Anant Overseas Pvt. Ltd., New Delhi V. DCIT, Central Circle- 18, New Delhi

CO 22/DEL/2021

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 3009 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 5 month(s) 7 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 30-08-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 03-08-2022
• Assessment Year: 2012-2013
• Appeal Filed On: 23-03-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ISHTIYAQUE AHMED
• Section: 11; 15; 43; 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.A. No.6333/DEL/2017 Assessment Year 2012-13 Dy. Commissioner of Income Tax, Central Circle-18, New Delhi. v. M/s. Anant Overseas Pvt. Ltd., 305, 3 rd Floor, Bhanot Corner, Pamposh, Enclave, Greater Kailash Part-I, New Delhi. TAN/PAN: AAACA0234B (Appellant) (Respondent) CO No.22/DEL/2021 Assessment Year 2012-13 M/s. Anant Overseas Pvt. Ltd., 305, 3 rd Floor, Bhanot Corner, Pamposh, Enclave, Greater Kailash Part-I, New Delhi. v. Dy. Commissioner of Income Tax, Central Circle-18, New Delhi. TAN/PAN: AAACA0234B (Appellant) (Respondent) Appellant by: Shri Nitin Kansal, CA Respondent by: Shri Ishtiyaque Ahmed, CIT-DR Date of hearing: 04 08 2022 Date of pronouncement: 31 08 2022 O R D E R PER PRADIP KUMAR KEDIA, A.M.: Th e cap tio n ed Appeal an d th e Cro ss Ob jectio n h as b een fi led b y th e Rev en u e an d th e Assessee r es p ectiv e ly ag ain st t h e o rd er o f th e Co mmiss io n er o f In co me Tax (Ap p eals)-XXIX, New Delh i [‘CIT(A)’ in sh o rt] d ated 2 9 .0 8 .2 0 17 arisin g fro m th e assess men t o rd er d ated 2 9 .0 2.2 0 1 6 p assed by th e Assess in g Officer (AO) I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 2 u n d er Sectio n 1 5 3A r.w. Sectio n 1 43 (3 ) o f th e In co me Tax Act, 1 9 61 (th e Act) co n cern in g AY 2 0 12 -13 . 2 . Th e g ro u nd s o f ap p eal ra ised b y th e Rev en u e reads as u n d er: “ T h e L d . CI T (A ) h a s e r re d i n d e l e t i n g t h e a d d i t i o n m a d e b y t h e A O u / s 1 4 A o t h e I . T . A c t . 1 9 6 1 re a d wi t h 8 D wh e n th e d e c i si o n o f H o n ' b l e I T A T i n t h e c a s e o f I T O V s . M a d h a v T e c h . I nd i a ( P ) L t d . h a s n o t a t t e n d e d f i n a l i t y a n d d e p a rt m e n t h a s r e c o m me n d e d f u rt h e r a p p e a l i n H o n ' b l e C o u rt . ” 3 . Th e g ro un d s o f Cro ss Ob jectio n b y th e Assesse e rea d s as u n d er: “ (1 ) T h a t i n t h e a b s e n c e o f sa t i sf a c t i o n a s c o n t e mp l a t e d u / s 1 4 A (2 ) o f t h e I n c o m e - t a x A c t , 1 9 6 1 (t h e A c t ) , t h e di sa l l o wa n c e a s m a d e b y t h e A O i s a rb i t ra r y , u n j u st a n d b a d i n l a w . (2 ) T h a t wi t h o u t p re j u d i c e t o g r o u n d No . 1 a b o v e , t h e d i sa l l o wa n c e , i f a n y , i s r e q u i re d t o b e m a i n t a i n e d u / s 1 4 A (2 ) o f t h e a c t , t h e s a m e c a n n o t e x c e e d t h e d i v i d e n d e a r n e d. (3 ) T h a t t h e d i sa l l o wa n c e o f R s . 