Tata Housing development company Ltd., Mumbai vs. PR. CIT-8, Mumbai

Last updated: 30 September 2020

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Tata Housing Development Company Ltd. has appealed to the Income Tax Appellate Tribunal against orders issued by the Principal Commissioner of Income Tax (PCIT). The PCIT invoked revisional powers under Section 263, stating that the Assessing Officer erred by not adding notional rental income from vacant flats to the company's total income. This decision was deemed erroneous and prejudicial to the revenue's interests, prompting the company's appeal.

Court :
ITAT Mumbai

Brief :
These two appeals by the assessee/appellant are directed against the orders of Principal Commissioner of Income Tax -8, Mumbai (in short �the PCIT�) passed under section 263 of the Income tax Act,1961 (herein after referred to as �the Act�) for the Assessment Years 2014-15 and 2015-16, respectively. Both the impugned orders are of even date i.e. 30/03/2019. Since, the grounds raised in both the appeals and the facts giving rise to present appeals are identical, these appeals are taken up together for adjudication and are decided by this common order. For the sake of convenience the facts are narrated from the appeal in ITA No.3493/Mum/2019 for the assessment year 2014-15.

Citation :
ITA NO.3492/MUM/2019 (A.Y.2015-16) ITA NO.3493/MUM/2019 (A.Y.2014-15)

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