Income-tax Officer, Nashik V. Shri Rahul Chandrakant Shah, Nashik

ITA 1066/PUN/2011

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 7587 (ITAT-PUNE)
• Duration Of Justice: 8 year(s) 1 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-10-2019
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 09-07-2018
• Assessment Year: 2007-2008
• Appeal Filed On: 23-08-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: RELATE TO ASSESSMENT YEARS; SINCE A COMMON
• Assessee Lawyers: THIS CONSOLIDATED
• Keywords: Loose papers; Document seized; Peak credit; Documents seized
• Section: 69A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER . / ITA NOS.1066 & 1067/PUN/2011 / ASSESSMENT YEARS : 2007-08 & 2008-09 ITO, CENTRAL-1, NASHIK VS. SHRI RAHUL CHANDRAKANT SHAH, 6, PURVA APARTMENT, SHINGADA TALAV, NASHIK PAN : AULPS5912Q (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THESE TWO APPEALS BY THE REVENUE RELATE TO THE ASSESSME NT YEARS 2007-08 AND 2008-09. SINCE A COMMON AND INTER-WO VEN ISSUE IS RAISED IN THESE TWO APPEALS, WE ARE, THEREFORE, PROCEED ING TO DISPOSE THEM OFF BY THIS CONSOLIDATED ORDER FOR THE SAKE OF CONVENIENCE. APPELLANT BY SHRI T. VIJAYA BHASKAR REDDY, CIT RESPONDENT BY SHRI V.L. JAIN DATE OF HEARING 14-10-2019 DATE OF PRONOUNCEMENT 15-10-2019 ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 2 2. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT A SEARCH A CTION WAS TAKEN U/S. 132(1) OF THE INCOME-TAX ACT, 1961 (HEREINAFTE R CALLED THE ACT) IN JADHAV-SHAH GROUP OF CASES AT NASHIK ON 08- 02-2008, OF WHICH THE ASSESSEE IS A PART. DURING THE COURSE OF SEARCH, CERTAIN INCRIMINATING DOCUMENTS/MATERIAL WAS FOUND FROM THE BUSINESS AND RESIDENTIAL PREMISES OF THE ASSESSEE. STATEMENT OF THE ASSESS EE WAS RECORDED U/S.132(4) OF THE ACT. THE ASSESSEE WAS SPEC IFICALLY ASKED TO EXPLAIN THE TRANSACTIONS OF SALE/PURCHASE OF LANDS NOTED IN THE DIARIES AND ON LOOSE PAPERS, IN RESPONSE TO WHICH THE ASSE SSEE SUBMITTED THAT ALL THE TRANSACTIONS NOTED IN THE DIARIES AND LOOSE PAPERS PERTAINED TO HIM. PURSUANT TO NOTICE U/S.153A OF THE ACT, THE ASSESSEE FURNISHED RETURNS DECLARING TOTAL INCOME OF RS.2,3 0,700/- FOR THE A.Y. 2007-08 AND RS.58,16,000/- FOR THE A.Y. 2008-09. THE ASSESSEE HAD FILED ORIGINAL RETURN FOR THE A.Y. 2007-08 DE CLARING TOTAL INCOME OF RS.2,30,700/-. DURING THE COURSE OF ASSE SSMENT PROCEEDINGS, THE ASSESSING OFFICER (AO) OBSERVED THAT DIAR IES AND LOOSE PAPERS FOUND AND SEIZED DURING THE COURSE OF SEAR CH FROM THE RESIDENTIAL PREMISES OF THE ASSESSEE SHOWED VARIOUS NOTINGS AND CASH PAYMENTS RECEIVED AND PAID ON ACCOUNT OF ADVANCES AGAINST SALE AND PURCHASE OF VARIOUS LANDS. NAME OF THE