1 , 4 7 , 9 4 0 / - b e i n g th e a m o u n t su st a i n e d b y CI T (A p p e a l s ) i n t e r m s o f R u l e 8 D (2 ) (ii i ) o f I T R u l e s i s a g a i n s t t h e f a c t s a n d b a d i n l a w. (4 ) T h a t wh i l e c o m p u t i n g t h e b o o k p r o f i t u / s 1 1 5 - J B o f t h e A c t , t h e d i sa l l o wa n c e a s m a d e b y t h e A O a n d s u st a i ne d b y CI T (A p p e a l s ) i s b a d i n l a w . ” 4 . Brie fly s ta ted , t h e assesse e i s a n o n -b an k in g fin an cia l co mp an y reg istere d with Reserv e B an k o f In d ia an d en g ag ed in mak in g in v est men ts an d to d eal in sh ares an d secu rit ies. In th e co u rse o f th e se arch , assess men t fra med u n d er Sectio n 1 5 3A r.w. I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 3 Sect io n 1 43 (3 ) o f th e Act, th e Assessin g Officer fou n d th at th e assesse e h as earn ed ex emp t in co me b y way o f d iv id end amo u n tin g to Rs.4 ,0 6 ,6 3 ,8 0 8 /-. Th e Assessin g Officer reso rted to Ru le 8 D of th e In co me Tax Ru les an d d isal lo wed Rs.7 ,7 7 ,6 5 ,48 1 /- u nd er n o rmal p ro v isio n s o f th e Ac t. S i mi lar ly , b o o k p ro fits u n d er Sect io n 1 1 5 JB were en h an ced with th e same a mo u n t d eriv ed as p er Ru le 8 D o f th e In co me Tax Ru les , 1 9 6 3 . 5 . Ag g riev ed , th e ass essee p re ferred ap p eal b e fo re th e CIT(A). Th e CIT(A) h as gran ted certa in relie fs an d rev ersed the act io n o f th e Assess in g Offi cer. Th e CIT(A) d ealt wi th th e issu e h erein : “ 6 . G r o u n d n o s . 3 , 4 , 7 , 8 a n d 9 r e l a t e t o t h e a d d i t i on o f R s . 7 , 7 5 , 2 4 , 2 1 3 / ~ a n d R s . 2 , 3 2 , 2 6 8 / - m a d e b y t h e A O u n de r R u l e 8 D ( 2 ) ( i i ) a n d 8 D ( 2 ) ( i i i ) r e s p e c t i v e l y r e a d w i t h s e ct i o n 1 4 A o f t h e A c t , u n d e r t h e n o r m a l p r o v i s i o n s a s w e l l a s w o r k i n g o f b o o k p r o f i t u n d e r s e c t i o n 1 1 5 J B o f t h e A c t . T h e a p p e l l a n t h a s ea r n e d d i v i d e n d a m o u n t i n g t o R s . 4 , 0 6 , 6 3 , 8 0 8 / - , a n d n o s u c h d i s a l l o wa n c e u n d e r s e c t i o n 1 4 A h a s b e e n m a d e , t h o u g h t h e d i v i d e n d i n c om e h a s b e e n t r e a t e d a s e x e m p t . 6 . 1 I t i s o b s e r v e d t h a t A O h a s c o m p u t e d d i s a l l o w an c e u n d e r R u l e 8 D ( 2 ) ( i i ) f o r R s . 7 , 7 5 , 2 4 , 2 1 3 / - a n d R s . 2 , 3 2 , 2 6 8/ - u n d e r R u l e s 8 D ( 2 ) ( i i i ) r e s p e c t i v e l y , c o n s i d e r i n g t h a t t h i s a m o un t h a s b e e n s p e n t t o e a r n s u c h d i v i d e n d i n c o m e , w h i c h i s d i s p u t e d b y t h e a p p e l l a n t . 6 . 2 I h a v e c o n s i d e r e d t h e f a c t s a n d c i r c u m s t a n c e s o f t h e c a s e , s u b m i s s i o n o f t h e a p p e l l a n t a n d p e r u s e d t h e a s s e s s me n t o r d e r , I f i n d f r o m t h e d e t a i l e d s u b m i s s i o n f i l e d b y t h e a p p e l l a n t t h a t t h e y h a v e e x p l a i n e d w i t h t h e s u p p o r t i n g d o c u m e n t s / d e t a i l s t h at n o e x p e n d i t u r e t o w a r d s i n t e r e s t w a s i n c u r r e d f o r i n v e s t m e n t s i n d iv i d e n d y i e l d i n g s h a r e s . T h e r e f o r e , i t i s h e l d t h a t p r o p o r t i o n a t e a dd i t i o n a m o u n t i n g t o R s . 