DCIT, New Delhi V. M/s Bhartiya Samruddhi Finance Ltd., New Delhi

ITA 100/DEL/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 65900 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 10 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-11-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 05-09-2012
• Assessment Year: 2004-2005
• Appeal Filed On: 07-01-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PIRTHI LAL
• Assessee Lawyers: K S V R KRISHNA
• Section: 145

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE SHRI A.D. JAIN, JUDICIAL MEMBER AND SHRI J.S. REDDY, ACCOUNTANT MEMBER ITA NOS.100 TO 103/DEL/2010 A.Y.S : 2004-05, 2004-05, 2005-06 & 2006-07 ITA NOS.2308 & 5642/DEL/2011 ASSESSMENT YEARS : 2007-08 & 2008-09 DCIT, CIRCLE 2 (1), ROOM NO.398D, 3 RD FLOOR, CR BUILDING, NEW DELHI. VS. BHARTIYA SAMRUDDHI FINANCE LTD., D-9, FIRST FLOOR, GREATER KAILASH-I, NEW DELHI. PAN : AAACB5337Q (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI K.S.V.R. KRISHNA, CA REVENUE BY : SHRI PIRTHI LAL, SR.DR ORDER PER A.D. JAIN, JUDICIAL MEMBER THESE ARE APPEALS FILED BY THE DEPARTMENT FOR ASSESSMENT YEARS 2004-05 TO 2008-09. IN ITA NOS.100 & 102/DEL/2010 A ND IN ITA NOS.2308 & 5642/DEL/2011, THE DEPARTMENT HAS TAKEN TH E COMMON GROUND OF APPEAL, WHICH READS AS UNDER:- IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CI T (A) HAS ERRED IN LAW AND ON FACTS BY DELETING ADDITION OF RS.14,97,811/- [ ` 48,97,167/- IN ITA NO.102/DEL/2010, ` 46,94,000/- IN ITA NO.2308/DEL/2011 & ` 15,36,328 IN ITA NO.5642/DEL/2011] ON ACCOUNT OF DE-RECOGNIZED INTERE ST ON ACCRUAL BASIS ON NON-PERFORMING ASSETS (NPA) MADE BY THE A.O. IGNORING THAT THE ASSESSEE COMPANY HAS BEEN REGULARLY MAINTAINING ITS ACCOUNTS ON MERCANTILE SYSTEM AND WAS B OUND TO OFFER INTEREST DE-RECOGNISED ON ACCRUAL BASIS ON NPA AS INCOME OF THE YEAR AS PER THE PROVISION OF SEC.145 OF THE IT ACT. ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 2 1.1 IN ITA NO.101/DEL/2010, THE DEPARTMENT HAS TAKEN THE FOLLOWING GROUND OF APPEAL:- ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT (A) ERRED IN LAW AND ON FACTS IN DELETING ADDITION OF RS.44,40,000/- ON ACCOUNT OF PROVISION FOR DOUBTFUL D EBTS FOR NON-PERFORMING ASSETS MADE BY THE A.O. IGNORING THAT SU CH PROVISION ARE UNASCERTAINED LIABILITIES AND CONTINGEN T IN NATURE AND THE ASSESSEE COMPANY FAILED TO SHOW THAT THE LIABILI TY IN RESPECT OF EXPENDITURE WAS ASCERTAINED AND HAD ACTUALLY ARISEN AND INCURRED IN THE RELEVANT YEAR. 1.2 IN ITA NO.103/DEL/2010, THE DEPARTMENT HAS TAKE N BOTH