Nima Specific Family Trust, Ahmedabad V. The ACIT, Circle-10, Ahmedabad

ITA 1105/AHD/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8300 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 6 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-10-2017
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: C
• Next Hearing Date: 20-06-2017
• Assessment Year: 2002-2003
• Appeal Filed On: 15-04-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: S N SOPARKAR
• Keywords: Business income; Depreciation; Opportunity of being heard; Cost of acquisition; Speculation loss
• Section: 143(3); 244A; 11

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH (BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER) ITA. NO: 1105/AHD/2014 (ASSESSMENT YEAR: 2002-03) NIMA SEPCIFIC FAMILY TRUST, NIRMA HOUSE, ASHRAM ROAD, AHMEDABAD V/S ASST. COMMISSIONER OF INCOME-TAX, CIRCLE-10, AHMEDABAD (APPELLANT) (RESPONDENT) PAN: AAATN0269J APPELLANT BY: SHRI S.N. SOPARKAR AND PARIN SHAH , AR RESPONDENT BY : SHRI PRASOON KABRA, SR. D.R. ( )/ ORDER DATE OF HEARING : 12 -10-201 7 DATE OF PRONOUNCEMENT : 17 -10-2017 PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. WITH THIS APPEAL, THE ASSESSEE HAS CHALLENGED THE C ORRECTNESS OF THE ORDER OF THE LD. CIT(A)-XVI, AHMEDABAD DATED 29.01.2014 PERT AINING TO A.Y. 2002-03. ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 2 2. THE SUM AND SUBSTANCE OF THE GRIEVANCE OF THE ASSES SEE IS THAT THE LD. CIT(A) ERRED IN NOT ALLOWING THE CLAIM OF INTEREST AS PART OF THE COST OF ACQUISITION IN RESPECT OF THE SALE OF DEEP DISCOUNT BONDS OF SHREE DEVELOPERS PVT. LTD. 3. FACTS ON RECORD SHOW THAT THE RETURNED INCOME AT RS . NIL WAS ASSESSED AT TOTAL INCOME OF RS. 18.32 CRORES VIDE ORDER DATED 24.03.2 005 FRAMED U/S. 143(3) OF THE ACT. 4. THE ASSESSMENT TRAVELLED UP TO THE TRIBUNAL AND THE TRIBUNAL VIDE ORDER DATED 30.04.2010 IN ITA NO. 1251/AHD/2006 DIRECTED THE A. O. TO CONSIDER CERTAIN ISSUES AFRESH. ONE OF SUCH ISSUES RELATED TO THE CO NSIDERATION OF THE CLAIM OF INTEREST AS PART OF COST OF ACQUISITION OF THE DEEP DISCOUNT BONDS OF SHREE DEVELOPERS PVT. LTD. 5. PURSUANT TO THE DIRECTIONS OF THE TRIBUNAL THE A.O. ASKED THE ASSESSEE TO EXPLAIN ITS CLAIM BY FURNISHING DETAILS OF INTEREST EXPENDITURE. THE ASSESSEE VIDE A SUBMISSION DATED 18.11.2011 SUBMITTED THE DETAILS AND THE RELEVANT PART READS AS UNDER:- (A) THE HON 'BLE TRIBUNAL VIDE PARA NO. 38 ON PAGE NO. 59 IN GROUND NO. 12 MENTIONED THAT AS THE ASSESSEE TRUST HAD SOLD 13 DD BS IN THE PRECEDING ASSESSMENT YEAR AND REMAINING 12 DDBS -WERE REPURCH ASED BY THE ISSUER IN THE YEAR UNDER CONSIDERATION, BOTH THE TRANSACTIONS ARE CONSIDERED SIMILAR. AS