7 , 7 7 , 5 6 , 4 8 1 / - m a d e t o w a r d s s u c h i n t e r e s t i s no t c a l l e d f o r I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 4 u n d e r R u l e 8 D 2 ( i i ) o f t h e I T R u l e s a s o n p e r u s a l o f t h e d e t a i l s f i l e d w h i c h w e r e a l s o b e f o r e t h e A O , i t i s f o u n d t h a t t h er e w a s n o i n t e r e s t p a i d t o w a r d s i n v e s t m e n t s f r o m w h i c h d i v i d e n d w a s e ar n e d . T h e a p p e l l a n t h a s e x p l a i n e d t h a t t h e i n v e s t m e n t s w e r e no t m a d e o u t o f i n t e r e s t b e a r i n g f u n d s b y f i l i n g t h e r e l e v a n t d e t a il s . Wh e r e a s t h e A O c o u l d n o t e s t a b l i s h t h a t t h e r e i s n e x u s b e t w e e n t h e i n v e s t m e n t s m a d e i n s h a r e s o n w h i c h d i v i d e n d w a s e a r n e d d u r i n g t h e ye a r a n d u t i l i z a t i o n o f t h e l o a n a m o u n t o n w h i c h i n t e r e s t w as p a i d . U n d e r t h e s e c i r c u m s t a n c e s , t h e A O i s d i r e c t e d t o d e l e t e th e a d d i t i o n m a d e u n d e r R u l e 8 D ( 2 ) ( i i ) . 6 . 3 F u r t h e r , s o f a r a s a d d i t i o n u n d e r R u l e 8 D ( 2 ) ( ii i ) i s c o n c e r n e d I f i n d t h a t l e g a l a n d p r o f e s s i o n a l c h a r g es t o w a r d s a u d i t f e e s a r e t h e s t a t u t o r y / n e c e s s a r y e x p e n s e s w h i c h a r e t o b e i n c u r r e d b y t h e c o m p a n y t o w a r d s t h e i r l e g a l r e q u i r e m e n t / o b l ig a t i o n t o e n s u r e t h e e x i s t e n c e a n d c o n t i n u a t i o n o f t h e c o m p a n y , h e n ce , t h e s a m e a r e d e s e r v e d t o b e a l l o w e d . T h e o n l y e x p e n s e s w h i c h a r e s u b j e c t e d t o d i s a l l o w a n c e u n d e r R u l e 8 D ( 2 ) ( i i i ) a r e o t h e r e x p e n se s o f R s . 2 2 , 5 2 3 / - a n d D e m a t e x p e n s e s o f R s . 1 , 2 5 , 4 1 7 / - t o ta l o f t h e s a m e c o m e s t o R s . 1 , 4 7 , 9 4 0 / - t h e r e f o r e , t h e b a l a n c e a m o un t i s d i r e c t e d t o b e d e l e t e d , t h e r e b y , t h e A O i s d i r e c t e d t o r e s t r i c t t h e d i s a l l o w a n c e u n d e r R u l e 8 D ( 2 ) ( i i i ) t o R s . 1 , 4 7 , 9 4 0 / - o n l y , u n d e r n o r m a l p r o v i s i o n a n d u n d e r 1 1 5 J B . 6 . 4 A c c o r d i n g l y , l o o k i n g t o t h e f a c t s a n d c i r c u m st a n c e s o f t h i s c a s e a n d k e e p i n g i n v i e w o f t h e d e c i s i o n o f H o n ' b l e I T A T i n t h e c a s e o f I T O v s . M a d h e v T e c h ( I n d i a ) P . L t d . ( 2 0 1 1 - T I O L - 54 6 - I T A T - D E L ) a n d o t h e r c a s e l a w s , i t i s h e l d t h a t i n v i e w o f t h e a b o v e d i s c u s s i o n , t h e A O i s d i r e c t e d t o r e d u c e t h e d i s a l l o w a n c e t o R s. 1 , 4 7 , 9 4 0 / - u n d e r n o r m a l p r o v i s i o n a n d u n d e r 1 1 5 J B . 6 . 