THE ABOVE GROUNDS AS UNDER:- 1. IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT (A) HAS ERRED IN LAW AND ON FACTS BY DELETING ADDITION OF RS.33,43,597/- ON ACCOUNT OF DE-RECOGNIZED INTEREST O N ACCRUAL BASIS ON NON-PERFORMING ASSETS (NPA) MADE BY THE A.O. IGNORING THAT THE ASSESSEE COMPANY HAS BEEN REGULARLY MAINTAININ G ITS ACCOUNTS ON MERCANTILE SYSTEM AND WAS BOUND TO OFFER I NTEREST DE-RECOGNISED ON ACCRUAL BASIS ON NPA AS INCOME OF THE YEAR AS PER THE PROVISION OF SEC.145 OF THE IT ACT. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT (A) ERRED IN LAW AND ON FACTS IN DELETING ADDITION OF RS.5706000/- ON ACCOUNT OF PROVISION FOR DOUBTFUL DEB TS FOR NON- PERFORMING ASSETS MADE BY THE A.O. IGNORING THAT SUCH PROVISION ARE UNASCERTAINED LIABILITIES AND CONTINGENT IN NATURE AND THE ASSESSEE COMPANY FAILED TO SHOW THAT THE LIABILITY IN RE SPECT OF EXPENDITURE WAS ASCERTAINED AND HAD ACTUALLY ARISEN AN D INCURRED IN THE RELEVANT YEAR. 2. APROPOS THE ISSUE RELATING TO DE-RECOGNIZED INTEREST , THE FACTS, BEING COMMON IN ALL THE APPEALS IN WHICH THIS ISSUE HAS BEEN RAISED, ARE BEING CULLED FROM ITA NO.100/DEL/2010. 3. THE ISSUE IS AS TO WHETHER THE ASSESSEE IS ENTITLED TO D E- RECOGNISED INTEREST ON ACCRUAL BASIS ON NON-PERFORMING ASSETS. ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 3 4. THE ASSESSING OFFICER OBSERVED THAT AS PER THE NOTES ON ACCOUNTS OF THE ASSESSEE, IT HAD BEEN MENTIONED THAT TH E INTEREST ON LOANS TO RURAL PRODUCERS WAS THE NET OF REBATES FOR ON TIME REPAYMENT AND INTEREST DE-RECOGNISED. THE ASSESSEE WAS ASKED TO SHOW CAUSE AS TO WHY THE INTEREST DE-RECOGNISED BE NOT ADDED TO THE ASSESSEES INCOME. IN RESPONSE, THE ASSESSEE SUBMITTED, INTER ALIA, THAT IT WAS A NON-BANKING FINANCE COMPANY (NBFC) AS PER THE DIRECT IONS OF RESERVE BANK OF INDIA AND HAD TO FOLLOW THE DIRECTIONS OF RB I; THAT AS SUCH, IT HAD BEEN FOLLOWING ALL THE STRICT PROVISIONS OF THE RB I RELATING TO PRUDENTIAL NORMS AND ACCOUNTING AND AUDIT STANDARDS; THAT ACCORDINGLY, THE ASSESSEE COMPANY HAD BEEN DE-RECOGNISIN G THE INTEREST ON THE NON-PERFORMING ASSETS (NPAS); THAT AS PER THE DIRECTIONS OF THE RBI, THE COMPANY WAS NOT SUPPOSED TO RECOGNIZE THE INTEREST ON NPAS; AND THAT IT WAS THESE DIRECTIONS WHICH THE ASSESSEE COMPANY HAD STRICTLY FOLLOWED. THE ASSESSING OFFICER, HOWEVER, DID NOT FIND SUBSTANCE IN THE STAND TAKEN BY THE ASSESSEE. IT WAS OBSERV ED THAT THE RBI GUIDELINES WERE PRUDENTIAL IN NATURE AND WER E NOT BINDING UNDER THE INCOME-TAX ACT; THAT THE AMOUNT OF INTERE ST UNDOUBTEDLY REPRESENTED THE INCOME