PERSON S FROM WHOM SUCH CASH AMOUNTS WERE CLAIMED TO HAVE BEEN RECEIV ED BY ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 3 THE ASSESSEE AND ALSO NAME OF THE PERSONS TO WHOM CASH AMOUNTS WERE CLAIMED TO HAVE BEEN PAID, WERE NOT CLEARLY BORNE OUT FROM THESE DOCUMENTS AT ALL THE PLACES. THE AO OBSERVED THAT AP ART FROM PURCHASE AND SALE OF PROPERTIES, THE ASSESSEE WAS ALSO D OING PURCHASE AND SALE OF LANDS ON COMMISSION BASIS FOR THIRD PARTIES. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSE E PRODUCED CASH BOOK AND LEDGER WRITTEN UP TO THE DATE OF SEARCH AND IT WAS SUBMITTED THAT ALL THE TRANSACTIONS AND ADVANCES RECEIVED AND P AID ON ACCOUNT OF SALE AND PURCHASE OF LAND, NOTED IN THE DIARIES AND LOOSE PAPERS, WERE REFLECTED IN SUCH BOOKS OF ACCOUNT P REPARED AFTER THE DATE OF SEARCH. THE AO NOTICED THAT THE ASSESSEE CRED ITED TOTAL CASH OF RS.10,16,66,535/- ON ACCOUNT OF CASH RECEIVED AS PER THE SEIZED DOCUMENTS GIVING THE SPECIFICATIONS OF SEIZED DOCUMENTS ONLY. NAME OF THE PERSONS FROM WHOM CASH WAS RECEI VED WERE NOT MENTIONED IN CERTAIN CASES BY THE ASSESSEE IN SUCH CASH BO OK. SIMILARLY NAME OF PERSONS TO WHOM SUCH CASH WAS PAID WER E ALSO NOT MENTIONED IN CERTAIN CASES. TOTAL OF SUCH CASH PAID OVE R THE PERIOD 01-04-2001 TO 08-02-2008 WAS TO THE TUNE OF RS.10,16,60,973/-. TOTAL CASH CREDITED FOR THE A.Y. 20 07-08 STOOD AT RS.2,08,43,767/- AND FOR THE A.Y. 2008-09 AT RS.7,9 4,96,368/-. THE AO REQUIRED THE ASSESSEE TO SUBSTANTIATE THE RECEIPTS OF CASH BY ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 4 SUPPLYING NAME OF THE PERSONS FROM WHOM IT WAS RECEIVED O N ACCOUNT OF PURCHASE OF LAND AND NAME OF THE PERSONS TO WHOM SUCH CASH WAS PAID. THE ASSESSEE SUBMITTED THAT THE CASH BOOK WAS PREPARED FROM THE MATERIAL SEIZED IN THE COURSE OF SEARCH WHICH WAS A COMPLETE RECORD OF THE TRANSACTIONS NOTED IN THE SEIZED DO CUMENTS. AT THE SAME TIME, THE ASSESSEE EXPRESSED HIS INABILITY TO PRO VIDE THE NAMES AND ADDRESSES IN RESPECT OF CERTAIN PARTIES PAYING C ASH TO HIM FOR WHICH THERE WAS NO REFERENCE IN THE SEIZED DOCUMENTS. THE ASSESSEE, HOWEVER, ADMITTED THAT THESE TRANSACTIONS PERTAINE D TO HIM ONLY. THE AO ACCEPTED THAT THE TRANSACTIONS RECORDED IN THE S EIZED DOCUMENTS WERE CORRECTLY RECORDED BY THE ASSESSEE IN THE BOOKS OF ACCOUNT SO PREPARED AFTER THE DATE OF SEARCH. HE, HOWE VER, OBJECTED TO THE NON-SUBMISSION OF ANY EXPLANATION BY THE ASSESSEE IN RESPECT OF CASH RECEIVED AND RECORDED IN THE BOOKS OF ACCOUNT. THE ASSESSEES CONTENTION THAT ONLY THE PEAK AMOUNT SHOULD BE TA XED AND NOT THE ENTIRE CASH ENTRIES DID NOT FIND FAVOUR WITH THE AO. HE NOTED THAT THE TOTAL AMOUNT OF CASH RECEIVED FOR THE A.Y. 20 07-08 WAS RS.2,08,43,767/- WHICH WAS LIABLE TO BE TAXED. SIMILAR LY FOR THE A.Y. 2008-09, THE AO HELD THAT TOTAL CASH RECEIVED AND RE CORDED IN THE BOOKS OF ACCOUNT, DRAWN AFTER THE DATE OF SEARCH O N THE BASIS OF SEIZED DOCUMENTS, AT RS.7,94,96,368/- WAS ALSO LIABLE TO BE TAXED. ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 5 HE, THEREFORE, MADE THESE ADDITIONS IN THE FINALIZATION OF THE ASSESSMENTS FOR THE TWO YEARS UNDER CONSIDERATION. 3. THE LD. CIT(A) FIRST DISPOSED OF THE ASSESSEES APPEA L FOR THE A.Y. 2008-09 IN WHICH THE ENTIRE DISCUSSION HAS BEEN MADE AND THEREAFTER FOLLOWED SUCH DECISION IN HIS ORDER FOR THE A.Y. 2007-08. THE ASSESSEE PLACED YEAR-WISE MAXIMUM CASH BALANCES FO R THE ASSESSMENT YEARS 2002-03 TILL 2008-09 BEFORE THE LD. CIT(A ), WHICH HAS BEEN TABULATED AT PAGE 3 OF THE IMPUGNED ORDER. IN SUCH TABULATION, THE ASSESSEE GAVE YEAR-WISE MAXIMUM CASH BALAN CE OFFERED TO TAX, WHICH FOR THE A.Y. 2007-08 STOOD AT RS.28 ,71,458/- AND FOR THE A.Y. 2008-09 AT RS.5,64,910/-. THEREAFTER , THE ASSESSEE SUBMITTED PROPERTY-WISE DETAILS OF PURCHASE CONSIDERATION, SA LE PROCEEDS RECEIVED WITH NET PROFIT. AGAINST THE SALES OF PLOTS AMOUNTING TO RS.8,09,43,888/- IN THE TABULATION ON PAGES 3 AND 4 OF THE IMPUGNED ORDER, THE ASSESSEE STATED TO HAVE BEEN EA RNED PROFIT OF RS.55,06,787/-. THE LD. CIT(A) CALLED FOR THE REMA ND REPORT FROM THE AO IN RESPECT OF THE DETAILS FURNISHED BY THE ASSESSEE, WHO MAINLY RELIED ON THE ORIGINAL ORDER PASSED BY HIS PREDECESS OR EXCEPT FOR MENTIONING THAT THE AO WRONGLY INVOKED SECTION 69A INSTEAD OF SECTION 68. THE LD. CIT(A) NOTICED THAT THE ASSESSEE OFFER ED TOTAL ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 6 INCOME OF RS.55,06,787/-, BEING, PROFIT FROM SALE AND PU RCHASE OF LANDS OVER THE PERIOD. APART FROM THAT, HE ALSO TOOK NOTE OF PEAK BALANCE LIABILITY TO BE TAXED. IN THIS WAY, HE REDUCED THE AD DITION TO RS.7,17,879/- AND FURTHER TELESCOPED THE ADDITION OF RS.5, 64,910/- INTO SUCH AMOUNT COMPUTED BY HIM AT RS.7.17 LAKH AND FINA LLY SUSTAINED THE ADDITION AT RS.1,52,969/- FOR THE A.Y. 2008- 09. FOR THE A.Y. 2007-08, THE LD. CIT(A) REDUCED THE ADDITION TO RS.28,71,458/- AND ALLOWED RELIEF FOR THE REMAINING AMOUNT OF RS.1.79 CRORE. THE REVENUE IS AGGRIEVED BY THE REDUCTIO N IN THE AMOUNT OF ADDITIONS MADE FOR THE YEARS UNDER CONSIDERATION. 