5 b o o k p r o f i t u n d e r s e c t i o n 1 1 5 J B o f t h e A c t , i t i s t o b e m e n t i o n e d t h a t t h e A O h a s m a d e d i s a l l o w a n c e o n t h e b a s i s o f t h e d e c i s i o n o f H o n ' b l e D e l h i H i g h C o u r t i n t h e c a s e o f C I T ( C e n t r a l ) - 2 I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 5 v s . G o e t z e I n d i a L t d . ( I T A N o . 1 1 7 9 / 2 0 1 0 ) a n d i n v ie w o f t h e s p e c i f i c p r o v i s i o n o f c l a u s e ( f ) o f e x p l a n a t i o n (1 ) t o s e c t io n l l 5 J B , f o r w h i c h t h e a p p e l l a n t h a s n o t p r o v i d e d a n y c o u n t e r a r g u m e n t t o e s t a b l i s h t h a t t h e s e a r e t h e e x p e n d i t u r e n o t t o b e d i s a l l o w e d w h i l e w o r k i n g o u t t h e b o o k p r o f i t u n d e r s e c t i o n 1 1 5 J B o f t h e A c t . T h e r a t i o o f t h e s a i d j u d g e m e n t b y H o n ' b l e D e l h i H i g h C o u r t i s s q u a re l y a p p l i c a b l e i n t h i s c a s e . T h e r e f o r e , t h e a c t i o n o f A O i s f o u n d t o b e i n o r d e r f o r m a k i n g s u c h d i s a l l o w a n c e . T h e r e l i e d c a s e l a w b y a pp e l l a n t i s n o t a p p l i c a b l e a n d d i s t i n g u i s h a b l e o n f a c t s a n d r a t i o la i d d o w n . H o w e v e r , t h e d i s a l l o w a n c e i s s u s t a i n e d t o a n a m o u n t o f R s . 1 , 4 7 , 9 4 0 / - l o o k i n g t o t h e d i s a l l o w a n c e s u s t a i n e d i n t h e n o r m a l p r o v i s i o n s . A c c o r d i n g l y , t h e a p p e a l i s p a r t l y a l l o we d o n t h e s e g r o u n d s . ” 6 . Ag g riev ed b y th e p artia l rel ie f g ra n ted b y th e CIT(A), th e Rev en u e as well as th e assessee are i n resp ectiv e cap tio n ed app eal an d Cro ss Ob jectio n . Th e CIT(A) h as su mmari ly d eleted th e ad d itio n s o f Rs. 7 ,7 5 ,2 4 ,2 13 /- to ward s p ro po rtio n ate in teres t co mp u ted u n d er Ru le 8 D(2 )(ii) b y mak in g an o b serv ati o n th at th e assesse e h as ex p lain ed with cert ai n d o cu men ts/d et ails th at n o ex p en d itu re to ward s in terest was i n cu rred fo r in v estmen ts in d iv id en d y ield in g sh ares. It was fu rt h er asserted th at t h e assessee h as ex p lain ed th a t in v es tmen ts wer e n o t mad e o u t o f in t erest b earin g fu n d s by fi l in g th e relev an t d etai ls. Th e CIT(A) h as no t p ro v id ed an y fact s an d fig u res o r an y p ro cess o f reaso n in g by wh ich it accep ted an d en d o rsed th e ex p lan at io n o f th e asses see th at n o ex p en d itu re to ward s in teres t was in cu rred fo r in v estmen t s y ield in g tax free i n co me. Th e CIT h as g ran ted relief o n acco u n t o f afo resa id d isal lo wan ce in a v ery casu al man n er b y way o f an in d escrip t o rd er as rep rod u ced ab ov e. Th e CIT(A) h as sh ifted th e o n u s on th e Asse ssin g Offic er wro n g ly to estab lish th e n ex u s I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 6 b etween th e in v estmen t th e u t il iz at i o n o f lo an a mo un t o n wh ich in teres t was p aid . 