A RESULT, GAIN ARISING ON SALE OF DDBS HAS TO BE WORK ED OUT AS ACCEPTED BY A.O. FOR A. Y.2001-02. THE ISSUE HAS BEEN SET ASIDE TO THE L D. A.O. AND IS DIRECTED TO EXAMINE THE CLAIM OF INTEREST AS PART OF COST OF AC QUISITION AFTER ALLOWING SUFFICIENT OPPORTUNITY OF BEING HEARD TO THE ASSESS EE TRUST. (B) IT IS REQUESTED TO ALLOW THE LOSS OF RS. 6,00,000/- AS SHORT TERM CAPITAL LOSS AS THE SAME HAS BEEN ALLOWED BY THE ASSESSING OFFICER IN T HE PRECEDING ASST. YEAR 2001- ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 3 02. COPY OF R.O.I. OF A.Y. 2001-02 AND ASSESSMENT O RDER ARE ENCLOSED MARKED ANNEXURE B & C. (C) IT IS FURTHER SUBMITTED THAT INTEREST CAPITALIZED D URING ASST. YEAR 2001-02 WAS NOT CLAIMED AS EXPENSE IN ASST. YEAR 2001-02. 6. THE SUBMISSIONS MADE BY THE ASSESSEE DID NOT FIND A NY FAVOUR WITH THE A.O. WHO WAS OF THE OPINION THAT THE ASSESSEE HAS SOLD 1 3 DDBS IN A.Y. 2001-02 BUT HAS NOT CLAIMED THE AMOUNT OF INTEREST AS EXPEN DITURE AND IN A.Y. 2002-03, THE ASSESSEE HAS CLAIMED THE ENTIRE INTEREST OF A.Y . 2001-02 AS AN EXPENSE. THE A.O. FURTHER OBSERVED THAT THE ASSESSEE ITSELF HAS NOT CONSIDERED THIS INTEREST EXPENSE AS NOT BEING THE COST OF ACQUISITION IN THE A.Y. 2001-02. TAKING A LEAF OUT OF THIS, THE A.O. CONCLUDED BY HOLDING THAT THE INTEREST EXPENSES ARE NOT PART OF THE COST OF ACQUISITION. THE A.O. COMPLETED THE ASSESSMENT BY MAKING SIMILAR ADDITION OF RS. 54 LACS AS MADE BY THE A.O. IN THE FIRST ROUND OF LITIGATION. 7. THE ASSESSEE ASSAILED THE MATTER BEFORE THE LD. CIT (A)AND REITERATED ITS CLAIM OF INTEREST AS PART OF THE COST OF ACQUISITION. 8. AFTER CONSIDERING THE FACTS AND THE SUBMISSIONS, TH E LD. CIT(A) HELD AS UNDER:- 2. I HAVE CAREFULLY CONSIDERED THE FACTS OF THE CAS E IN THE LIGHT OF SUBMISSIONS MADE BY THE APPELLANT AND THE ARGUMENTS TAKEN BY TH E A O. THE ARGUMENT OF THE APPELLANT HAVE BEEN EXAMINED AND FOUND TO BE UNTENA BLE. THE A O HAS ELABORATELY DISCUSSED THE REASONS FOR MAKING THE DI SALLOWANCE. I FIND FORCE IN THE ARGUMENTS OF THE A O THAT WHEN CERTAIN EXPENSES WER E CAPITALIZED IN A PARTICULAR YEAR THEY CANNOT BE CLAIMED AS DEDUCTION IN SUBSEQU ENT YEAR. WITHOUT PREJUDICE, IT IS SEEN THAT THE APPELLANT WAS REQUIRED TO SUBMI T DETAILS WHICH WAS NOT GIVEN TO THE A O AS INDICATED IN THE ASSESSMENT ORDER. CONSEQUENTLY THE ADDITION MADE ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 4 BY THE ID A O OF RS. 54,00,000/- IS CONFIRMED AND T HE GROUND OF APPEAL NO. 2 RAISED IS DISMISSED. 