ACIT, Cir.-8, Pune V. Thermax Ltd., Pune

ITA 1291/PUN/2005

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 1140 (ITAT-PUNE)
• Duration Of Justice: 11 year(s) 3 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-08-2016
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 27-06-2016
• Assessment Year: 2001-2002
• Appeal Filed On: 19-05-2005
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S K RASTOGI
• Assessee Lawyers: H P MAHAJANI SHRI BHAVE
• Keywords: Bad and doubtful debts

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, PUN E , , !'!! # , $ % BEFORE SHRI R.K. PANDA, AM AND SHRI VIKAS AWASTHY, JM / ITA NO. 1247/PN/2005 $& ' !(' / ASSESSMENT YEAR : 2000-01 THERMAX LIMITED, THERMAX HOUSE, 4, BOMBAY-PUNE ROAD, SHIVAJINAGAR, PUNE-411005 PAN : AAACT3910D ....... / APPELLANT )& / V/S. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 8, AKURDI, PUNE / RESPONDENT / ITA NOS. 1290 & 1291/PN/2005 $& ' !(' / ASSESSMENT YEARS : 2000-01 & 2001-02 ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 8, PUNE ....... / APPELLANT )& / V/S. THERMAX LTD., 4, MUMBAI-PUNE ROAD, WAKDEWADI, PUNE-411005 PAN : AAACT3910D / RESPONDENT ASSESSEE BY : SHRI H.P. MAHAJANI, SHRI BHAVE REVENUE BY : SHRI S.K. RASTOGI / DATE OF HEARING : 27-06-2016 / DATE OF PRONOUNCEMENT : 29-08-2016 2 ITA NOS. 1247, 1290 & 1291/PN/2005 * / ORDER PER VIKAS AWASTHY, JM : THE APPEAL BY THE ASSESSEE IN ITA NO. 1247/PN/2005 AN D APPEALS BY THE REVENUE IN ITA NOS. 1290 & 1291/PN/2005 ARE IN SECOND ROUND BEFORE THE TRIBUNAL FOR THE LIMITED PURPOSE OF ADJUDICATING GROUND NO. 7 RAISED IN THE APPEAL BY THE ASS ESSEE FOR ASSESSMENT YEAR 2000-01 AND GROUND NO. 4.1 TO 4.5 IN TH E APPEAL BY THE REVENUE FOR ASSESSMENT YEAR 2000-01 RELATING TO LE ASE RENTAL INCOME. 2. THE GROUND NO. 7 RAISED BY THE ASSESSEE IN ITS APPEA L READS AS UNDER : 7. THE LEARNED CIT(A) ERRED IN CONFIRMING ADDITION OF RS.4,17,888/- AND RS.19,20,000/- TO THE INCOME OF THE APPELLANT I N RESPECT OF LEASE RENTAL INCOME REJECTING THE CONTENTION OF THE APPELLANT THAT SUCH INCOME HAD NOT ACCRUED TO THE APPELLANT EVEN U NDER THE MERCANTILE SYSTEM OF ACCOUNTING FOLLOWED BY THE APP ELLANT. 3. THE CORRESPONDING GROUND RAISED BY THE REVENUE IN IT S APPEAL FOR ASSESSMENT YEAR 2000-01 READS AS UNDER : 4.1 ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE, THE LD. CIT(A) ERRED IN HOLDING THAT THE A.O. SHALL GRANT DEDUCTIO N OF BAD DEBT OF RS.4,17,888 IN A.Y. 2001-02 IN REFERENCE TO MODI AL KALIES LTD. 4.2 THE CIT(A) OUGHT TO HAVE RESTRICTED HERSELF ON THE ISSUES RELEVANT FOR A.Y. 2000-01 ONLY AND OUGHT TO HAVE NOT CONSIDE RED AND DECIDED THE ISSUES PERTAINING TO OTHER YEAR WHICH W ERE NOT SUBJECT MATTER OF APPEAL. 