4. WE HAVE HEARD BOTH THE SIDES AND PERUSED THE RELEVAN T MATERIAL ON RECORD. DURING THE COURSE OF SEARCH, CERTAIN INCRIMINATING MATERIAL IN THE FORM OF DIARIES ETC., WAS FOUND EVIDENCING THE RECEIPTS AND PAYMENTS OF MONEY. IN THE S TATEMENT U/S. 132(4), THE ASSESSEE SUBMITTED THAT THESE AMOUNTS WERE RECEIVED TOWARDS PURCHASE OF LAND FOR CERTAIN CUSTOMERS WHICH AMOU NTS WERE GIVEN TO THE SELLERS AND THE PAYMENTS REFLECTED SUCH HANDING OVER OF THE AMOUNTS TO THE SELLERS. IN ADDITION, THE ASSESSEE ALSO AD MITTED TO BE INVOLVED IN THE PURCHASE AND SALE OF LANDS IN HIS CAPAC ITY AS AN OWNER. ALL THE LOOSE PAPERS ETC. FOUND DURING THE COURSE OF SEARCH ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 7 WERE RECORDED BY THE ASSESSEE IN THE FORM OF A CASH BO OK PREPARED AFTER THE SEARCH, WHICH THE AO ACCEPTED TO BE HAVING ALL TH E RELEVANT DETAILS OF UNRECORDED TRANSACTIONS. THESE TRANSACTIONS ARE B ASICALLY IN THE NATURE OF EITHER PURCHASE OF LAND FOR CUSTOMERS AGA INST COMMISSION RANGING 0.50% TO 2% AS STATED DURING THE COURSE OF SEARCH ITSELF OR THESE ARE TRANSACTIONS OF PURCHASE AND S ALE OF LAND BY THE ASSESSEE FOR SELF. IT IS AN ADMITTED POSITION THAT THE SE IZED DOCUMENTS PARTLY CONTAINED NAMES OF THE PERSONS FROM WHO M CASH WAS RECEIVED FOR PURCHASING LAND ON THEIR BEHALF. SOME OF THE TRANSACTIONS DID NOT HAVE ANY NAME/NARRATION. IT IS AFTER THE SEARCH THAT THE ASSESSEE PREPARED HIS CASH BOOK AND LEDGER ON TH E BASIS OF THE SEIZED DOCUMENTS. THE AO HAS RECORDED IN PARA 5.3.6 (II) FOR THE A.Y. 2007-08 THAT MOREOVER, THE CORRECTNESS OF THE TRANSACTIONS IS NOT THE ISSUE HERE IN THIS CASE. THE TRANSAC TIONS ARE ACCEPTED AS CORRECT AND NO DOUBT IS TAKEN ON THE TRANSACTIO N RECORDED IN THE BOOKS OF ACCOUNT . AGAIN IN PARA 5.3.6 (IV), THE AO HAS ACCEPTED THAT THE INFORMATION FURNISHED BY THE ASSESSEE IS ACCEPTED AS CORRECT AND ONLY THE SOURCE OF CASH CREDITED IN THE BOOKS HAVE BEEN ASKED TO EXPLAIN.......... HERE, IN THIS CASE THE BOOKS OF ACCOUNT ARE PREPARED ON THE BASIS OF DOCUMENTS SEIZED B Y THE DEPARTMENT FROM THE ASSESSEES RESIDENCE AND OFFICE PREMISE S . ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 8 THUS, IT CAN BE SEEN THAT THE AO PRIMARILY ACCEPTED THAT ENTRIE S IN DIARIES, WHICH FORMED THE BEDROCK OF THE ADDITIONS MADE BY HIM, WERE FULLY AND TRULY REFLECTED IN THE CASH BOOK ALBEIT PREPAR ED AFTER THE DATE OF SEARCH. IN SUCH A SITUATION, WE NEED NOT GO B EYOND THE ENTRIES RECORDED IN THE CASH BOOK. THE SUM AND SUBSTAN CE OF THE AOS ACTION IN MAKING ADDITION OF RS.2.08 CRORE FOR THE A.Y . 2007- 08 AND RS.7.95 CRORE FOR THE A.Y. 2008-09 IS THAT THE R ECEIPT SIDE OF THE CASH BOOK CONTAINING DETAILS OF THE PERSONS FROM WHOM TH E ASSESSEE ALLEGEDLY RECEIVED CASH, WAS UNEXPLAINED. IN TH AT VIEW OF THE MATTER, WE NEED NOT EXAMINE OTHER MATERIAL FOUND DURING THE COURSE OF SEARCH. 