ITO, Wd-4(4), Kolkata, Kolkata V. M/s Knight Marketing Pvt. Ltd., Kolkata

ITA 1088/KOL/2017

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 1005 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-11-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 16-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DULAL CH MONDAL JCI T LD
• Assessee Lawyers: S M SURANA LD
• Keywords: Unexplained cash credit; Earning of tax free income; Source of fund
• Section: 14A; 133(6); 131; 68

Judgement Text

1 ITA NO.1088/K/17 CO NO. 86/K/17 IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH: KOL KATA BEFORE: SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER, AND SHRI DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER I.T.A NO. 1088/K OL/2017 A.Y: 20 12-13 I.T.O., WARD 4(4), KOLKATA VS. M/S. KNIGHT MARKET ING PVT. LTD. PAN: AAECK 5456F [APPELLANT] [RESPONDEN T] C.O NO. 86/KOL /2017 [ ARISING OUT OF ITA NO. 1088/K/17 A.Y: 2012-13 ] I.T.O., WARD 4(4), KOLKATA VS. M/S. KNIGHT MARKET ING PVT. LTD. PAN: AAECK 5456F [APPELLANT] [RESPONDEN T] FOR THE APPELLANT : SHRI DULAL CH. MONDAL, JCI T, LD.SR.DR FOR THE RESPONDENT : SHRI S.M. SURANA, ADVOCATE, LD.AR DATE OF HEARING : 25-08-2017 DATE OF PRONOUNCEMENT : 15-11-2017 ORDER SHRI S.S.VISWANETHRA RAVI, JM: THIS APPEAL AND CORRESPONDING CROSS OBJECTION BY TH E REVENUE AND ASSESSEE ARE DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS), 2, KOLKATA DT. 27-03-2017 FO R THE A.Y 2012- 13. ITA NO. 1088/KOL/2017 A.Y 2012-13 ( BY THE REVENUE ) 2. GROUND NOS. 1 & 2 ARE INVOLVING THE SAME ISSUE O F DELETION OF ADDITION OF RS.45,00,000/- MADE U/S. 68 OF THE ACT . 3. THE FACTS RELATING TO THE ISSUE ARE THAT DURING THE COURSE OF ASSESSMENT PROCEEDINGS THE AO FOUND THAT THE ASSESS EE COMPANY ISSUED EQUITY SHARES TO ITS FAMILY MEMBERS AND TWO DIFFERENT PRIVATE LIMITED COMPANIES (M/S. EXCEL SUPPLIERS PVT. LTD AN D M/S. LIBERSON 2 ITA NO.1088/K/17 CO NO. 86/K/17 IMPEX PVT. LIMITED AT HIGHER PREMIUM. TO VERIFY TH E IDENTITY, CREDITWORTHINESS OF THE SHARE HOLDERS AND GENUINENE SS OF THE TRANSACTION THE AO ISSUED NOTICE U/S. 131 OF THE AC T TO THE DIRECTOR. IN HIS STATEMENT U/S. 131 STATED THAT ALL THE FAMILY M EMBERS WERE GIVEN SHARES AT EQUAL RATE AND EQUITY SHARES OF 4500 WER E GIVEN/ALLOTTED TO M/S.EXCEL SUPPLIER PVT. LTD (2000 SHARES ) AND M/S. LIBERSON IMPEX PVT. LTD (2500 SHARES). THE AO WAS OF THE VIEW THAT SOURCE OF THE FUND OF THESE TWO COMPANIES COULD NOT BE VERIFIED AND ADDED AN AMOUNT OF RS.45 LAKHS U/S. 68 OF THE ACT U/S. 68 OF THE ACT AS UNEXPLAINED CASH CREDIT. 