9. AGGRIEVED BY THIS, THE ASSESSEE IS BEFORE US. 10. THE LD. COUNSEL FOR THE ASSESSEE VEHEMENTLY STATED THAT BOTH THE LOWER AUTHORITIES HAVE GROSSLY ERRED IN NOT APPRECIATING THE FACTS IN TRUE PERSPECTIVE. IT IS THE SAY OF THE LD. COUNSEL THAT IN THE FIRST ROU ND OF LITIGATION, THE TRIBUNAL HAS DIRECTED THE A.O. TO VERIFY WHETHER COST OF ACQUISI TION INCLUDED THE INTEREST EXPENSES WHEN THE DEEP DISCOUNT BONDS WERE SOLD IN A.Y. 2001-02. THE LD. COUNSEL STATED THAT IN A.Y. 2001-02, THE REVENUE HA S ACCEPTED THE COMPUTATION OF CAPITAL GAINS MADE BY THE ASSESSEE ON THE SALE O F THE DEEP DISCOUNT BONDS OF SHREE DEVELOPERS PVT. LTD. THE LD. COUNSEL CONTI NUED BY SAYING THAT THE COST OF ACQUISITION VERY MUCH INCLUDED THE INTEREST EXPE NDITURE. THEREFORE, IT CANNOT BE SAID THAT THE ASSESSEE HAS NOT FURNISHED THE REL EVANT DETAILS AS DIRECTED BY THE TRIBUNAL IN THE FIRST ROUND OF LITIGATION. PER CONT RA, THE LD. D.R. STRONGLY SUPPORTED THE FINDINGS OF THE REVENUE AUTHORITIES. 11. WE HAVE GIVEN A THOUGHTFUL CONSIDERATION TO THE ORD ERS OF THE AUTHORITIES BELOW. LET US FIRST CONSIDER THE RELEVANT FINDINGS OF THE TRIBUNAL IN THE FIRST ROUND OF LITIGATION AND THE SAME READS AS UNDER:- 37. THE ASSESSEE IS IN NOW IN APPEAL BEFORE US AGAI NST THE AFORESAID FINDINGS OF THE LD. CIT(A). THE LD. A.R. WHILE RELYING ON A DEC ISION DATED 08.01.2010 OF THE ITAT IN THE CASE OF ASHUTOSH R MAJMUDAR IN ITA NO. 124/AHD/2008 AS ALSO DECISIONS REPORTED IN CIT VS. MITHLESH KUMARI, 92 I TR 9 AND ADDL. CIT VS. K.S. GUPTA, 119 ITR 372 (AP) CONTENDED THAT INTEREST OF RS. 60,00,000/- HAS TO BE TREATED AS PART OF COST WHILE WORKING OUT CAPITAL G AINS OR LOSS. TO A QUERY BY THE BENCH, THE LD. A.R. DID NOT REPLY AS TO THE BASIS A DOPTED IN THE A.Y. 2001-02 WHILE ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 5 WORKING OUT GAINS IN THE A.Y. 2001-02 ON SALE OF 13 DDBS. ON THE OTHER HAND, THE LD. D.R. SUPPORTED THE FINDINGS OF THE LD. CIT(A). 39. WE HAVE HEARD BOTHT HE PARTIES AND GONE THROUGH THE FACTS OF THE CASE. AS IS APPARENT FROM THE AFORESAID FACTS, THE ASSESSEE SOL D 13 BONDS IN THE PRECEDING ASSESSMENT YEAR WHILE THE REMAINING 12 HAVE BEEN RE PURCHASED BY THE ISSUER BEFORE REDEMPTION IN THE YEAR UNDER CONSIDERATION. DESPITE A SPECIFIC QUERY BY US, THE LD. A.R. DID NOT EXPLAIN THE BASIS ADOPTED BY T HE ASSESSEE IN WORKING OUT GAINS ON SALE OF BONDS IN THE PRECEDING ASSESSMENT YEAR . ADMITTEDLY, INTEREST EXPENDITURE OF RS. 60,00,000 HAD BEEN CAPITALIZED I N THE PERIOD RELEVANT TO THE AY 2001-02 WHILE TRANSACTIONS OF SALE OF AFORESAID BON DS IN THE PRECEDING ASSESSMENT YEAR AND THAT OF REPURCHASE IN THE YEAR UNDER CONSIDERATION ARE SIMILAR. IN THESE CIRCUMSTANCES, GAINS ON SALE OR R EPURCHASE BY THE ISSUER OF THESE BONDS HAS TO BE WORKED OUT ON THE SAME BASIS AS HAD BEEN ACCEPTED BY THE AO IN THE PRECEDING AY 2001-02. ACCORDINGLY, ESPECIALLY