OF THE ASSESSEE; AND THAT EVEN I F THE ASSESSEES CONTENTION TO THE EFFECT THAT THE INTEREST WA S DE-REOGNISED BY THE RBI AND WAS NOT INCLUDED IN THE ASSESSEES INCOME , WAS ACCEPTED, THE ASSESSEE WAS DUTY BOUND TO OFFER THE SAME AS INCOME IN THE COMPUTATION OF INCOME AS PER THE PROVISIONS OF THE IT ACT AND THE ACCRUAL SYSTEM OF ACCOUNTING. IT WAS IN THIS MANNER TH AT THE ASSESSING OFFICER TREATED DE-RECOGNISED INTEREST AS INCOME OF TH E ASSESSEE AND ADDED IT BACK TO THE TOTAL INCOME OF THE ASSESSEE. 5. THE LD. CIT (A) DELETED THE ADDITION MADE BY THE ASSESSING OFFICER ON ACCOUNT OF DE-RECOGNISED INTEREST ON ACCRU AL BASIS ON NPAS. ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 4 AGAINST THE SAID ACTION OF THE LD. CIT (A), THE LD. DR HAS ARGUED BEFORE US THAT THE LD. CIT (A) HAS ERRED IN DELETING THE AD DITION CORRECTLY MADE ON ACCOUNT OF DE-RECOGNISED INTEREST ON ACCRUAL BASIS O N NPAS; THAT WHILE DOING SO, THE LD. CIT (A) HAS GONE WRONG IN IG NORING THE FACT THAT THE ASSESSEE COMPANY HAS BEEN REGULARLY MAINTAINING ITS ACCOUNTS ON THE MERCANTILE SYSTEM OF ACCOUNTING AND THAT IT WAS B OUND TO OFFER INTEREST DE-RECOGNISED ON ACCRUAL BASIS ON NPAS, AS IT IS INCOME AS PER THE PROVISIONS OF SECTION 145 OF THE ACT. 6. THE LD. COUNSEL FOR THE ASSESSEE, ON THE OTHER HAND, HAS PLACED STRONG RELIANCE ON THE IMPUGNED ORDER, CONTENDING TH AT THE LD. CIT (A) HAS CORRECTLY DELETED THE ADDITION WRONGLY MADE; THA T AS PER THE DIRECTIONS ISSUED BY THE RBI, EVERY COMPANY REGISTERED AS AN NBFC SHALL MANDATORILY FOLLOW CERTAIN GUIDELINES, WHICH IN CLUDE DETERMINATION OF NPAS, BASED ON THE AGE OF THE LOANS; THAT IT IS THESE MANDATORY DIRECTIONS ISSUED BY THE RBI THAT THE ASSESSEE C OMPANY HAS FOLLOWED TO THE WORD; THAT THEN, THE ASSESSEE COMPANY WAS ALSO ACTING UNDER THE ACCOUNTING STANDARDS ISSUED BY THE ICAI; TH AT IT IS WELL SETTLED THAT IF THE ACCOUNTING STANDARDS AS APPLICABLE TO THE METHOD OF VALUATION OF CLOSING STOCK ARE TO BE FOLLOWED, THE SAM E SHOULD BE APPLICABLE FOR INCOME RECOGNITION ON NON-PERFORMING ASSETS ALSO, IN THE CASE OF NBFCS LIKE THE ASSESSEE COMPANY; THAT IT IS UNDISP UTED THAT THE DIRECTIVES ISSUED BY THE RBI OVERRIDE ALL OTHER LAWS; T HAT IT IS THE CONSISTENTLY FOLLOWED ACCOUNTING POLICY OF THE ASSESSEE C OMPANY, IN TUNE WITH THE RBI REQUIREMENTS, THAT ONCE THE ASSETS AR E IDENTIFIED AS NPAS, INTEREST RECOGNITION THEREON IS STOPPED; THAT T HIS IS SO, BECAUSE THE DIRECTION OF THE RBI IS TO THE EFFECT THAT WHEN THE PRINCIPAL IS NOT LIKELY TO BE RECOVERED, WHERE A DEFAULT HAD OCCURRE D, ACCOUNTING