4. IN CHALLENGE BEFORE THE CIT-A THE ASSESSEE CONTE NDED THAT THE AO ISSUED NOTICES U/S. 133(6) OF THE ACT TO BOTH TH E SAID PARTIES AND REPLIES FROM THEM GIVEN TO THE AO EXPLAINING THE SO URCE OF FUND AND SOURCE OF SOURCES OF THE PARTIES. THE ASSESSEE ALSO CONTENDED THAT THE AO APPOINTED/DEPUTED AN IT INSPECTOR TO EXAMINE THE SAID TWO COMPANIES, ON WHICH NO ADVERSE REMARK WAS ENTRUSTED TO SAID COMPANIES. BESIDE THIS, THE ASSESSEE ALSO CHALLENGE D THE IMPUGNED ADDITION U/S. 68 OF THE ACT. FOR WHICH, THE ASSESSE E RELIED ON MANY CASE LAWS. 5. CONSIDERING THE ABOVE, THE CIT-A HELD THAT ALL T HE SHARE APPLICANTS/COMPANIES ARE REGISTERED WITH ROC [REGIS TRAR OF COMPANIES ] AND TRANSACTION TOOK PLACE THROUGH REG ULAR BANK ACCOUNTS AND THE SAME WERE RECORDED IN THE BANK ACC OUNTS AND ALSO REFLECTED IN THE AUDITED FINANCIAL STATEMENTS AND D ELETED THE IMPUGNED ADDITION MADE BY THE AO. FOR BETTER UNDERS TANDING THE REASONS ACCORDED BY THE CIT-A ARE REPRODUCED HEREIN BELOW:- I HAVE CONSIDERED THE SUBMISSIONS OF THE AUTHORIZED REPRESENTATIVE OF THE APPELLANT AS WELL AS THE ASSESSMENT ORDER FRAMED IN THE LIGHT OF THE MATERIALS AVAILABLE ON RECORD BEFORE THE ASSESSING OFFICER DURING THE A SSESSMENT PROCEEDINGS. THE FACTS OF THE CASE ARE THAT DURING THE YEAR, THE APPELLANT CO MPANY HAD RAISED RS.10,800,000/- BY ISSUING SHARE 10,800 EQUITY SHARES OF RS.10/- AT A PREMIUM OF RS.990/- EACH TO THE DIRECTORS, RELATIVE OF DIRECTORS AND CORPORATE AS SESSEE. IN COURSE OF THE ASSESSMENT PROCEEDINGS, THE APPELLANT FILED DETAILS, DOCUMENT S AND EVIDENCES IN COMPLIANCE TO THE NOTICES U/S. 14291) INCLUDING NAME, ADDRESS AND PAN OF SHARE APPLICANTS ALONG WITH DETAILS OF AMOUNT RECEIVED AND SHARES ALLOTTED. THE ASSESSING OFFICER IN ORDER TO VERIFY THE IDENTITY AND CREDITWORTHINESS OF THE SHARE APPL ICANTS AND GENUINENESS OF THE 3 ITA NO.1088/K/17 CO NO. 86/K/17 TRANSACTIONS ISSUED NOTICES U/S. 131 OF THE INCOME TAX ACT, 1961 ( THE ACT) TO THE DIRECTOR OF THE ASSESSEE COMPANY REQUIRING THE PERSONAL PRESENCE. IN RESPONSE TO THE SAID SUMMON THE DIRECTOR OF THE ASSESSEE COMPANY WERE AP PEARED BEFORE THE LD. AO AND THEIR STATEMENT WERE RECORDED ON OATH. THE DIRECTOR HAVE SUBMITTED THAT DURING THE ASSESSEE COMPANY HAD ISSUED EQUITY SHARES TO DIRECT ORS, RELATIVE OF DIRECTORS AND TWO OTHER COMPANIES. IN ADDITION THEY ALSO FILED THE NE CESSARY DETAILS/DOCUMENTS AS ASKED IN SUMMON NOTICE. LATER ON, AS ASKED BY AO TO FILE DET AILS/DOCUMENTS RELATED TO SOURCE OF SOURCE COMPANY, THE ASSESSEE ON 17.03.2015 FILED TH E SUMMARY OF SOURCE TO SOURCE ALONG WITH A PAPER BOOK CONTAINING (1) DOCUMENTS RE LATING TO SOURCE OF SHARE APPLICANTS (A) ACKNOWLEDGEMENT OF RETURN OF INCOME (B) AUDITED FINANCIAL STATEMENTS (C) LIST OF INVESTMENT (D) BANK STATEMENTS (E) SOURCE OF FUND. THE APPELLANT FURTHER STATES THAT THE APPELLANT HAD PAID INTERIM DIVIDEND OF RS. 2.50 SHARES TO ALL SHARE APPLICANTS ON 31.03.2012. MOREOVER, THE SHAREHOLDERS AS ON 31.03. 