W HEN THE ID. CIT(A) DID NOT RECORD HIS SPECIFIC FINDINGS ON THE DECISION CITED BEFORE HIM, WE CONSIDER IT FAIR AND APPROPRIATE TO VACATE' THE FINDINGS OF THE ID. CIT(A) AND RESTORE THE MATTER TO THE FILE OF THE AO WITH THE DIRECTIONS TO EXAMINE THE CLAIM OF INTEREST AS PART OF COST OF ACQUISITION OF THE AFORESAID BONDS AFTER ALLOWING SUFFICIENT OPPORTUNITY TO THE ASSESSEE, IN THE LIGHT OF OUR AFORESAID OBSERVA TIONS AND VARIOUS JUDICIAL PRONOUNCEMENTS INCLUDING THOSE CITED BEFORE US AND THEREAFTER PASS APPROPRIATE ORDERS IN ACCORDANCE WITH LAW. WITH THESE DIRECTION S, GROUND NO. 12 IN THIS IS DISPOSED OF. 12. A PERUSAL OF THE AFORE-STATED DIRECTIONS OF THE CO- ORDINATE BENCH SHOWS THAT THE CO-ORDINATE BENCH HAS SPECIFICALLY DIRECTED TO EXAMINE THE TREATMENT GIVEN IN A.Y. 2001-02. THE COMPUTATION OF TOTAL INCOME F OR A.Y. 2001-02 AS EXHIBITED ON PAGE 6 OF THE PAPER BOOKS IS AS UNDER: - MIMA SPECIFIC FAMJLY TRUST 707, MAKER CHAMBER V NARIMAN POINT, MUMBAI STATUS : INDIVIDUAL ASST YEAR: 2001-2002 ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 6 P.A/C.NO AAATN0269J / JT, CIT SR-45, MUMBAI ACCT YEAR: 2 000-2001 COMPUTATION OF TOTAL INCOME I NCOME FROM HOUSE PROPERTY RENT INCOME 30,000 LESS : 1/4 TH FOR REPAIRS 7,500 22,50 II BUSINESS INCOME : ADD: LEASE RENT 3212000 INTEREST ON I.T. REFUND 5194 47 8406447 8406447 LESS: CONSULTATION EXPENSE 456000 DEPRECIATION ALLOWABLE AS PER INCOME TAX AS PER STATEMENT 3238326 3694326 4712121 III CAPITAL GAIN: SHORT TERM CAPITAL LOSS AS PER ANNEXURE A (6903492) LONG TERM CAPITAL LOSS AS PER ANNEXURE B (308922) CLAIMED AS O/F (7212414) NIL TOTAL INCOME 4734621 ROUND UPTO 4734620 INCOME TAX PAYABLE 1661852 LESS: T.D.S. (AS PER STATEMENT) 9176625 (7514773) LESS: ADVANCE TAX PAID ON 14-09-2000 350 0000 REFUND DUE (11014773) FOR NIMA SPECIFIC FAMILY TRUS T TRUSTEE 13. AS CAN BE SEEN FROM THE AFOREMENTIONED COMPUTATION, THE SHORT TERM CAPITAL LOSS IS AS PER ANNEXURE-A AND THE SAID ANNEXURE-A I S EXHIBITED AT PAGE 8 OF THE PAPER BOOK AS UNDER:- NIMA SPECIFIC FAMILY TRUST ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 7 STATEMENT OF SHORT TERM CAPITAL GAIN/(LOSS) SR. NO. NAM E OF SECURITIES PURCHASE COST SALE AMOUNT CAPITAL GAIN/(LOSS) 1 ARVIND MILLS LTD. 651713 619400 (32313) 2 G.E. SHIPPING 34 31 (3) 3 H.D.F.C. 138210 114747 (23463) 4 M.T.N.L. 20361782 10275000 (10086782) 5 NIRMA LTD. 4805243 3890000 (915243) 6 RELIANCE CAPITAL LTD. 12655608 5877600 (6778008) 7 SHREE RAMA MULTITECH LTD. 4510240 4278400 (231840) 8 SURANA TELECOM LTD. 5404917 4626418 (778499) 9 STERLITE IND. LTD. 8606058 8270946 (335112) 10 ARVIND MILLS LTD. 21099240 3019372 910132 11 SH REE DEVELOPERS PVT. LTD. 