7 . We are u n ab le to u n d erstan d th e co u rse o f a ct io n ad o pted b y th e CIT(A) wh ile g ran tin g relief. Th e actio n o f th e CIT(A) is with o u t an y log ic. Th e on u s lies u p o n th e assessee to sh ow the p ro o f o f in v est me n t u ti l iza tio n fo r t h e p u rpo ses o f in v est men t in sh ares. 8 . We d o no t fin d any relev an t fac ts to su pp o rt th e con ten tio n s o f th e asses see b efo re th e CIT(A). We can n o t co un ten an ce th e man n er in wh ich th e CIT(A) h as rev ersed th e act io n o f th e Assessin g Offi cer with o u t g iv in g an y reaso n wh atso ev er. Th e co n clu sio n d rawn b y th e First App ellat e Au th o rity ap pears to b e p rima fa cie arb itr ary an d b ereft o f an y p ro cess o f reaso n in g to co me to a co n clu si o n wh ich is u nd er ch all en g e b y the Rev en u e. In th is b ack d ro p , with o u t exp ressin g an y o p in io n o n merits , we set asid e th e su mmar y o rd er o f CIT(A) an d resto re th e pro ceed in g s b ack to th e fi le o f CIT(A) fo r d en o vo ad ju d icat i o n o f th e g riev an ce raised b y th e assess ee b e fo re h im in accord an ce with law a fter g iv in g re aso n ab le o p p o rtu n ity o f b e in g h eard . It sh al l b e o p en to assessee t o ad d u ce su ch ev id en ces as may b e co n sid ered n ecessary an d fu rn ish su ch ex p lan atio n as co n sid ered ex p ed ien t. We th u s set as id e th e ac t io n o f th e CIT(A) an d resto re th e mat ter to th e fi le o f Assessin g Officer fo r fresh ad ju d icatio n in acco rd an ce with la w. 9 . Wh ile d o in g so , we also ad v ert to th e cro ss o b jectio n o f th e assesse e to ward s ab sen ce o f sat is fa ctio n as co n te mpl ated u n d er Sect io n 1 4 A(2 ) o f th e Act . We d o n o t see an y mer it in su ch co n ten tio n s ei th er. Th e Assessin g Officer h as issu ed sp e ci fi c sh o w I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 7 cau se n o tice w ith referen ce to Sec ti o n 14 A o f th e Act o b serv ing th at larg e ch u n k o f in co me co mp ro mises o f d iv id e n d in co me wh ich is cla i med t o b e ex emp t. Th e assesse e h as resp o n d ed to th e sh o w cau se n o tice. Th e Assessin g Offi cer h as mad e elab o rate d iscu ssio n o n th e issu e an d h as reso rted to th e d isallo wa n ce u n d er Sect io n 1 4 A o f th e Act. No ti ceab ly , th e assess men t was fra med u n d er Sectio n 1 5 3A wh ere req u isite in fo r ma tio n /ac cou n ts o f th e assesse e were ca ll ed fo r. Need less t o say , th e sat is fac tio n o f th e Assessin g Officer is th e assen t o f h is min d . Th e Assessi n g Officer h as in q u ired on the issu e h av in g regard to th e d etails / i n fo rmat io n fi led b y th e Assessee. Th e tex t an d ten o r o f th e assessmen t o rd er sh o ws th at th e Assessin g Officer h a s o b ject iv ely loo k ed in to th e issu e h av in g reg a rd to th e d e ta ils /a cco u n ts o f th e a s sessee an d th u s th e co n ten t io n o f arriv in g at co n temp l ated s atis fac t io n is fu l fi l led . Mo re so , o p po rtu n ity was d u ly g ran ted and av ail ed by th e Assesse e. Th e fac ts an d c ircu ms tan ces i mp ly p resen ce o f sat isfac tio n co n temp la ted u n d er Sect io n 1 4A(2 ) o f th e Act. No ticeab ly , it is n o t a case wh ere th e assesse e h as o ffered an y d isal lo wan ce u n d er Sectio n 1 4 A wh ich is so u g h t to be d isp laced b y th e Assessin g Officer. Hen ce , Gro un d No . 