2012 ARE STILL THE SHAREHOLDERS OF THE COMPANY. THE AO ASSESSED THE SHARE CAPITAL ARID PREMIUM AS UNEXPLAINED CASH CREDIT OF RS 45 LACS OUT OF 108 LACS IN THE HAND OF THE ASSESSEE STATING THAT 'THE SOURCE OF THE FUND OF M/S EXCEL SUPPLIERS PVT.LTD. AND M/S LIBERSON IMPEX PVT. LTD. COULD NOT BE VERIFIED AND THEREFORE THE SHARE ALLOTMENT OF THESE TWO COMPANIES IS ADDED BACK AS UNEXPLAINED CASH CREDIT.' THE AR HAS FURTHER HAS STATED THAT THE AO HAS NOT D OUBTED THE IDENTITIES OF THE SHARE APPLICANTS, THEIR CREDITWORTHINESS OR THE GEN UINENESS OF THE TRANSACTIONS. THE ADDITION HAS BEEN MADE BY THE AO THAT THE SOURCE OF FUNDS IN THE HANDS OF THE SHARE APPLICANTS COULD NOT BE VERIFIED. THE AO IN COURSE OF THE ASSESSMENT PROCEEDINGS ISSUED NOTICES U/S 133(6) TO THE SHARE APPLICANT WHICH WER E DULY SERVED. IN THE SAID NOTICE THE AO SPECIFICALLY REQUIRED THE SHARE APPLICANTS TO EX PLAIN THE SOURCE OF FUND S OF SUCH SHARE APPLICATION MONEY. THE COPIES OF NOTICES ISSUED U/S 133(6) APPEARS AT PAGE NO. 28-29 OF THE PAPER BOOK. IN COMPLIANCE TO THE SAME, THE SHAR E APPLICANTS FILED ALL THE DETAILS AND DOCUMENTS AS CALLED FOR BY THE AO INCLUDING THE SOU RCE OF FUND -AND THE NATURE OF RECEIPT. THE REPLIES OF THE SHARE APPLICANTS APPEAR AT PAGE NOS. 30-33 OF THE PAPER BOOK. THE SOURCE OF FUNDS APPEARS AT PAGE NO. 49 AND 91 O F THE PAPER BOOK. THE DOCUMENTS RELATING TO SOURCE OF SOURCE PARTIES APPEAR AT PAGE NOS. 76 TO 86 AND PAGE NOS. 118 TO 147 OF THE PAPER BOOK. AS SUCH THE SHARE APPLICANTS DULY EXPLAINED TO THE AO THE SOURCE OF THEIR FUNDS, NATURE OF RECEIPTS AND EVIDENCES OF SUCH PARTIES. AS SUCH THE ALLEGATION OF THE AO THAT THE SOURCE OF FUND COULD NOT BE EXAMINE D IS FRIVOLOUS AND CONTRARY TO THE MATERIALS ON RECORD. THE AR OF THE APPELLATE FURTHE R HAS SUBMITTED THAT ALL THE SHARE APPLICANTS ARE COMPANIES REGISTERED WITH ROC AND FI LES REGULAR RETURNS OF INCOME. THE TRANSACTIONS HAVE TAKEN PLACE THROUGH REGULAR BANK ACCOUNTS AND HAVE DULY BEEN RECORDED IN THEIR BOOKS OF ACCOUNT AND REFLECTED IN THE AUDITED FINANCIAL STATEMENTS. IT IS APPARENT FROM THE RECORDS THAT THE SHARE APPLICA NTS HAVE SUFFICIENT FUNDS IN THE FORM OF SHARE-CAPITAL AND RESERVED TO INVEST IN THE APPE LLANT COMPANY AND THAT THERE IS NO CASH- DEPOSIT IN THE ACCOUNT OF ANY OF THE SHARE AP PLICANTS. ALL THE NOTICES ISSUED TO THE SHARE APPLICANTS HAVE DULY BEEN SERVED UPON THEM. I N RESPONSE TO THE NOTICES THE SHARE APPLICANTS HAVE FILED DETAILS, DOCUMENTS AND EXPLAN ATIONS AS CALLED FOR AND HAVE CONFIRMED THE INVESTMENTS MADE BY THEM IN THE APPEL LANT COMPANY. THE SHARE APPLICANTS IN THEIR REPLIES