4.3 ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE, THE LD. CIT(A) ERRED IN DELETING LEASE RENTAL INCOME OF RS.34,37,3 80/-. 3 ITA NOS. 1247, 1290 & 1291/PN/2005 4.4 ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE, THE LD. CIT(A) ERRED IN HOLDING THAT RESULTANT BAD DEBTS SHOULD BE ALLOWED IN A.Y. 2001-02 IN REFERENCE TO INERTIA INDUSTRIES. 4.5 THE CIT(A) OUGHT TO HAVE RESTRICTED HERSELF ON THE ISSUES RELEVANT FOR A.Y. 2000-01 ONLY AND OUGHT TO HAVE NOT CONSIDE RED AND DECIDED THE ISSUES PERTAINING TO OTHER YEAR WHICH W ERE NOT SUBJECT MATTER OF APPEAL. 4. THE REVENUE IN ITS APPEAL FOR ASSESSMENT YEAR 2001-0 2 HAS ALSO RAISED THE ISSUE RELATING TO DELETING OF LEASE RENTAL INCOME. THE SAME READS AS UNDER : 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE, THE LD. CIT(A) ERRED IN DELETING LEASE RENTAL INCOME OF RS.1,53,21 ,302/-. 5. THE AFORESAID APPEALS BY THE ASSESSEE AND THE REVEN UE WERE DECIDED BY THE TRIBUNAL ON 30-06-2015 INCLUDING THE GROUN DS MENTIONED ABOVE. THEREAFTER, THE ASSESSEE FILED MISCELLANEOU S APPLICATIONS TO RE-ADJUDICATE THE GROUND NO. 7 IN ITA NO. 1247/PN/2005 FILED BY THE ASSESSEE AND IN ITA NOS. 1290 & 1291/PN/2005 FILED BY THE REVENUE ON THE GROUND THAT T HE TRIBUNAL HAD NOT CONSIDERED THE DECISION OF HON'BLE SUPREME COURT OF INDIA RENDERED IN THE CASE OF COMMISSIONER OF INCOME TAX VS. M/ S. EXCEL INDUSTRIES LTD. IN CIVIL APPEAL NO. 125 OF 2013 DECIDED ON 0 8-10-2013, ALTHOUGH, THE SAME WAS REFERRED DURING THE COURSE OF MAK ING SUBMISSION. THE TRIBUNAL RECALLED THE ORDER DATED 30-06-2 015 FOR THE LIMITED PURPOSE OF ADJUDICATING GROUND NO. 7 IN ITA NO. 1247/PN/2005, GROUND NO. 4.1 TO 4.5 IN ITA NO. 1290/PN/20 05 AND GROUND NO. 2 IN ITA NO. 1291/PN/2005. SINCE, THE ISSUE INV OLVED IN 4 ITA NOS. 1247, 1290 & 1291/PN/2005 THE AFORESAID GROUNDS RAISED BY THE ASSESSEE AND THE R EVENUE IS SAME, ALL THE THREE APPEALS ARE TAKEN UP TOGETHER FOR ADJUDICATION. 6. THE FACTS RELATING TO THE GROUNDS RAISED IN THE APPEA LS ARE : THE ASSESSEE AMONGST OTHER BUSINESS IS ALSO ENGAGED IN THE BUSINESS OF GIVING ON LEASE ENGINEERING PRODUCTS MANUFACTURED BY IT. THE ASSESSEE ENTERED INTO LEASE AGREEMENT WITH CERTAIN PARTIES FOR LEAS ING OUT OF ITS PRODUCTS. DURING THE COURSE OF ASSESSMENT PROCEEDINGS FOR ASSESSMENT YEAR 2000-01, THE ASSESSING OFFICER OBSERVED THAT THE AS SESSEE HAS NOT SHOWN LEASE RENTALS FROM THE FOLLOWING PARTIES IN THE PROFIT AND LOSS ACCOUNT. S R . NO. NAME OF THE PARTIES AMOUNT 1 MODI ALKALIES LIMITED ` 4,17,888/ - 2 PARAS R AMPURIA INDUSTRIES LTD. ` 17,30,080/ - 3 PARAS R AMPURIA INTERNATIONAL LTD. ` 17,07,300/ - 4 INERTIA INDUSTRIES LIMITED ` 19,20,000/ - TOTAL ` 57,75,268/ - THE ASSESSING OFFICER BROUGHT TO TAX THE LEASE RENTAL INCO ME NOT