The Jt.CIT., Central Circle-1(3), Ahmedabad V. Shri Rajesh J.Desai, Mehsana

ITA 1166/AHD/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 63106 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 7 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2012
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: C
• Next Hearing Date: 11-09-2012
• Assessment Year: 2007-2008
• Appeal Filed On: 20-04-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Business income

Judgement Text

ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 1 IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, AHMEDABAD (BEFORE SHRI G.C.GUPTA VICE PRESIDENT & SHRI ANIL C HATURVEDI, A.M.) I.T. A. NO. 1166 /AHD/2011 (ASSESSMENT YEAR: 2007-08) JT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(3)(OSD), 3 RD FLOOR, AAYAKAR BHAVAN, ASHRAM ROAD, AHMEDABAD. (APPELLANT) VS. SHRI RAJESH J. DESAI 5 ASHOKNAGAR SOCIETY, RADHANPUR ROAD, MEHSANA. (RESPONDENT) I.T. A. NO. 1298 /AHD/2011 (ASSESSMENT YEA R: 2007-08) SHRI RAJESH J. DESAI 5 ASHOKNAGAR SOCIETY, RADHANPUR ROAD, MEHSANA. (APPELLANT) VS. JT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(3)(OSD), 3 RD FLOOR, AAYAKAR BHAVAN, ASHRAM ROAD, AHMEDABAD. (RESPONDENT) PAN: AAWPD 3248B ON BEHALF OF REVENUE : SHRI B.L. YADAV, SR. D.R. ON BEHALF OF THE ASSESSEE : SHRI S.N. DIVATIA. ( )/ ORDER DATE OF HEARING : 11- 09- 2012 DATE OF PRONOUNCEMENT : 30-11-2012 ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 2 PER: SHRI ANIL CHATURVEDI, A.M. THESE APPEALS ARISE AGAINST THE ORDER OF CIT (A)-I , AHMEDABAD DATED 14-2-2011 FOR THE ASSESSMENT YEAR 2007-08. BOTH REV ENUE AS WELL AS THE ASSESSEE HAVE FILED APPEAL BEFORE THE TRIBUNAL. SIN CE THE ISSUES INVOLVED IN BOTH THE APPEALS ARE IDENTICAL, THE SAME ARE DEC IDED BY THIS CONSOLIDATED ORDER FOR THE SAKE OF CONVENIENCE. 2. THE ASSESSEE IS AN INDIVIDUAL ENGAGED IN THE BUS INESS OF DEVELOPER, CONSTRUCTION AND FINANCE. THE ASSESSEE CARRIES ON T HE BUSINESS OF FINANCING IN THE NAME OF RAJIV ENTERPRISES AND THE OTHER ACTIVITIES ARE CARRIED OUT IN HIS PERSONAL NAME AND FOR WHICH HE M AINTAINS SEPARATE BOOKS OF ACCOUNTS. THE ASSESSEE FILED HIS RETURN O F INCOME ON 31-10-2007 DECLARING TOTAL INCOME AT RS.10,75,140/-.THE CASE W AS SELECTED FOR SCRUTINY. DURING THE COURSE OF ASSESSMENT PROCEEDIN GS ON PERUSING THE BALANCE SHEET OF RAJIV ENTERPRISES, THE A.O. OBSERV ED THAT ASSESSEE HAD TAKEN LOAN FROM JIVRAJ DESAI, RAJNI DESAI AND RAMES H DESAI AND ON WHICH INTEREST PAYABLE WAS OF RS.1,04,24,279/-. A.O. ALSO OBSERVED THAT IN THE TRADING ACCOUNT OF RAJIV ENTERPRISE THE ASSESSEE HA D CLAIMED PERSONAL LOAN INTEREST OF RS.744/-, BANK INTEREST OF RS.5,36,807/ -,INTEREST