INTEREST WAS OUT OF QUESTION; THAT THE PRUDENTIAL NORM S AND DIRECTIONS OF THE RBI, CONCERNING NBFCS LAY DOWN THAT THE INCOM E FROM NPAS WILL NOT BE RECOGNIZED MERELY ON THE BASIS OF ACCRUAL AND SINCE AN ASSET ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 5 BECOMES AN NPA WHEN IT CEASES TO YIELD INCOME, THE IN COME FROM THE NPAS SHOULD BE RECOGNIZED ONLY WHEN ACTUALLY RECEIVED , I.E., ON CASH BASIS; THAT IT IS ALSO WELL SETTLED THAT EVEN UNDER THE MERCANTILE SYSTEM OF ACCOUNTING, INTEREST ON NPAS DOES NOT ACCRUE SINCE AN ASSET BECOMES NON-PERFORMING WHEN IT CEASES TO YIELD INCOME. 7. WE HAVE HEARD THE PARTIES ON THIS ISSUE AND HAVE EXA MINED THE MATERIAL ON RECORD WITH REGARD THERETO. IT IS PATEN T ON RECORD THAT THE ASSESSEE COMPANY, INCORPORATED UNDER THE COMPANIES ACT, 1956, IS A REGISTERED NON-BANKING FINANCE COMPANY. IT IS ENGAGED IN THE BUSINESS OF PROVIDING MICRO-FINANCE SERVICES, I.E., PROV IDING MAINLY COLLATERAL FREE LOANS TO THE POOR IN THE RURAL AREAS WITH A VIEW TO ERADICATE POVERTY IN INDIA, INCREASE LIVELIHOOD AND EMPLOYMENT OPPORTUNITIES IN AGRICULTURAL AND NON-FARM SECTORS. T HE COMPANY WAS ESTABLISHED IN 1995. IT SECURED A LICENCE FROM THE RB I U/S 45-I OF THE RBI ACT, TO CARRY ON THE BUSINESS OF NON-BANKING FINAN CE, INCLUDING MICRO-FINANCE SERVICES. THERE EXIST PRUDENTIAL NORMS, ISSUED BY THE RBI. THE ASSESSEE, BEING A LICENSED NBFC, IT HAD TO FOL LOW THE DIRECTIVES OF THE RBI. IT WAS IN ACCORDANCE THEREWIT H, AS ALSO IN ACCORDANCE WITH THE ACCOUNTING STANDARDS ISSUED BY TH E ICAI, THAT THE ASSESSEE DE-RECOGNISED THE INTEREST ON NPAS. BEFORE THE A UTHORITIES BELOW, THE ASSESSEE FILED THE FOLLOWING DOCUMENTS:- I) MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION O F THE COMPANY II) CERTIFICATE OF INCORPORATION UNDER THE COMPANIES ACT . III) CERTIFICATE OF REGISTRATION U/S 45-I OF THE RBI ACT, 1934. 8. THE ASSESSEES SYSTEM OF ACCOUNTING AND PROCEDURES WERE ALSO FURNISHED. THE BOOKS OF ACCOUNT AND OTHER DOCUMENTS WERE ALSO PRODUCED BESIDE THE AUDITED FINANCIAL STATEMENTS AND C ORRESPONDENCE ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 6 WITH THE RBI. THE SHAREHOLDING PATTERN OF THE ASSESSEE COMPANY WAS ALSO LAID BEFORE THE TAXING AUTHORITIES. 