ACCOUNTED BY THE ASSESSEE. THE ASSESSEE EXPLAINED THA T THE ASSESSEE HAS NOT RECEIVED LEASE RENTALS FROM THE AFORESAID COMPAN IES AS THEY WERE IN VERY BAD FINANCIAL CONDITION. IT WAS CONTENDED TH AT ABOVE MENTIONED COMPANIES WERE REFERRED TO BIFR ON ACCOUNT O F PRECARIOUS FINANCIAL CONDITION. SINCE, NO INCOME FROM LEASE HAS ACCRUED T O THE ASSESSEE, THEREFORE, IT HAS NOT BEEN SHOWN IN THE BOOKS OF ACCOUNT. T HE ASSESSING OFFICER REJECTED THE CONTENTION OF THE ASSESSEE AND BROUGHT TO TAX THE LEASE RENTAL INCOME NOT ACCOUNTED IN THE BOOKS . THE ASSESSING 5 ITA NOS. 1247, 1290 & 1291/PN/2005 OFFICER OBSERVED THAT THE RIGHT COURSE FOR ASSESSEE WAS TO OFFER THE INCOME FOR TAX AND CLAIM BAD DEBT IF THE LEASE RENTAL INCOME WAS NOT RECEIVED. IN FIRST APPEAL, THE COMMISSIONER OF INCOME TAX (A PPEALS) CONFIRMED THE ADDITION IN RESPECT OF MODI ALKALIES LIMITED ` 4,17,888/- AND INERTIA INDUSTRIES LIMITED ` 19,20,000/- IN ASSESSMENT YEAR 2000-01 AND DIRECTED THE ASSESSING OFFICER TO ALLOW DEDUCT ION OF AFORESAID AMOUNT IN SUCCEEDING ASSESSMENT YEAR I.E. ASSESS MENT YEAR 2001-02. AGAINST THE FINDINGS OF COMMISSIONER OF INCOME TA X (APPEALS), BOTH, THE ASSESSEE AND THE REVENUE ARE IN APPEAL. 7. SHRI H.P. MAHAJANI AND SHRI BHAVE APPEARING ON BEHALF OF THE ASSESSEE SUBMITTED THAT THE COMPANIES MODI ALKALIES LIMITED , PARASRAMPURIA INDUSTRIES LTD., PARASRAMPURIA INTERNATIONA L LTD. AND INERTIA INDUSTRIES LIMITED HAVE SUFFERED HUGE FINANCIAL LOSSES . THESE COMPANIES HAVE BEEN REFERRED TO BIFR. NO LEASE RENTAL INC OME COULD BE RECOVERED FROM THESE COMPANIES DURING THE PERIOD RELEVA NT TO THE ASSESSMENT YEAR 2000-01. IN THE PAST ALSO THE COMPA NIES HAVE DEFAULTED IN PAYMENT OF LEASE RENTALS. THE ASSESSEE WAS UNCERTAIN ABOUT RECEIPT OF LEASE RENTALS. THE LD. AR CONTENDED THA T SINCE NO INCOME ACCRUED TO THE ASSESSEE ON ACCOUNT OF LEASE REN T THEREFORE, THE QUESTION OF REFLECTING THE SAME IN THE BOOKS DOES NOT ARIS E. THE LD. AR OF THE ASSESSEE SUBMITTED THAT THE REAL INCOME THEORY H AS TO BE APPLIED IN THE FACTS OF THE PRESENT CASE. IN SUPPORT OF HIS SUBM ISSIONS THE LD. AR PLACED RELIANCE ON THE DECISION OF HON'BLE SUPREME COUR T OF INDIA IN THE CASE OF COMMISSIONER OF INCOME TAX VS. M/S. EXCEL IND USTRIES LTD. (SUPRA) AND THE DECISION OF HYDERABAD BENCH OF THE TRIBUNA L IN THE CASE OF M/S. MARUTI SECURITIES LTD. VS. ADDL. COMMISSIONER OF I NCOME TAX IN ITA NO. 468/HYD/2009 DECIDED ON 05-09-2014. 