HAVE ALSO EXPLAINED THE SOURCE OF MONEY FOR MAKING INVESTMENT IN THE APPELLANT COMPANY. THE AR OF THE APPELLATE PLACED HIS RELIANCE ON VARIOUS JUDGEMENTS IN SUPPORT OF THE IDENTITY AND C APACITY OF THE SHARE APPLICANTS AND GENUINENESS OF THE TRANSACTIONS. THE APPELLATE HAS RAISED RS 108 LACS AS SHARES C APITAL FROM FAMILY MEMBER. RELATIVE AND TWO CORPORATE BODIES AND OUT OF THAT O NLY 45 LACS HAS BEEN ADDED BY THE AO STATING THAT THE SOURCE OF THE FUND OF THESE TWO CO MPANIES COULD NOT BE VERIFIED AND THEREFORE THE SHARE ALLOTMENT MONEY OF THESE TWO CO MPANIES AMOUNTING TO RS. 451AKHS IS ADDED BACK TO THE TOTAL INCOME AS UNEXPLAINED CA SH CREDIT U/S. 68. AS MENTIONED ABOVE, THE INVESTOR COMPANIES FILED THEIR REPLY ALO NG WITH ALL THE DOCUMENTS INCLUDING SOURCE OF FUND AND THE APPELLATE COMPANY ALSO FILED SOURCE OF THE SOURCE OF THE CAPITAL AS RAISED DURING THE YEAR. THE MAJOR PART OF THE CAPIT AL AS RAISED BY THE APPELLATE COMPANY HAS ALREADY BEEN ALLOWED BY THE AO. KEEPING IN VIEW OF ABOVE, THE AO IS DIRECTED TO DELETE THE ADDITION. THIS GROUND OF APPEAL IS ALLOW ED. 6. THE LD.DR RELIED ON THE ORDER OF THE AO AND SUBM ITTED THAT THE ASSESSEE DID NOT GIVE FULL DETAILS IN RESPECT OF SA ID TWO COMPANIES TO THE AO AND THE AO ISSUED NOTICES U/S. 133(6) OF THE ACT TO BOTH THE SAID PARTIES/COMPANIES. THE SAID COMPANIES DID NOT COMPLY WITH THE SAID NOTICES AS ISSUED BY THE AO. THE AO ADDED THE SAME AS THE 4 ITA NO.1088/K/17 CO NO. 86/K/17 IDENTITY, GENUINENESS AND CREDITWORTHINESS OF THE T RANSACTION COULD NOT BE VERIFIED. THEREFORE, HE RIGHTLY ADDED THE IM PUGNED AMOUNT. HE VEHEMENTLY SUPPORTED THE ORDER OF THE AO. 7. ON THE OTHER HAND, THE LD.AR SUBMITTED THAT IN R ESPONSE TO NOTICES ISSUED U/S. 133(6) OF THE ACT TO THE SAID T WO PARTIES NAMELY, M/S.EXCEL SUPPLIER PVT. LTD AND M/S. LIBERSON IMPEX PVT. LTD, THE ASSESSEE FILED ALL THE DETAILS BEFORE THE AO. UNDER SECTION 131 STATEMENT, THE ASSESSEE WAS ASKED TO FILE THE DETAI LS BEFORE THE AO. BUT, WITHOUT CONSIDERING THE SAME, THE AO ARBITRARI LY ADDED THE IMPUGNED AMOUNT U/S. 68 OF THE ACT, WHICH IS NOT MA INTAINABLE IN THE FACTS AND CIRCUMSTANCES OF THE CASE. 8. HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MAT ERIAL ON RECORD. IT IS NOTED THAT THE IMPUGNED ADDITION WAS MADE U/S. 68 OF THE ACT ONLY ON THE GROUND THAT SOURCE OF FUNDS OF THE SAID TWO COMPANIES COULD NOT BE VERIFIED BY THE AO. FROM THE IMPUGNED ORDER OF THE CIT-A, IT IS NOTICED THAT IN RESPONSE TO NOT ICE ISSUED U/S. 133(6) OF THE ACT THE SAID TWO PARTIES APPEARED AND FILED REPLIES REGARDING SOURCE OF FUND AND SOURCE OF SOURCES. THE CIT-A EXAMINED ALL THE DETAILS, WHICH WERE PLACED BEFORE US AT PAG ES 30-33, 49-91, 76-86 AND 118 147 OF THE