9. IT IS SEEN THAT AS PER THE RBI DIRECTIONS, EVERY COM PANY REGISTERED AS AN NBFC SHALL MANDATORILY FOLLOW CERTAIN ACCOUNTING GUIDELINES, INCLUDING THOSE PERTAINING TO DETERMINATI ON OF NPAS BASED ON THE LOANS. ACCORDING TO THESE DIRECTIONS, REGARDIN G NPAS, THE NBFCS ARE REQUIRED TO MAKE CERTAIN PROVISIONS IN SUCH A WAY THAT THE CAPITAL ADEQUACY OF THE COMPANY IS NOT ERODED AND SO THEY REM AIN HEALTHY SO AS TO MEET THE OBLIGATIONS TO THE BANKING SECTOR. FU RTHER, THE NBFCS ARE TO DE-RECOGNISE THE INTEREST ACCRUED AND ACCOUNTE D FOR AS INCOME ON THE NPAS, SINCE THE DIRECTIONS OF THE RBI ARE TO TH E EFFECT THAT INCOME OF NBFCS SHOULD NOT BE OVER STATED BY THEM REC OGNIZING THE INTEREST ON NPAS ONCE IDENTIFIED. THUS, WHERE THE ACC RUAL BASIS OF ACCOUNTING FOR RECOGNIZING THE INCOME IS BEING FOLLO WED BY NBFCS, THE RBI DIRECTIONS ARE TO THE EFFECT THAT INCOME ON THE NPAS SHOULD BE STOPPED FROM BEING ACCOUNTED AS INCOME THEREON AND TH AT IT SHALL BE ACCOUNTED AS INCOME ONLY AS AND WHEN REALIZED. 10. FURTHER, SECTION 45-S OF THE RBI ACT HAS MADE TH E AFORESAID RBI DIRECTIONS MANDATORY, OVERRIDING ALL EXISTING LAWS, LE AVING NO CHOICE WITH NBFCS LIKE THE ASSESSEE COMPANY. 11. MOREOVER, AS ALSO RECOGNIZED IN UNIFLEX INDUSTRIE S PVT. LTD. VS. INCOME TAX OFFICER 15 SOT 246 (LUCKNOW), ACCOUNTI NG STANDARD-II ISSUED BY THE ICAI HAS BEEN MADE MANDATORY IN THE CASE OF COMPANIES. ACCORDING TO AS-II (5), INVENTORIES SHOULD BE VALUED AT LOWER OF COST AND NET REALIZABLE VALUE, LEAVING NO CHOICE IN THE MATTER WITH THE ASSESSEE COMPANY. ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 7 12. APROPOS INTEREST DE-RECOGNITION OF NPAS, IN ACCORD ANCE WITH THE RBI DIRECTIONS, ONCE THE NPAS ARE IDENTIFIED AS SUCH, INTEREST RECOGNITION THEREON IS STOPPED. THIS IS SO, FOR WHEN TH E PRINCIPAL IS NOT LIKELY TO BE RECOVERED, WHERE A DEFAULT HAS OCCURRED , THE QUESTION OF ACCOUNTING INTEREST IS OTIOSE. IT IS IN ACCORDANCE WIT H THIS THAT THE INTEREST HAS BEEN STOPPED. THEN, AS PER THE ACCOUNTIN G STANDARDS, ANY INCOME ACCRUING ON ASSETS ALREADY MATURED, IS TO BE STOPPED. FURTHER, THE RBI DIRECTIONS ALSO STATE THAT INCOME FRO M NPAS WILL NOT BE RECOGNIZED MERELY ON THE BASIS OF ACCRUAL AND IT SHOU LD BE RECOGNIZED ONLY WHEN ACTUALLY RECEIVED, I.E., ON CASH BASIS. 13. FURTHER STILL, THE REGULAR MODE OF ACCOUNTING ON LY DETERMINES THE MODE OF COMPUTING, TAXABLE INCOME AND THE POINT OF TIME AT WHICH THE TAX LIABILITY GETS ATTRACTED. WHERE NO INCOME HAS R ESULTED, NO INCOME CAN BE SAID TO HAVE ACCRUED, JUST BECAUSE THE MERCANT ILE SYSTEM OF ACCOUNTING IS BEING FOLLOWED. IN THE FOLLOWING DECI SIONS, IT HAS BEEN HELD THAT INTEREST INCOME FROM NPAS SHOULD BE RECOGNIS ED ONLY ON ACTUAL RECEIPT:- I) CIT VS. MOTOR CREDIT, 127 ITR 572 (MAD) II) OVERSEAS SANMAR FINANCE LTD. VS. JCIT, 86 ITD 602 (CHENNAI) III) CIT VS. INDIA EQUIPMENT LEASING CO. LTD., 293 ITR 3 50 (MAD) IV) CIT VS. ELGI FINANCE LTD., 293 ITR 357 (MAD) V) TED CO INVESTMENT AND FINANCIAL SERVICES (P) LTD. VS. DCIT, 87 ITD 298 (DEL) VI) TCI FINANCE LTD. VS. ACIT, 91 ITD 573 (HYDERABAD) VII) UNITED BANK OF INDIA VS. DCIT, 68 ITD 332 (CAL) 14. NOT ONLY THIS, CBDT CIRCULAR NO.491 DATED 30.06. 1987 PROVIDES THAT INTEREST ON STICKY ADVANCES IS TO BE ALLOWED IF TH E ASSESSEE IS ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 8 FOLLOWING THE MERCANTILE SYSTEM OF ACCOUNTING AND HAS CHANGED THE METHOD OF ACCOUNTING TO CASH BASIS FOR RECOGNIZING THE INTEREST ON STICKY LOANS. THOUGH THIS CIRCULAR IS APPLICABLE TO ST ATE FINANCE CORPORATIONS, IT APPLIES EQUALLY TO NBFCS TOO. 15. ALL THE ABOVE FACTS WERE DULY TAKEN INTO CONSIDER ATION BY THE LD. CIT (A) WHILE DECIDING THIS ISSUE IN FAVOUR OF THE ASSESSE E. 16. IN CIT VS. VASISTH CHAY VYAPAR LTD. & ANR, 330 I TR 440 (DEL) AND IN DIRECTOR OF INCOME-TAX VS. BRAHMAPUTRA CAPIT AL FINANCE LTD. 335 ITR 182 (DEL) ALSO, INTEREST INCOME FROM NPAS HAS BEEN HELD TO BE RECOGNIZABLE ONLY ON ACTUAL RECEIPT. 17. IN VIEW OF THE ABOVE, WE DO NOT FIND ANY ERROR IN THE ORDER OF THE LD. CIT (A) REGARDING THIS ISSUE AND WE HEREBY UPHOLD THE SAME. AS SUCH, THE GRIEVANCE OF THE DEPARTMENT WITH REGARD TO THIS ISSUE IS REJECTED. 18. SO FAR AS REGARDS THE ISSUE OF PROVISION FOR DOUBTF UL DEBTS, THIS MATTER, IT IS SEEN, NOW STANDS CONCLUDED AGAINST THE ASSESSE E AND IN FAVOUR OF THE DEPARTMENT BY THE HONBLE SUPREME COU RT IN SOUTHERN TECHNOLOGIES LTD. VS. JCIT, 320 ITR 577 (SC), HOLDIN G THAT PROVISION FOR NON-PERFORMING ASSETS DEBITED TO THE PROFIT & LOSS ACCO UNT BY AN NBFC, MADE UNDER THE RBI PRUDENTIAL NORMS, CAN BE TR EATED AS INCOME; AND THAT IT IS NOT EXPENSE DEDUCTIBLE U/S 36 (1)(VII) OR (VIIA)OF THE IT ACT. NO DECISION TO THE CONTRARY HAS BEEN RE LIED ON BEFORE US BY THE ASSESSEE. 19. ACCORDINGLY, THE GRIEVANCE OF THE DEPARTMENT IN THIS REGARD IS JUSTIFIED AND IS ACCEPTED AS SUCH. THE ORDER OF THE LD. CIT (A), TO THIS EXTENT IS SET ASIDE AND THAT OF THE ASSESSING OFFICER IS R EVIVED. ITA NOS.100 TO 103/DEL/2010 ITA NOS.2308 & 5642/DEL/2011 9 20. IN THE RESULT, ITA NOS.100/DEL/2010, 102/DEL/2010 , 2308/DEL/2011 & 5642/DEL/2011 ARE DISMISSED; ITA NO.10 1/DEL/2010 IS ALLOWED; AND ITA NO.103/DEL/2010 IS PARTLY ALLOWED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 23.11.20 12. SD/- SD/- [J.S. REDDY] [A.D. JAIN] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED, 23.11.2012. DK COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT TRUE COPY BY ORDER, DEPUTY REGISTRAR, ITAT, DELHI BENCHES