PAYABLE OF RS.3,37,334/- AND PARTNER INTEREST OF RS.32,72,252 /-.A.O. WAS OF THE VIEW THAT THE AFORESAID INTEREST EXPENSES HAVE NOT BEEN INCURRED FOR THE PURPOSE OF BUSINESS OF RAJIV ENTERPRISES. THE ASSESSEE WAS ISSUED A SHOW CAUSE NOTICE TO EXPLAIN AS TO WHY THE INTEREST EXPENSES O F RS.41,47,137/- (RS.744 + 5,36,807 + 3,37,334 + 32,72,252) NOT BE DISALLOW ED. THE SUBMISSIONS OF ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 3 THE ASSESSEE WAS NOT FOUND ACCEPTABLE BY THE A.O. F OR THE REASON THAT ACCORDING TO A.O. VARIOUS LOANS ON WHICH INTEREST W AS PAID BY ASSESSEE WAS NOT USED FOR THE PURPOSES OF BUSINESS. 3. A.O. ALSO OBSERVED FROM THE BALANCE SHEET OF SHR I RAJESH J. DESAI THAT INVESTMENTS OF LOANS AND ADVANCES REFLECTED IN THE BALANCE SHEET DID NOT RELATE TO THE BUSINESS OF THE ASSESSEE. HE FOUN D THAT THE MAJOR AMOUNT REFLECTED UNDER THE HEAD DEPOSITS AND ADVANCES WERE ADVANCE TO VARIOUS FIRMS AND COMPANIES AND THEREFORE WAS IN THE NATURE OF INVESTMENTS OR DEPOSITS. ALTHOUGH THE ASSESSEE HAD SHOWN INTEREST INCOME FROM SOME OF THE PARTIES TO WHOM THE ADVANCES WERE GIVEN, THE A. O. WAS OF THE VIEW THAT THE SAME CANNOT BE TERMED AS BUSINESS ACTIVITY AS T HE ASSESSEE WAS MAINTAINING SEPARATE BOOKS OF ACCOUNTS IN THE NAME OF RAJIV ENTERPRISES FOR THE PURPOSE OF BUSINESS. HE WAS OF THE VIEW TH AT THE LOAN FROM SARVODAYA COMMERCIAL CO-OP. BANK AND UNSECURED LOAN CONSISTING OF RS.6,88,18,945/- FROM RAJIV ENTERPRISES HAS NOT BEE N USED FOR THE PURPOSE OF THE BUSINESS OF THE ASSESSEE. HE THUS CONCLUDED THAT OUT OF TOTAL UNSECURED LOANS OF RS.9,62,30,001/- REFLECTED IN TH E BALANCE SHEET OF RAJIV ENTERPRISE, RS.6,88,18,945/- WAS DIVERTED TO SHRI R AJESH DESAI AS EVIDENT FROM HIS BALANCE SHEET AND THEREFORE THE SAME HAS B EEN NOT USED FOR THE PURPOSE OF BUSINESS OF RAJIV ENTERPRISES NOR FOR TH E PURPOSE OF RAJESH DESAI. SINCE THE TOTAL EXPENDITURE DEBITED IN THE P ROFIT AND LOSS WAS RS.1,04,24,279/- HE WORKED OUT THE PROPORTIONATE IN TEREST OF RS.74,54,390/- (RS.1,04,24,279 X 6,88,18,945/9,62,30,001) TO BE DI SALLOWED. THUS THE TOTAL CLAIM OF INTEREST EXPENDITURE OF RS.1,16,01,527/- ( RS.41,47,137 + 74,54,390) WAS DISALLOWED. AGGRIEVED BY THE ACTION OF THE A.O. THE ASSESSEE CARRIED THE MATTER BEFORE THE CIT (A). ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 4 4. BEFORE CIT (A), THE ASSESSEE SUBMITTED THAT THE A.O. HAS MADE THE ADDITIONS BY ASSUMING THAT THE BORROWED FUNDS HAVE NOT BEEN USED FOR THE PURPOSE OF BUSINESS. THE ASSESSEE SUBMITTED THAT TH E BUSINESS OF THE ASSESSEE IS MONEY LENDING WHICH HE HAS BEEN DOING S INCE LAST MANY YEARS AND IT HAS BEEN OFFERED TO TAX AS BUSINESS INCOME A ND HAS ALSO BEEN TAXED