6 ITA NOS. 1247, 1290 & 1291/PN/2005 8. ON THE OTHER HAND SHRI S.K. RASTOGI REPRESENTING THE DEPARTMENT VEHEMENTLY SUPPORTED THE FINDINGS OF ASSESSING OFFICER. THE LD. DR SUBMITTED THAT THE COMMISSIONER OF INCOME TAX (APPEALS) HA S ERRED IN DELETING THE ADDITION IN RESPECT OF PARASRAMPURIA INDUSTRIE S LTD. AND PARASRAMPURIA INTERNATIONAL LTD. THE LD. DR CONTENDED TH AT THE COMMISSIONER OF INCOME TAX (APPEALS) HAS FURTHER ERRED IN CROSSING OVER FROM ONE ASSESSMENT YEAR TO ANOTHER ASSESSMENT YEAR. THE COMMISSIONER OF INCOME TAX (APPEALS) OUGHT TO HAVE RESTR ICTED THE ADDITION IN THE ASSESSMENT YEAR WHICH WAS BEFORE HIM WITHO UT GIVING ANY FURTHER DIRECTION TO THE ASSESSING OFFICER. THE LD. DR S UBMITTED THAT IT IS AN UNDISPUTED FACT THAT THE ASSESSEE HAS LEAS ED OUT ASSETS TO THE AFORESAID COMPANIES AND ASSESSEE HAS NOT RECEIVED LE ASE RENTALS. THE ASSESSEE SHOULD HAVE ACCOUNTED FOR THE LEASE RENTA LS IN THE BOOKS AND IN RESPECT OF UNRECOVERED LEASE RENTALS, THE ASSESSE E COULD HAVE CLAIMED BAD DEBT IN THE SUBSEQUENT ASSESSMENT YEARS. T HE ASSESSEE CANNOT STRAIGHT AWAY CLAIM THE AMOUNT OF UNRECOVERED LEA SE RENTAL AS BAD DEBT. THE LD. DR FURTHER SUBMITTED THAT THE PROPOSI TION OF REAL INCOME THEORY PUT FORTH BY LD. AR WOULD NOT APPLY IN THE FACTS AND CIRCUMSTANCES OF THE PRESENT CASE. 9. WE HAVE HEARD THE SUBMISSIONS MADE BY THE REPRESEN TATIVES OF RIVAL SIDES AND HAVE PERUSED THE ORDERS OF THE AUTHORITIE S BELOW. THE ONLY ISSUE BEFORE US FOR ADJUDICATION IS, WHETHER THE LEASE RENTAL INC OME NOT RECEIVED BY THE ASSESSEE IS LIABLE TO BE TAXED IN THE ASSESSMENT YEAR 2000-01 OR THE SAME SHOULD BE EXCLUDED FROM TOTAL INCOM E OF THE ASSESSEE ON THE BASIS OF REAL INCOME THEORY. THE LD. AR OF THE ASSESSEE HAS CONTENDED THAT THE LEASE RENTAL INCOME WHICH HAVE NOT BEEN RECEIVED ARE NOT LIABLE TO BE TAXED IN ASSESSMENT YEAR 2 000-01 AS THE 7 ITA NOS. 1247, 1290 & 1291/PN/2005 INCOME HAS NOT ACCRUED TO THE ASSESSEE. UNDISPUTEDLY , THE ASSESSEE IS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING. IT IS A WELL SETT LED LAW THAT ACCOUNTING STANDARDS DO NOT OVERRIDE PROVISIONS OF THE A CT. HOWEVER, THE LD. AR OF THE ASSESSEE HAS ASSERTED THAT THE INCOM E HAS BEEN RECOGNIZED BY THE ASSESSEE ON THE BASIS OF REAL INCOME T HEORY. RELIANCE HAS BEEN PLACED ON THE DECISION OF HON'BLE SUPREME COURT OF INDIA IN THE CASE OF COMMISSIONER OF INCOME TAX VS. M/S. EXCEL INDU STRIES LTD. (SUPRA). THE RELEVANT EXTRACT OF THE FINDINGS OF HON'BLE SUP REME COURT OF INDIA ARE REPRODUCED HERE-IN-UNDER : 27. APPLYING THE THREE TESTS LAID DOWN BY VARIOUS D ECISIONS OF THIS COURT, NAMELY, WHETHER THE INCOME ACCRUED TO THE AS SESSEE IS REAL OR HYPOTHETICAL; WHETHER THERE IS A CORRESPONDING LIAB ILITY OF THE OTHER PARTY TO PASS ON THE BENEFITS OF DUTY FREE IMPORT TO THE ASSESSEE EVEN WITHOUT ANY IMPORTS HAVING BEEN MADE; AND THE PROBABILITY O R IMPROBABILITY OF REALISATION OF THE BENEFITS BY THE ASSESSEE CONSIDE RED FROM A REALISTIC AND PRACTICAL POINT OF VIEW (THE ASSESSEE MAY NOT H AVE MADE IMPORTS), IT IS QUITE CLEAR THAT IN FACT NO REAL INCOME BUT ONLY HYPOTHETICAL INCOME HAD ACCRUED TO THE ASSESSEE AND SECTION 28(IV) OF THE A CT WOULD BE INAPPLICABLE TO THE FACTS AND CIRCUMSTANCES OF THE CASE. ESSENTIALLY, THE ASSESSING OFFICER IS REQUIRED TO BE PRAGMATIC AND N OT PEDANTIC. 