70218000 70850000 632000 12 BAJAJ AUTO LTD. 11933825 12830000 896175 13 HINDUSTAN LEVER LTD. 14603758 16638774 2035016 14 GESCO CORPORATION 622107 1919386 1297279 15 RELIANCE IND. LTD. 7492905 11274121 3781216 16 STATE BA NK OF INDIA 3403783 5400689 1906900 17 ZEE TELEFILM 1541172 1635465 94293 18 BALAJI DISTILERIES (BONUS) NIL 634754 634754 TOTAL SHORT TERM CAPITAL LOSS O/F 6903492 14. IT CAN BE SEEN FROM THE ABOVE THAT AT SERIAL NO. 11 , THE PURCHASE COST OF DDBS OF SHREE DEVELOPERS PVT. LTD IS SHOWN AT RS. 7,02,1 8,000/-. 13 DEEP DISCOUNT BONDS @ RS. 50 LACS AMOUNTING TO RS. 6.50 CRORES WE RE SOLD IN A.Y. 2001-02. THE PURCHASE COST IS SHOWN AT RS. 7,02,18,000/- WHI CH MEANS THAT THE DIFFERENCE OF RS. 52 LACS RELATED TO THE INTEREST E XPENDITURE CAPITALIZED IN THE COST OF ACQUISITION. THE ASSESSMENT ORDER IS EXHIBI TED AT PAGES 13 TO 23 OF THE PAPER BOOKS AND THE TOTAL INCOME OF THE ASSESSEE IS ASSESSED AS UNDER:- ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 8 INCOME AS PER RETURN RS. 47,34,620 SHORT TERM CAPITAL LOSS CLAIMED BE CARRIED FORWARD RS.72,12,414 LESS: SPECULATIVE LOSS RS.10,42,652 RS.61,69,762 15. IT CAN BE SEEN THAT THE TOTAL LOSS OF RS. 72,12,414 /- AS CLAIMED BY THE ASSESSEE WAS ASSESSED AT A TOTAL LOSS OF RS. 61,69,762/-. TH IS MEANS THAT AFTER THOROUGH SCRUTINY, THE A.O. HAS ACCEPTED THE COST OF ACQUISI TION OF 13 DEEP DISCOUNT BONDS OF SHREE DEVELOPERS PVT. LTD. AT RS. 7,02,18, 000/- WHICH INCLUDED THE INTEREST EXPENSES CAPITALIZED BY THE ASSESSEE. NOW LET US CONSIDER THE COMPUTATION OF TOTAL INCOME FOR THE YEAR UNDER CONS IDERATION AND THE SAME IS EXHIBITED AT PAGE 149 OF THE PAPER BOOK AS UNDER:- MIMA SPECIFIC FAMJLY TRUST NIRMA HOUSE ASHRAM ROAD AHMEDABAD STATUS : INDIVIDUAL ASST YEAR: 2002-2003 P.A/C.NO AAATN0269J ACCT YEAR: 2001-2002 COMPUTATION OF TOTAL INCOME NCOME FROM HOUSE PROPERTY RENT INCOME 30,000 LESS : 30% FOR REPAIRS 9,000 21,000 BUSINESS INCOME : NET PROFIT AS PER P & L A/C 190,604,9 34 LESS: ALLOWABLE/TREATED SEPARATELY DIVIDEND 25,207,994 RENT 30,000 PROFIT ON SALE OF SECURITIES (NET) 193,292,781 SHARE IN PROFIT/(LOSS) FROM AOP 1,438,022 219,968,797 (29,363,863) ADD. DISALLOWABLE/TREATED SEPARATELY BANK COMMISSION 164,088 DEPRECIATION 2,284,864 ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 9 OTHER EXPENSES 127,232 2,576,184 (26,787,679) LESS: DEPRECIATION UNDER I.T.ACT.AS PER ANNEXURE A 2,378,598 (29,166,277) HOWEVER CLAIMED UP (28,059,514) CAPITAL GAIN : AS PER STATEMENT ATTACHED HEREWITH 28,038,514 TOTAL LOSS NIL INCOME TAX PAYABLE NIL LESS: T.D.S. (AS PER STATEMENT) 9,469,603 REFUND DUE 9,469,603 FOR NIMA SPECIFIC FAMILY TRUS T TRUSTEE 16. THE CAPITAL GAIN AS