UNDER THE HEAD BUSINESS INCOME IN THE EARLIER YEARS . THE ASSESSEE FURTHER SUBMITTED THAT HE IS DOING MULTIPLE ACTIVITIES OF F INANCING, LAND DEALING AND HOTEL BUSINESS ETC. FOR THE CONVENIENCE PURPOSE DIF FERENT TRADING ACCOUNT WAS PREPARED BY HIM TO ARRIVE AT PROFIT AND LOSS IN DIFFERENT BUSINESSES & SUBSEQUENTLY A CONSOLIDATED STATEMENT HAS BEEN PREP ARED. THE ASSESSEE SUBMITTED THAT THE A.O. CONSIDERED THE BUSINESS OF RAJIV ENTERPRISE AS INDEPENDENT AND DISALLOWED EXCESS INTEREST EXPENDIT URE CONSIDERING THE SAME TO BE OF NON-BUSINESS IN NATURE. THE ASSESSEE SUBMITTED THAT IT HAS CHARGED INTEREST IN ALL THE ADVANCES GIVEN IN THE C OURSE OF BUSINESS. IT WAS FURTHER SUBMITTED THAT THE INVESTMENTS MADE IN STOC K IN TRADE AND ADVANCES GIVEN FOR LAND ARE CURRENT ASSETS ON WHICH NO INTER EST WAS RECOVERED OR CHARGED BUT THE PROFIT WAS OFFERED FOR TAX. THE LD. CIT(A) AFTER CONSIDERING THE SUBMISSIONS OF THE ASSESSEE AND RELYING ON THE DECISION IN THE CASE OF MUNJAL SALES CORPORATION VS. CIT 298 ITR 298 (SC), TORRENT FINANCIERS VS. ACIT 73 TTJ 624, CIT V/S. RADICO KHAITAN LTD., 142 TAXMAN 681 (ALH.HC) AND OTHER CASES GAVE PARTIAL RELIEF TO THE ASSESSE E BY HOLDING AS UNDER:- 5. IN THE LIGHT OF THE ABOVE, THE FACTS IN THE PRE SENT CASE ARE REQUIRED TO BE EXAMINED. THE APPELLANT IS DOING MUL TIPLE BUSINESS ACTIVITIES OF FINANCING, LAND DEALING AND HOTEL BUS INESS ETC. FOR CONVENIENCE PURPOSE, THE APPELLANT HAS PREPARED TWO BALANCE SHEETS. ONE BALANCE SHEET IS IN THE NAME OF SHRI RA JESHBHAI J. DESAI ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 5 AND ANOTHER BALANCE SHEET IS IN THE NAME OF M/S. RA JIV ENTERPRISES. THE APPELLANT HAPPENS TO BE PROPRIETOR OF M/S. RAJI V ENTERPRISES, WHICH IS ENGAGED IN THE BUSINESS OF FINANCING. IN T HE CONSOLIDATED BALANCE-SHEET AS ON 31-3-2007, THE PROPRIETORS CAP ITAL; ACCOUNT SHOWS A NEGATIVE BALANCE OF RS./5,67,70,387/-. HOWE VER, THE APPELLANT HAS GOT INTEREST FREE DEPOSITS OF RS.6.5 CRORES FOR OKAB/SARKHEJ LANDS. THE CONSOLIDATED BALANCE-SHEET SHOWS LOAN FROM SARVODAYA COMMERCIAL CO-OPERATIVE BANK AT RS.3 2,74,934/- AND UNSECURED LOANS OF RS.18,55,92,905/-.THE CONSOL IDATED BALANCE- SHEET FURTHER REVEALS INVESTMENTS OF RS.1,27,87,308 /- AND CURRENT ASSETS (CLOSING STOCK IN THE FORM, OF LAND) OFRS.4, 03,71,371/-. AS PER CONSOLIDATED BALANCE-SHEET, THE APPELLANT HAS ADVAN CED LOANS TO THE EXTENT OF RS.13,88,28,243/-. IN THE ASSESSMENT ORDE R, THE ASSESSING OFFICER HAS NOT PINPOINTED A SINGLE LOAN TRANSACTIO N ENTERED BY THE APPELLANT, WHEREIN INTEREST HAS NOT BEEN CHARGED. T HE INVESTMENT MADE IN THE LAND IS ALSO FOR THE PURPOSE OF BUSINE SS, AS THE APPELLANT IS ENGAGED IN THE SALE/PURCHASE