10. WE ARE OF THE CONSIDERED VIEW THAT THIS ISSUE NEEDS A REVISIT TO THE FILE OF COMMISSIONER OF INCOME TAX (APPEALS). THE COMMISS IONER OF INCOME TAX (APPEALS) WHILE DEALING WITH THE ISSUE IN ASSESSME NT YEAR 2000-01 PARTLY DELETED THE ADDITION IN RESPECT OF PARAS RAMPURIA INDUSTRIES LTD. AND PARASRAMPURIA INTERNATIONAL LTD. BY FO LLOWING THE CONCEPT OF REAL INCOME AND UPHELD THE ADDITION IN RESPECT OF MODI ALKALIES LTD. AND INERTIA INDUSTRIES LTD. WHEREAS, ALL THE FOUR COMPAN IES ARE SIMILARLY PLACED. ACCORDINGLY, WE DEEM IT APPROPRIATE T O REMIT THIS ISSUE BACK TO THE FILE OF COMMISSIONER OF INCOME TAX (APPEAL S) FOR DECIDING THE ISSUE AFRESH, IN THE LIGHT OF DECISION RENDERED IN THE CASE OF 8 ITA NOS. 1247, 1290 & 1291/PN/2005 COMMISSIONER OF INCOME TAX VS. M/S. EXCEL INDUSTRIES LTD. (SUPRA). THE FINDINGS OF COMMISSIONER OF INCOME TAX (APPEALS) ON THI S ISSUE ARE SET ASIDE AND THE GROUND NO. 7 IN THE APPEAL OF THE ASSE SSEE AND GROUND NO. 4.1 TO 4.5 IN THE APPEAL OF THE REVENUE FOR AS SESSMENT YEAR 2000-01 ARE ALLOWED FOR STATISTICAL PURPOSE. 11. THE REVENUE IN ITS APPEAL IN ITA NO. 1291/PN/2005 FOR ASSESSMENT YEAR 2001-02 HAS ASSAILED THE ORDER OF COMM ISSIONER OF INCOME TAX (APPEALS) IN DELETING THE LEASE RENTAL INCOME OF ` 1,53,21,302/-. DURING THE PERIOD RELEVANT TO THE ASSESSME NT YEAR 2001-02, THE LEASE RENTAL INCOME RECEIVABLE BY THE ASSESS EE IS AS UNDER: SR. NO. NAME OF THE PARTIES AMOUNT 1 PA RASRAMPURIA INDUSTRIES LTD. ` 10,81,300/ - 2 PARASRAMPURIA INTERNATIONAL LTD. ` 17,07,300/ - 3 ARVIND MILLS I ` 16,06,203/ - 4 ARVIND MILLS II ` 55,37,139/ - 5 ARVIND MILLS III ` 53,89,360/ - TOTAL ` 1,53,21,302/ - 12. IN FIRST APPEAL, THE COMMISSIONER OF INCOME TAX (APPEALS ) DELETED THE ADDITIONS BY OBSERVING AS UNDER : I HAVE CONSIDERED THE FACTS OF THE CASE AND THE SU BMISSIONS MADE BY THE AR. ADMITTEDLY, THE LESSEE WAS IN FINANCIAL DIF FICULTIES AND HAD TO THEREFORE FORMULATE A RESTRUCTURING PLAN TO RESTRUC TURE ITS DEBTS TO MAKE THE COMPANY FINANCIALLY VIABLE. THE APPELLANT OPTE D PLAN B. UNDER THIS PLAN ONLY 45% OF THE PRINCIPAL AMOUNT DUE AS ON 31. 