PER STATEMENT IS AT PAGE 152 OF THE PAPER BOOK AND THE SAME IS AS UNDER:- NIMA SPECIFIC FAMILY TRUST STATEMENT OF CAPITAL GAIN SHORT TERM CAPITAL GAIN AS PER ANNEXURE C 2,171,695 LONG TERM CAPITAL LOSS AS PER ANNEXURE D (363,481) LONG TERM CAPITAL LOSS AS PER ANNEXURE E 26,230,300 28,038,514 17. AND THE STATEMENT OF SHORT TERM CAPITAL GAIN WHICH IS AT PAGE 153 OF THE PAPER BOOK IS AS UNDER:- SR. NO. NAME OF SECURITIES PURCHASE COST SALE CONSIDERATION CAPITAL GAIN 1 DEEP DISCOUNT BOND OF SHREE DEVELOPERS PVT. 66,000,000 65,4000.000 (600.000) ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 10 LTD. 2 HINDUSTAN LEVERL LTD. 7,079,467 8,935,089 1,855,622 3 RELIANCE IND. LTD. 4,603,722 5,519,795 916,073 TOTAL SHORT TERM CAPITAL GAIN 2,171,695 18. IT CAN BE SEEN FROM THE ABOVE THAT DURING THE YEAR UNDER CONSIDERATION, THE ASSESSEE HAS SOLD 12 DEEP DISCOUNT BONDS OF SHREE D EVELOPERS PVT. LTD. WHICH WERE PURCHASED AT A COST OF RS. 50 LACS PER B OND WHICH MAKES THE TOTAL PURCHASE COST OF 12 DDBS AT RS. 6 CRORES WHEREAS TH E PURCHASE COST AS SHOWN HEREINABOVE IS 6.60 CRORES WHICH MEANS THAT 60 LACS IS THE INTEREST COST CAPITALIZED BY THE ASSESSEE. 19. AS MENTIONED ELSEWHERE, SIMILAR TREATMENT WAS GIVEN IN A.Y. 2001-02 AND AS MENTIONED ELSEWHERE AFTER THOROUGH SCRUTINY, THE SA ME HAS BEEN ACCEPTED BY THE ASSESSING OFFICER IN A.Y. 2001-02. THIS CONCLUS IVELY SHOWS THAT THE DIRECTIONS OF THE CO-ORDINATE BENCH STANDS VERIFIED AND THERE REMAINS NO AMBIGUITY WHATSOEVER. CONSIDERING THE FACTUAL MATRI X AS DISCUSSED HEREINABOVE, WE DO NOT FIND ANY SUBSTANCE IN THE FINDINGS OF THE LD. CIT(A) AND THE SAME ARE VACATED. THE ADDITION OF INTEREST IS DIRECTED TO BE DELETED. THIS GRIEVANCE IS ALLOWED. 20. THE NEXT GRIEVANCE RELATES TO TAXING THE LONG TERM CAPITAL GAIN ON SALE OF DEEP DISCOUNT BONDS OF NIRMA LTD.-SERIES A AT RS. 15,32, 34,552/- INSTEAD OF 15,32,19,552/-. 21. WE FIND THAT THE DIFFERENCE OF RS. 15,000/- HAS BEE N DIRECTED BY THE LD. CIT(A) TO BE VERIFIED BY THE A.O. AND SUBJECT TO THE VERIF ICATION, THE LD. CIT(A) HAS ITA NO. 1105 /AHD/2014 . A.Y. 2002-0 3 11 ALLOWED THE GRIEVANCE OF THE ASSESSEE. WE DO NOT FI ND ANY ERROR OR INFIRMITY IN SUCH DIRECTIONS OF THE LD. CIT(A) AND WE DECLINE TO INTERFERE. THIS GROUND IS DISMISSED. 22. THE NEXT GRIEVANCE RELATES TO THE CALCULATION OF IN TEREST U/S. 244A OF THE ACT. THIS WAS NOT PRESSED BEFORE US AND THE SAME IS DISM ISSED AS NOT PRESSED. 23. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 17 - 10- 20 17 SD/- SD/- (MAHAVIR PRASAD) (N. K. BILLAIYA) JUDICIAL MEMBER TRUE COPY ACCOUNTANT MEMBER AHMEDABAD: DATED 17 /10/2017 RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AHME DABAD