PAPER BOOK. WE ALSO NOTE THAT THE AO APPOINTED AN INCOME-TAX INSPECTOR TO EXAMINE THE SA ID TWO COMPANIES, WHERE THERE WAS NO ADVERSE REMARK IN RES PECT OF THE SAID TWO COMPANIES. FROM THE IMPUGNED ORDER OF THE CIT-A , IT IS NOTICED THAT THE SAID TWO COMPANIES WERE REGISTERED WITH RO C[ REGISTRAR OF COMPANIES ] AND FILED THEIR RESPECTIVE RETURNS AND STATED THAT THE PAYMENT OF TRANSACTION FOR SHARE APPLICATION MONEY WAS THROUGH BANKING CHANNEL AND THE SAME WAS ALSO REFLECTED IN THE AUDITED FINANCIAL STATEMENTS AND BOOKS OF ACCOUNT. WE FIND THAT ONLY THE REQUIREMENT U/S. 68 OF THE ACT IS AS TO WHETHER THE ASSESSEE OFFERED PROPER EXPLANATION TO THE SATISFACTION OF THE AO OR NOT. WE FIND THAT UNDER 131 STATEMENT, THE DIRECTOR OF THE ASSESSEE E XPLAINED IN DETAIL 5 ITA NO.1088/K/17 CO NO. 86/K/17 ABOUT THE ALLOTMENT OF SHARES TO ITS FAMILY MEMBERS AS WELL AS TO SAID TWO PRIVATE COMPANIES. WE ALSO FIND THAT ALL THE DE TAILS AS REQUIRED BY THE AO WERE BEFORE THE THE AO IN THE ASSESSMENT PRO CEEDINGS AS ALSO SEEN FROM THE IMPUGNED ORDER OF THE CIT-A. HE ALSO EXAMINED ALL THE DETAILS FILED BEFORE HIM. THEREFORE, THE AD DITION MADE U/S. 68 OF THE ACT IS NOT MAINTAINABLE IN THE FACTS AND CIR CUMSTANCES OF THE CASE. WE FIND NO INFIRMITY IN THE IMPUGNED ORDER OF THE CIT-A AND UPHOLD THE SAME. THEREFORE, GROUND NOS. 1 & 2 OF TH E REVENUE ARE DISMISSED. 9. GROUND NO. 3 IS RELATING TO DELETION OF DISALLOW ANCE OF EXPENSES MADE U/S. 14A OF THE ACT. 10. ON PERUSAL OF RECORD, IT IS CLEAR THAT THE ASSE SSEE DID NOT EARN ANY EXEMPT INCOME, BUT, INSPITE OF WHICH, THE AO DI SALLOWED AN EXPENDITURE TO AN EXTENT OF RS.31,280/- U/S. 14A R. W RULE 8D(2)(III) OF THE IT RULES 1962. THE CIT-A BY RELYING ON THE D ECISION OF THE HONBLE DELHI HIGH COURT IN THE CASE OF CHEMNIVEST VS. CIT DELETED THE IMPUGNED DISALLOWANCE. RELEVANT PORTION OF CIT- A ORDER IS REPRODUCED HEREIN BELOW:- I HAVE CONSIDERED THE SUBMISSIONS OF THE AR OF THE APPELLANT. IN PRESENT APPEAL, IT IS NOT IN DISPUTE THAT APPELLANT COMPANY HAS NOT EARNED ANY DIVIDEND INCOME DURING THE YEAR IN RESPECT OF INVESTMENTS MADE. FAC TS OF THE APPELLANTS CASE ARE SQUARELY COVERED BY THE JUDGEMENT DELIVERED BY HON BLE DELHI HIGH COURT IN THE CASE OF CIT V. HOLCIM INDIA PVT. LTD., IN ITA NO. 486/2014 AND OTHERS, ON WHICH LD. AR HAS RELIED AS WELL, WHEREIN ISSUE ON SIMILAR FACTS HAS BEEN DECIDED AGAINST THE REVENUE. IN CIT V HOLCIM INDIA PVT. LTD ( SUPRA) CASE, THE HON BLE DELHI HIGH COURT HAS REFERRED TO THE JUDGEMENTS OF PUNJAB& HARYANANA HIGH COURT IN THE CASE OF CIT FARIDABAD VS. LAKHANI MARKETING INCL (ITA NO. 970/2008 DECIDED ON 02.04.2014), CIT 1 VS. CORRTECH ENERGY PVT. LTD (2014) 223 TAXMAN 130 (GUJ.) AND CA SE DECIDED BY