3.2000 WAS TO BE PAID TO THE APPELLANT IN FULL AND FINAL SETTLEMENT O F ALL EXISTING AND FUTURE CLAIMS. THE PLAN WAS ACCEPTED ILL MARCH 2001 AND TH E RESULTANT LOSS HAS 9 ITA NOS. 1247, 1290 & 1291/PN/2005 BEEN BOOKED AS BAD DEBTS AND ALSO ALLOWED BY THE AS SESSING OFFICER IN THE YEAR UNDER APPEAL. IN MY OPINION, IN THESE CIRCUMSTANCES THERE WAS NO JURISDICTION FOR BRINGING TO TAX INCOME OF RS.16,06,203/-, 55,37,139 AND 53,89,360 RELATING TO THE PERIOD AFTER 31.3.2000. AS A MATTE R OF FACT, THE RESTRUCTURING PLAN HAVING FROZEN THE DEBTS AT THE F IGURE AS ON 31.3.2000 AND HAVING DRASTICALLY REDUCED THE SAME, THERE WAS NO ACCRUAL OF INCOME FOR' THE PERIOD AFTER THAT. THE ADDITION MADE BY TH E AO IS ACCORDINGLY DELETED. THE AR SUBMITTED THAT IN THE APPEAL FOR AY 2000-01 LEASE RENT OF RS.4,17,888 IN RESPECT OF MODI ALKALIES LTD AND RS. 19,20,000 IN RESPECT OF INERTIA INDUSTRIES LTD WERE HELD TAXABLE IN AY 2000-01 WITH A RIDER THAT, IN VIEW OF THE ACCEPTED FACTUAL POSITION, THE APPELLANT SHOULD BE ALLOWED DEDUCTION FOR LIKE AMOUNTS AS BAD DEBTS IN THE YEAR UNDER APPEAL. THE ARS CONTENTION IS FOUND TO BE IN ORDER. IN VI EW OF THE FACTS STATED IN THE APPELLATE ORDER FOR AY 2000-1, THE AO SHALL ALL OW DEDUCTION AS BAD DEBTS FOR RS.4,17,888 IN RESPECT OF MODI ALKALIES A ND RS.19,20,000 IN RESPECT OF INERTIA INDUSTRIES LTD. 13. WE FIND THAT THE FACTS IN ASSESSMENT YEAR 2001-02 A RE IDENTICAL TO THE FACTS IN ASSESSMENT YEAR 2000-01. THE COMMISSIO NER OF INCOME TAX (APPEALS) WHILE DECIDING THE APPEAL OF THE ASSESSEE FOR A SSESSMENT YEAR 2000-01 DIRECTED THE ASSESSING OFFICER TO GRANT DED UCTION FOR ADDITIONAL AMOUNT OF BAD DEBTS IN RESPECT OF MODI ALKALIES LT D. AND INERTIA INDUSTRIES LTD. IN ASSESSMENT YEAR 2001-02. SINC E, WE HAVE REMITTED THIS ISSUE BACK TO THE FILE OF COMMISSIONER OF INCO ME TAX (APPEALS) IN ASSESSMENT YEAR 2000-01, WE DEEM IT APPROPRIA TE TO REMIT THE ISSUE RAISED BY THE REVENUE IN ITS APPEAL FOR ASSESSM ENT YEAR 2001-02 AS WELL TO COMMISSIONER OF INCOME TAX (APPEALS) FO R FRESH ADJUDICATION, IN ACCORDANCE WITH LAW. ACCORDINGLY, THE GROU ND NO. 2 10 ITA NOS. 1247, 1290 & 1291/PN/2005 RAISED IN ITA NO. 1291/PN/2005 FOR ASSESSMENT YEAR 2001 -02 IS ALLOWED FOR STATISTICAL PURPOSE. 14. IN THE RESULT, THE GROUND NO. 7 IN ITA NO. 1247/PN/ 2005 APPEAL BY THE ASSESSEE FOR ASSESSMENT YEAR 2000-01, GROUND N O. 4.1 TO 4.5 IN ITA NO. 1290 FOR ASSESSMENT YEAR 2000-01 AND GROUND N O. 2 IN ITA NO. 1291/PN/2005 FOR ASSESSMENT YEAR 2001-02 IN APPEALS BY THE REVENUE ARE ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED ON MONDAY, THE 29 TH DAY OF AUGUST, 2016. SD/- SD/- ( . . / R.K. PANDA) ( ! ' / VIKAS AWASTHY) #' / ACCOUNTANT MEMBER $ % #' / JUDICIAL MEMBER / PUNE; &# / DATED : 29 TH AUGUST, 2016 RK *+,$-.'/'(- / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. ' () / THE CIT(A)-III, PUNE 4. ' / THE CIT-V/IV, PUNE 5. !*+ %%,- , ,- , . /01 , / DR, ITAT, A BENCH, PUNE. 6. + 2 34 / GUARD FILE. // ! % // TRUE COPY// #5 / BY ORDER, %6 ,1 / PRIVATE SECRETARY, ,- , / ITAT, PUNE