHRI. OMKARESHWAR CHIDARA, AM ITA No. 6767/Mum/2024 (Assessment Year: 2008-09) Mehool Narendra Bhuva 554, Jonette, Jame Jamshedji Road, Matunga, Mumbai – 400019. Vs. DCIT, Circle 20(1) Piramal Chamber, Mumbai – 400013. PAN/GIR No. AABPB1537C (Assessee) : (Respondent) Assessee by : None Respondent by : Shri. P. D. Chougule, Sr. DR Date of Hearing : 18.02.2025 Date of Pronouncement : 18.02.2025 O R D E R Per Kavitha Rajagopal, J M: This appeal has been filed by the assessee, challenging the order of the learned Commissioner of Income Tax (Appeals), Delhi (‘ld. CIT(A)’ for short), National Faceless Appeal Centre (‘NFAC’ for short) passed u/s.250 of the Income Tax Act, 1961 (‘the Act'), pertaining to the Assessment Year (‘A.Y.’ for short) 2008-09. 2. The assessee has raised the following grounds of appeal: “1) On the facts and in the circumstances of the case the learned Commissioner of Income Tax (Appeal) has failed to consider the written submissions filed by the appellant and erroneously held that the appellant has not filed any written submission against the grounds as enumerated in grounds of appeal. 2) On the facts and in the circumstances of the case the learned Commissioner of Income Tax (Appeal) has erred in upholding the addition of Rs. 16,50,000/- made by Assessing Officer to the returned income on account of notional interest on ITA No. 6767/Mum/2024 (A.Y. 2008-09) Mehool Narendra Bhuva 2 deposit received to actual rent received to arrive at the fair rent u/s 23(1)(a) of 1. T. Act. 3) On the facts and in the circumstances of the case the learned Commissioner of Income Tax (Appeal) has erred in upholding the addition of Rs. 7,27,000/- made by Assessing Officer to the returned income on account of treating the rental income from letting of Garages and fixtures as 'Income from other sources' instead of 'Income from house property. 4) On the facts and in the circumstances of the case the learned Commissioner of Income Tax (Appeal) has erred in upholding the disallowance of Rs. 1,00,02,738/- made by Assessing Officer to the returned income on account of Long Term Capital Loss incurred on sale of equity shares of M/s. Indu Oxo Chemicals Ltd. 5) On the facts and in the circumstances of the case the learned Commissioner of Income Tax (Appeal) has erred in upholding the addition of Rs. 8,50,000/- made by Assessing Officer to the returned income on account of unexplained cash u/s 69 of the I.T. Act, 1961 in respect of amount received on sale of shares of M/s Indu Nissan Oxo Chemicals Ltd.,” 3. None appeared on behalf of the assessee. The assessee intends to withdraw the present appeal and had made a written submission dated 17.02.2025 to that effect. 4. The learned Departmental Representative (ld. DR for short) for the Revenue had nothing to controvert the same. 5. We hereby direct that the appeal filed by the assessee is dismissed as withdrawn. 6. In the result, the appeal filed by the assessee is dismissed. Order pronounced in the open court on 18.02.2025 Sd/- Sd/- (OMKARESHWAR CHIDARA) (KAVITHA RAJAGOPAL) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai; Dated: 18.02.2025 Karishma J. Pawar (Stenographer) Copy of the Order forwarded to: ITA No. 6767/Mum/2024 (A.Y. 2008-09) Mehool Narendra Bhuva 3 1. The Appellant 2. The Respondent 3. CIT- concerned 4. DR, ITAT, Mumbai 5. Guard File BY ORDER, (Dy./Asstt.Registrar) ITAT, Mumbai "