ALLAHABAD HIGH COURT IN THE CASE OF CIT KANPUR V. SHIVAM MOTOR PVT. LTD IN ITA NO. 88 OF 2014. IN THESE JUDGEMENTS, THE HONBLE COURTS HAVE HELD THAT IN TH E ABSENCE OF ANY TAX FREE INCOME, THE CORRESPONDING EXPENDITURE COULD NOT BE WORKED OUT FOR MAKING DISALLOWANCE U/S. 14A OF THE INCOME TAX ACT, 1961. IN SUBSEQUENT JUDG EMENT OF CHEMINVEST LTD VS. CIT IN ITA NO. 749 OF 2014, THE HONBLE DELHI HIGH COURT V IDE ORDER DATED 02.09.2015 HAS REITERATED THAT SECTION 14A WILL NOT APPLY IF NO E XEMPT INCOME IS RECEIVED OR RECEIVABLE DURING THE ASSESSMENT YEAR UNDER CONSIDERATION. FU RTHER THE DECISION ON WHICH AO HAS PLACED RELIANCE FOR MAKING DISALLOWANCE U/S. 14A HA S SUBSEQUENTLY TRAVELLED TO DELHI HIGH COURT AND HONBLE COURT REVERSING THE DECISION (CHEMINVEST VS COMMISSIONER OF INCOME TAX-VI, ITA 749/2014 ORDER DATED 02.09.2015) OF HONBLE ITAT HAS HELD THAT SECTION 14A WILL NOT APPLY IF NO EXEMPT INCOME IS R ECEIVED DURING THE RELEVANT PREVIOUS YEAR. THE CHENNAI BENCH OF TRIBUNAL IN ACIT VS. M. BASKARAN HAS HELD THAT DELHI SPECIAL BENCH DECISION IN CASE OF CHEMINVEST LTD AND CIRCUL AR NO 5/2014 DATED 11.02.2014 DOES NO MORE HOLD GOOD IN LAW. IN VIEW OF ABOVE, THE DIS ALLOWANCE MADE U/S. 14A OF THE ACT READ WITH RULE 8D IS NOT FOUND TO BE SUSTAINABLE AN D IS ACCORDINGLY DELETED. IN VIEW OF ABOVE, THE AO IS DIRECTED TO DELETE THE ADDITION. T HIS GROUND OF APPEAL IS ALLOWED. 6 ITA NO.1088/K/17 CO NO. 86/K/17 11. IN VIEW OF ABOVE, WE FIND NO INFIRMITY IN THE I MPUGNED ORDER OF THE CIT-A. WE UPHOLD THE SAME. THEREFORE, GROUND N O. 3 RAISED BY THE REVENUE IS DISMISSED. 12. THE APPEAL OF THE REVENUE IN ITA NO. 1088/ KOL/2017 FOR THE A.Y 2012-13 IS DISMISSED. 13. C.O NO.86/KOL/2017 ( ARISING OUT OF ITA NO. 108 8/K/2017 A.Y 2012-13) ( BY THE ASSESSEE). 14. IT WAS SUBMITTED BY THE LD.AR THAT THIS C.O HAS BEEN FILED IN SUPPORT OF THE ORDER OF THE CIT-A. SINCE WE HAVE AL READY UPHELD THE IMPUGNED ORDER OF THE CIT-A BY DISMISSING THE APPEA L OF REVENUE, THEREFORE, THE C.O OF THE ASSESSEE NEEDS NO ADJUDIC ATION. THE SAME IS HEREBY DISMISSED. 15. IN THE RESULT, THE APPEAL OF REVENUE AND CROSS OBJECTION OF THE ASSESSEE BOTH ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 15- 11-2017 SD/- SD/- ARJUN LAL SAINI S.S. VISWANETHRA RAVI ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 15-11-2017 PP(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT/REVENUE: INCOME TAX OFFICER, WARD 4(4), P-7 CHOWRINGHEE SQUARE, 8 TH FLOOR, KOLKATA-700 069. 2 RESPONDENT/ASSESSEE: M/S. KNIGHT MARKETING PVT. LTD 23 A, NETAJI SUBHAS ROAD, 6 TH FLOOR, ROOM NO. 19, KOLKATA-700 001. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, SR.PS/H.O.O ITAT KOLKATA 7 ITA NO.1088/K/17 CO NO. 86/K/17