OF LAND A ND SUCH TRANSACTIONS HAVE BEEN SHOWN AS BUSINESS TRANSACTIO NS. THE APPELLANT HAS GOT INTEREST FREE FUNDS OF RS.6.5 CRO RES, WHICH IS IN THE NATURE OF ADVANCED RECEIPT FOR LAND. IN BOTH THE AC COUNTS I.E. OF SHRI RAJESHBHAI J. DESAI AND OF M/S. RAJIV ENTERPRISE, T HE APPELLANT IN MAJORITY OF CASES, HAS PAID INTEREST @ 12% ON ITS B ORROWINGS. HOWEVER, AS REGARD TO THE INTEREST RECEIPT, THE APP ELLANT HAS RECEIVED INTEREST @ 12%, EXCEPT IN THE CASE OF M/S. RJD IMPE X PVT. LTD. (SISTER CONCERN), WHEREIN INTEREST HAS BEEN RECEIVE D @ 6%.THE APPELLANT IS ALSO PAYING NET INTEREST OF RS.32,72,2 52/- TO THE FIRMS, WHEREIN IT IS A PARTNER. THE DETAILS OF WHICH ARE A S UNDER:- TALLY OF PARTNERS INTEREST:- INTEREST PAYABLE. 1. HOTEL RANGOL. RS.15,80,326/- 2. RAJ CORPORATION RS.23,02,997/- --------------------- RS. 38,83,323/ - LESS: INTEREST RECEIVABLE (PARTNER) ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 6 1. RAJ ENTERPRISE. RS. 4,07,126/- 2. HOTEL RAJPATH RS. 1,52,600/- 3. RAJ DEVELOPERS RS. 51,345/- RS. 6,.11,071/- -------------------- NET INTEREST PAYABLE PARTNER RS .32,72,252/- 5.1. FROM THE AFOREMENTIONED DISCUSSION, IT IS APPA RENT THAT THE ASSESSING OFFICER HAS MISDIRECTED HIMSELF, WHILE DI SALLOWING THE INTEREST EXPENDITURE OF RS.1,16,01,527/-. THE ASSES SING OFFICER HAS FAILED TO TAKE COGNIZANCE OF FACT THAT M/S. RAJIV E NTERPRISES IS ALSO A PROPRIETORSHIP CONCERN OF THE APPELLANT, WHICH IS E NGAGED IN THE BUSINESS OF FINANCING. HOWEVER, AS DISCUSSED ABOVE, THE APPELLANT HAS CHARGED INTEREST @ 6% ONLY ON THE TOTAL AMOUNT OF RS.5,59,50,402/- WHICH IT HAS ADVANCED TO A SISTER CONCERN M/S. RJD IMPEX PVT. LTD. THE APPELLANT IS BORROWING IN MAJOR ITY OF CASES @ 12%.AS THE INTEREST BEARING FUNDS HAVE BEEN DIVERTE D TO A SISTER CONCERN AT THE LOWER RATE OF INTEREST I.E. 6%, THER EFORE, IT IS REASONABLE TO INFER SOME PART OF INTEREST PAID IS NOT FOR THE PURPOSE OF THE BUSINESS. ACCORDINGLY, THE TOTAL DISALLOWABLE INTER EST IS WORKED OUT AS UNDER:- RS.5,59,50,402/- @ 6% = RS. 33,57,024/- 5.2. IN VIEW OF ABOVE DISCUSSION, THE ASSESSING OFF ICER IS DIRECTED TO DISALLOW THE DEDUCTION OUT OF INTEREST EXPENDITURE OF RS.33,57,024, ALTHOUGH, FOR THE ALTOGETHER DIFFERENT REASONS. THE BALANCE ADDITIONS OF RS.82,44,503/- (RS.1,16,01,527 RS.33,57,024/-) IS DELETED. 5. AGGRIEVED BY THE ORDER OF CIT (A), BOTH ASSESSEE S AS WELL AS REVENUE ARE IN APPEAL BEFORE US. ASSESSEE IS AGGRIE VED BY THE ACTION OF THE CIT (A) IN UPHOLDING THE DISALLOWANCE TO THE EX TENT OF RS.33,57,024/- AND THE REVENUE IS AGGRIEVED BY THE RELIEF OF RS.82 ,44,503/- GRANTED BY CIT (A). ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 7 6. BEFORE US THE LD. A.R. SUBMITTED THAT CIT (A) RE STRICTED THE DISALLOWANCE TO RS.33,57,024/- FRO THE REASON THAT THE ASSESSEE HAS CHARGED INTEREST @ 6% ON THE AMOUNT OF RS.5,59,54,4 02/- WHICH IT HAD ADVANCED TO SISTER CONCERN (M/S. RJD IMPEX PVT. LTD .,) WHEREAS THE ASSESSEE WAS PAYING THE INTEREST @ 12% IN MAJORITY OF THE CASES. THE LD. A.R. SUBMITTED THAT THE CIT (A) HAS FAILED TO ESTAB LISH THE NEXUS BETWEEN THE BORROWINGS AT HIGHER RATE AND ADVANCES AT LOWER RATE TO M/S. RJD IMPEX PVT. LTD.. LD. A.R. SUBMITTED THAT THE A.O. H AS NOT ESTABLISHED THE NEXUS THAT THE FUNDS WHICH ASSESSEE HAD BORROWED AT 12% AND HAS ADVANCED THE SAME FUNDS AT 6% TO THE SISTER CONCERN . IT WAS FURTHER SUBMITTED THAT THE INTEREST PAYABLE AND RECEIVABLE ON LOANS AND ADVANCES WAS @ 12% EXCEPT FOR RJD IMPEX PVT. LTD. IT WAS SUB MITTED THAT THE BALANCE IN THE ACCOUNT OF RJD IMPEX PVT. LTD., WAS RS.5,,59,50,402/- AGAINST WHICH THE ASSESSEE WAS HAVING INTEREST FREE FUNDS OF RS.6,50,00,000/- BY WAY OF LOAN DEPOSITS AND RECEIP T OF RS.1,20,48,558/- IN THE ACCOUNT OF SHRI RAJESH DESAI. LD. A. R. PLACED ON PAGE 22 TO 37 OF THE PAPER BOOK THE LEDGER ACCOUNT OF RJD IMPEX PVT. LTD ., SARVODAYA COMMERCIAL CO-OP. BANK AND RAJ CORPORATION. THE LD. A.R. FURTHER SUBMITTED THAT IT HAD SUBMITTED THE DETAILS OF INTE REST PAYABLE AND INTEREST RECEIVED IN THE FORM OF ANNEXURE B A COPY OF WHICH WAS PLACED AT PAGE 16 OF THE PAPER BOOK. IT WAS SUBMITTED THAT THE AFORES AID ANNEXURE-B WAS ALSO SUBMITTED BEFORE THE CIT (A). FROM ANNEXURE D PLAC ED AT PAGE 16 OF PAPER BOOK HE POINTED OUT THAT DUE TO OVERSIGHT AND MISTAKE INTEREST RECEIVED FROM RAJ CORPORATION WAS STATED AT 6% WHER EAS IT SHOULD HAVE BEEN AT 12%. ON PAGE 18 OF THE PAPER BOOK HE PLACED ON RECORD A CHART SHOWING THE AVERAGE RATE OF INTEREST AND POINTED OU T THAT THE RATE OF INTEREST ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 8 PAID TO RAJ CORPORATION WAS @ 6% AND THE INTEREST R ECEIVED FROM M/S. RJD IMPEX PVT. LTD., WAS ALSO 6%. IT WAS THUS SUBMITTED THAT NO UNDUE ADVANTAGE HAS BEEN GIVEN TO THE SISTER CONCERN BY C HARGING LESSER RATE OF INTEREST. HE THEREFORE SUBMITTED THAT THE DISALLOWA NCE SUSTAINED BY THE CIT (A) BE DELETED. 7 ON THE OTHER HAND THE LD. D.R. RELIED ON THE ORDE R OF THE A.O. AND ALSO SUBMITTED THAT THE A.O. HAS GIVEN A FINDING TH AT LOANS WERE NOT USED FOR THE PURPOSE OF BUSINESS. HE THUS, RELIED ON THE ORDER OF THE A.O. AND URGED THAT THE ORDER OF THE A.O. BE UPHELD. 8. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND THAT THE CIT (A) HAS MAINLY SUSTAIN ED THE DISALLOWANCE TO THE EXTENT OF RS.33,57,024/- FOR THE REASON THAT TH E ASSESSEE HAD ADVANCED LOAN OF RS.5,59,50,402/- TO RJD IMPEX PVT. LTD. A SISTER CONCERN AT 6% WHEREAS THE BORROWINGS IN MAJORITY OF THE CAS ES WAS AT 12%. WE FIND THAT THE LD. A.R. HAS POINTED OUT THAT AT PAGE 16 O F THE PAPER BOOK (ANNEXURE D) WHICH WAS ALSO SUBMITTED BEFORE THE CI T (A), THAT THE RATE OF INTEREST WAS WRONGLY MENTIONED AS AT 6% INSTEAD OF 12%. THIS IN OUR VIEW IS A FACTUAL ASPECT WHICH NEEDS VERIFICATION AT THE END OF A.O. WE ARE THEREFORE OF THE VIEW THAT IN THE INTEREST OF JUSTI CE THE MATTER AS TO WHETHER THE INTEREST CHARGED TO RJD IMPEX PVT. LTD., WAS AT 6% OR 12% BE REMITTED BACK TO THE FILE OF A.O. FOR VERIFICATION. IF THE I NTEREST IS CHARGED AT 12% AS SUBMITTED BY LD. A.R. AND THE CONTENTION OF LD. A.R . IS FOUND TO BE CORRECT THEN IN THAT CASE THERE CANNOT BE A CASE OF PASSING OF UNDUE ADVANTAGE IN TERMS OF INTEREST TO SISTER CONCERN AND IF THAT BE SO, THE DISALLOWANCE MADE ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 9 BY CIT (A) WILL HAVE TO BE DELETED. WE ALSO DIRECT THE A.O. TO GIVE SUFFICIENT AND REASONABLE OPPORTUNITY OF HEARING AND PASS SPEA KING ORDER IN ACCORDANCE WITH DIRECTIONS GIVEN HEREINABOVE. FURTH ER WE FIND THAT CIT (A) HAS GIVEN A FINDING THAT RAJIV ENTERPRISE, A PROPRI ETORSHIP CONCERN OF ASSESSEE IS ENGAGED IN THE BUSINESS OF FINANCING, T HE ASSESSEE HAS RECEIVED INTEREST @ 12% IN MAJORITY OF CASES AND AL SO PAID INTEREST @ 12%. THESE FACTS COULD NOT BE CONTROVERTED BY REVENUE BY BRINGING ANY MATERIAL ON RECORD. IN VIEW OF THESE FACTS WE FIND NO REASON TO INTERFERE WITH THE ORDER OF CIT (A) WHEREBY HE HAS DELETED ADDITION MA DE BY A./O. AND HENCE DISMISS THE APPEAL OF THE REVENUE. 11. IN THE RESULT APPEAL OF THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSE WHEREAS THE APPEAL OF THE REVENUE IS DISMIS SED. ORDER PRONOUNCED IN OPEN COURT ON 30- 11- 2012. SD/- SD/- (G.C.GUPTA) (ANIL CHATURVEDI) VICE PRESIDENT ACCOUNTANT MEMBER AHMEDABAD. S.A.PATKI. COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) I, AHMEDABAD. 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AHMEDABAD ITA NO. 1166 & 1298/AHD/2011 . ASSESSMENT Y EAR 2007-08 . 10 1.DATE OF DICTATION 12 - 9 -2012 2.DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE TH E DICTATING 9, 19,20/ 11/ 2012 MEMBER.OTHER MEMBER. 3.DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. P.S./P.S 20 - 11 - 2012. 4.DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT - -2012 5.DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR .P.S./P.S - -2012 6.DATE ON WHICH THE FILE GOES TO THE BENCH CLERK - -2012. 7.DATE ON WHICH THE FILE GOES TO THE HEAD CLERK . 8.THE DATE ON WHICH THE FILE GOES TO THE ASSTT. REG ISTRAR FOR SIGNATURE ON THE ORDER 9.DATE OF DESPATCH OF THE ORDER