5. WE HAVE GONE THROUGH A COPY OF THE CASH BOOK PREPA RED BY THE ASSESSEE, WHICH WAS PRODUCED BY THE LD. DR BEFORE U S. THE ASSESSEE HAS ALSO PRODUCED A SUMMARISED STATEMENT OF THE CASH BOOK BEFORE US. ON GOING THROUGH THE CASH BOOK, IT IS FOUND THAT THE ASSESSEE HAS RECORDED CERTAIN AMOUNTS WITH DATES MENTIONING THE NAME OF THE PERSONS FROM WHOM CASH WAS RECEIVED. THE ASSESSEES CASE IS THAT HE RECEIVED CASH FROM PROSPECTIVE BUYERS OF LAND AND THEREAFTER NEGOTIATED WITH THE PROSPECTIVE SELLERS WITH A VIEW TO E ARN COMMISSION INCOME. IN ADDITION TO THAT, THERE ARE CERTAIN ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 9 TRANSACTIONS OF CASH RECEIVED WHICH DID NOT BEAR ANY NAME . SUCH TRANSACTIONS WILL HAVE TO BE PRESUMED AS DONE BY THE ASSESS EE FOR HIS OWN PURPOSE. ONCE THE ASSESSEE HAS PURCHASED AND SOLD CERTAIN PIECES OF LAND FOR OUTSIDE CUSTOMERS, IT IS ONLY THE PROFIT ELE MENT IN SUCH TRANSACTIONS WHICH CAN BE CHARGED TO TAX. IF CERTAIN AMOUNT OF CASH IS RECEIVED FROM BUYERS WHICH IS THEN HANDED OVER TO SELLERS, IT IS NOT THE AMOUNT OF RECEIPT WHICH CAN BE ADDED TO THE ASSES SEES TOTAL INCOME BUT ONLY THE PROFIT ELEMENT EMBEDDED IN THE TRANSACTION. IN SO FAR AS THE ASSESSEES OWN TRANSACTIONS ARE CONCERNED, APART FROM PROFIT ELEMENT, THERE WILL BE CERTAIN CA PITAL INVESTMENT ALSO GOING INTO THE PURCHASE OF SAID PIECES OF LA ND, WHICH WOULD ALSO REQUIRE ADDITION. 6. THE LD. CIT(A) ON PAGE 3 OF THE IMPUGNED ORDER FOR THE A.Y. 2008-09 HAS DRAWN A CHART WHICH CONTAINS PEAK CASH BALAN CES PERTAINING TO THE A.YRS. 2002-03 TO 2008-09 THAT TOTALS UP TO RS.44,21,230/-. THE PEAK BALANCE FOR THE YEARS UNDE R CONSIDERATION AT RS.28,71,458/- FOR THE A.Y. 2007-08 AND RS.5,64,9 10/- FOR THE A.Y. 2008-09 IS REQUIRED TO BE ADDED TO THE TOTAL INCOME OF THE ASSESSEE, IF NOT ALREADY OFFERED. SIMILARLY PAGES 3 AND 4 OF THE IMPUGNED ORDER CONTAIN A CHART SHOWING PROPERTY-WISE TRANS ACTIONS ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 10 OF PURCHASE AND SALE WITH PROFIT. TOTAL AMOUNT OF SALE AS CONSIDERED IN THIS CHART FIGURES AT RS.8.09 CRORE WITH PROFIT OF RS.55,0 6,787/-. THIS PROFIT ELEMENT OF RS.55,06,787/- IS ALSO REQUIRED TO BE ADDED TO THE TOTAL INCOME OF THE ASSESSEE FOR THE CONCERNED YEARS, IF NOT ALREADY ADDED. IT IS FURTHER PERTINENT TO NOTE THAT THE AO F OUND TOTAL RECEIPTS AT RS.10.16 CRORE PERTAINING TO THE YEARS UNDER CONSIDERATION, FOR WHICH HE MADE THE ADDITIONS. IF WE REDU CE THE AMOUNT OF SALES CONSIDERED BY THE LD. CIT(A) AT RS. 8.09 CRORE, IT IS FOUND THAT STILL A SUM OF RS.2.07 CRORE (RS.10.16 CRORE M INUS RS.8.09 CRORE) REPRESENTING THE AMOUNT RECEIVED BY THE A SSESSEE, EITHER ON HIS OWN ACCOUNT OR FOR FURTHER PURCHASE OF LAN D ON BEHALF OF OTHERS, HAS NOT BEEN SUBJECTED TO TAX. THE PROFIT ELEME NT ON SUCH SALE IS ALSO REQUIRED TO BE ADDED, WHICH THE LD. CIT(A) FO RGOT TO DO. WHEN