1 o f the Cro ss Ob jectio n o f th e as sessee in th is reg ard is n o t tenab l e. 1 0 . As p er Gro u nd No.2 o f th e Cro ss Ob jec tio n , th e assess ee h as p lead ed th at th e d isa llo wan ce u n d er Sectio n 1 4 A cann o t ex ceed th e ex e mp t in co me b y way o f d iv id en d we fin d me rit in th e afo resa id p lea. Th e issu e h as b een d iscu ssed b y th e Co -o rd in ate Ben ch in ACIT v s. Hin d u stan EPC Co mp an y Ltd ., in ITA No .1 42 1 /Del/2 0 1 9 , o rd er d ated 2 9 .0 7.2 0 2 2 and th u s no lo n g er res in teg ra . Th e CIT( A) sh all acco rd in g ly restri ct th e d isa llo wan ce to I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 8 th e ex ten t o f ex e mp t in co me wh ile mak in g d en o vo ad ju d icat io n . Hen ce, Gro u n d No .2 o f th e Cro ss Ob j ect io n is al lo wed . 1 1 . Gro un d No .3 o f th e Cro ss Ob jec tio n co n cern s d isallo wa n ce o f Rs.1 4 7 9 40 /- u n d er Ru le 8 D(2 )(iii) o f th e IT Ru les . Sin c e th e i ssu e h as b een resto red t o th e fi le o f th e CI T(A), th e ass essee sh all b e a t lib erty to p lace su ch arg u men ts an d ad d u ce su ch ev id en ce as may b e co n sid ered ex p ed ien t in th e co u rse o f fresh ad jud ic at io n b y th e CIT(A). Hen ce, Gro un d No .3 o f th e Cro ss Ob ject i o n is th u s allo wed fo r st at ist i cal p u rp o ses. 1 2 . Gro un d No .4 co ncern s ad ju st men t mad e in th e b o ok p ro fit u n d er Sectio n 1 15 JB o f th e Act to ward s d isallo wan ce u n d er Sect io n 1 4 A is in i ssu ed . 1 3 . Wh ile co mp u tin g t h e b oo k p ro fit/ lo ss u nd er Sectio n 1 15JB o f th e Act, th e Assessin g Officer re d u ced th e b oo k lo ss b y th e d isal lo wan ces car ried o u t u n d er Sect io n 1 4 A amo u n tin g to Rs.7 ,7 7 ,5 6 ,4 8 1 /-. Th e b oo k lo ss was ev en tu ally ca l cu lat ed at Rs.1 0 ,5 4 ,8 7 ,7 4 9 /-. We fin d meri t in t h e co n ten tio n o f th e assess ee th at es t imat ed d is allo wan ces co mp u ted u n d er Ru le 8 D can n o t b e ad o p ted fo r th e p u rp o ses o f Sect io n 1 1 5 JB o f th e Act . Th is asp ec t is al so resto red to th e fil e o f th e CIT(A) fo r d etermin in g th e b o ok p ro fit /lo ss h av in g reg ard to d ecisio n o f th e Sp ec ial Ben ch in ACIT vs. Vir ee t In vestm en t Pvt . Ltd . , 1 6 5 ITD 27 (S B Delh i) an d in acco rd an ce with la w. Hen ce, Grou nd No .4 o f th e Cro ss Ob jectio n is a l lo wed fo r st at i sti cal p u rp o ses. 1 4 . In term o f o b serv atio n s n o ted h erein ab o v e, th e i mp u gn ed o rd er p assed b y th e CIT(A) is set asi d e an d resto re b ack to th e fil e o f th e CIT(A) fo r d en o vo ad ju d icatio n in ac co rd an ce wi th l aw. I.T.A. No.6333/Del/2017 & CO No.22/Del/2021 9 1 5 . In th e resu lt, th e ap p eal o f th e Rev en u e an d the Cro ss Ob jectio n o f th e Assessee is a llo wed fo r st at is tic al p u rpo ses. Order pronounced in the open Court on 31/08/2022. Sd/- Sd/- [CHANDRA MOHAN GARG] [PRADIP KUMAR KEDIA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: /07/2022 Prabhat