WE EXAMINE THE AMOUNT OF PROFIT TABULATED BY THE LD. CIT (A) ON PAGE 4 OF HIS ORDER AT RS.55,06,787/- WITH THE CORRE SPONDING SALES OF RS.8.09 CRORE, THE PERCENTAGE OF PROFIT WHICH TUR NS OUT, IS 6.80%. WE DIRECT THAT SIMILAR PERCENTAGE OF PROFIT SHOULD B E APPLIED TO THE REMAINING RECEIPTS OF RS.2.07 CRORE, WHICH E SCAPED THE ATTENTION OF THE LD. CIT(A). SUCH PERCENTAGE OF GROSS PROFIT, IF APPLIED TO THE REMAINING AMOUNT OF RS.2.07 CRORE, GIVES FU RTHER PROFIT OF RS.14.07 LAKH WHICH IS REQUIRED TO BE ADDED TO THE TOTAL ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 11 INCOME OF THE ASSESSEE FOR THE YEARS UNDER CONSIDERATION. SUCH AMOUNT IS DIRECTED TO BE APPORTIONED BETWEEN THE TWO YEARS UN DER CONSIDERATION IN THE RATIO OF UNPROVED CREDIT ENTRIES, FOR WH ICH ADDITIONS HAVE BEEN MADE, THAT IS, 2.08 : 7.95. 7. TO SUM UP, TOTAL INCOME FOR THE YEARS UNDER CONSIDE RATION TO BE ADDED ON THE BASIS OF THE UNRECORDED CASH RECEIPTS FOUND DURING THE COURSE OF SEARCH IS IN THREE PARTS, VIZ., THE FIRST, BEING, THE MAXIMUM CASH BALANCE OF RS. 28,71,458/- AND RS.5,64,910/- FO R THE YEARS IN APPEAL; THE SECOND, BEING, THE PART OF PROFIT ELEMENT OF RS.55,06,787/- ON SALE OF PLOTS AMOUNTING TO RS.8.09 CRO RE AS RELATING TO THE TWO YEARS UNDER CONSIDERATION, IN ADDITION TO RS.1,52,969/- FOR THE A.Y.2008-09 BEING EXTRA PROFIT SUS TAINED IN THE FIRST APPEAL; AND THE THIRD, BEING, PROFIT OF RS.14.07 LAKH ON REMAINING AMOUNTS OF ENTRIES AT RS. RS.2.07 CRORE IN THE R ATIO OF RECEIPTS OF RS.2.08 CRORE AND RS.7.95 CRORE FOR THE A .YS. 2007-08 AND 2008-09 RESPECTIVELY. WE, THEREFORE, SET-ASIDE THE IMPUGNED ORDERS AND REMIT THE MATTER TO THE FILE OF AO FOR EXAMINING AN D ENSURING THAT THESE THREE ELEMENTS ARE DULY TAXED IN THE TOTAL INCOME OF THE ASSESSEE FOR THE YEARS UNDER CONSIDERATION. TO THE EXTENT THESE ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 12 THREE ELEMENTS HAVE BEEN FULLY OR PARTLY OFFERED BY THE ASS ESSEE OR SUSTAINED IN THE FIRST APPEALS, SUITABLE REDUCTIONS SHOULD BE MA DE. 8. IN THE RESULT, BOTH THE APPEALS ARE PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH OCTOBER, 2019. SD/- SD/- (S.S. VISWANETHRA RAVI) (R.S.SY AL) JUDICIAL MEMBER VICE P RESIDENT PUNE; DATED : 15 TH OCTOBER, 2019 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. THE CIT(A)-1, NASHIK 4. 5. 6. THE CIT (CENTRAL), NAGPUR , , B / DR B, ITAT, PUNE; / GUARD FILE. / BY ORDER, // TRUE COPY // SENIOR P RIVATE SECRETARY , / ITAT, PUNE ITA NOS.1066 & 1067/PUN/2011 SHRI RAHUL CHANDRAKANT SHAH 13 DATE 1. DRAFT DICTATED ON 14-10-2019 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 15-10-2019 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *