ITO, Ward - 38(4), Kolkata, Kolkata V. Sandeep Kumar Parasrampuria, Kolkata

ITA 1362/KOL/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 48142 (ITAT-KOLKATA)
• Duration Of Justice: 10 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2011
• Appeal Filed By: Department
• Bench Allotted: A
• Next Hearing Date: 31-05-2011
• Assessment Year: 2003-2004
• Appeal Filed On: 01-07-2010
• Court: TRIBUNAL
• Department Lawyers: H N SINGH
• Assessee Lawyers: M D SHAH
• Keywords: Peak credit; Accommodation entries
• Section: 147; 144

Judgement Text

, A , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: KOL KATA () BEFORE , /AND , . . !' ) [BEFORE HONBLE SRI MAHAVIR SINGH, JM & HONBLE SHR I C. D. RAO, AM] # # # # / I.T.A NOS. 1362 TO 1365/KOL/2010 $% &' $% &' $% &' $% &'/ // / ASSESSMENT YEARS: 2003-04 TO 2006-07 INCOME-TAX OFFICER, WD-38(4), KOLKATA VS. SANDEEP KUMAR PARASRAMPURIA ()* /APPELLANT ) (+,)*/ RESPONDENT ) & # # # # / I.T.A NOS. 1201 TO 1204/KOL/2010 $% &' $% &' $% &' $% &'/ // / ASSESSMENT YEARS: 2003-04 TO 2006-07 SANDEEP KUMAR PARASRAMPURIA VS. INCOME-TAX OFFICE R, WD-38(4), KOLKATA (PAN AFPPP 6503 F) ()* /APPELLANT ) (+,)*/ RESPONDENT ) FOR THE REVENUE: SHRI H. N. SINGH FOR THE ASSESSEE: SHRI M. D. SHAH !- / ORDER PER BENCH: ALL THESE CROSS APPEALS, BY REVENUE AND ASSESSEE, A RE ARISING OUT OF THE ORDERS OF CIT(A)-XXIV, KOLKATA IN APPEAL NOS. 565 TO 568/CIT( A)-XXIV/38(4)/08-09 DATED 2.3.2010 RESPECTIVELY. ASSESSMENTS WERE FRAMED BY ITO, WD-38 (4), KOLKATA FOR ASSESSMENT YEARS 2003-04 TO 2006-07 U/S. 147/143(3)/144 OF THE INCOM E TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) VIDE HIS ORDERS OF EVEN DATE 29.12.2008. 2. THE ONLY COMMON ISSUE IN THESE CROSS APPEALS OF THE ASSESSEE AND REVENUE IS THAT CIT(A) HAS ERRED IN DIRECTING THE ASSESSING OFFICER TO TAKE 1% OF PEAK OF CASH DEPOSIT OF UNDISCLOSED AMOUNTS IN BANK ACCOUNT AS INCOME. THE REVENUES APPEAL IS THAT PEAK OF THE ENTIRE DEPOSIT AMOUNT SHOULD HAVE BEEN ASSESSED AS INCOME WHEREAS THE ASSESSEES PLEA IS THAT 1% ESTIMATED BY CIT(A) IS HIGHER AND IT SHOULD HAVE BE EN REASONABLY BE ESTIMATED AT 0.10%. FOR THE SAKE OF CONVENIENCE AND BREVITY, WE REPRODUCE T HE GROUNDS RAISED BY THE ASSESSEE AND REVENUE IN ASSESSMENT YEAR 2003-04 I.E. THE FIRST A SSESSMENT YEAR: A.Y 2003-04(REVENUES APPEAL) 1. THE LD. CIT(A) HAS ERRED IN LAW AS WELL AS IN FA CT IN GIVING RELIEF OF RS.80,61,171/- TO THE ASSESSEE BY DIRECTING TO TAKE 1% OF THE CASH DE POSIT IN UNDISCLOSED BANK ACCOUNT AS INCOME, THOUGH THE ASSESSEE FAILED TO DISCHARGE HIS ONUS IN PROVIDING THE BASIC INFORMATION SUCH AS IDENTITY AND FAILED TO PROVE TH E GENUINENESS REGARDING THE DEPOSITS MADE IN THE UNDISCLOSED BANK ACCOUNT. 2 ITA 1362-1365 & 1201-1204/K/2010 SANDEEP KUMAR PARASRAMPURIA , A.Y.03-04 06-07 A.Y. 2003-04 (ASSESSEES APPEAL) 1. FOR THAT THE LD. CIT(A) ERRED IN ESTIMATING THE INCOME FROM PROVIDING ACCOMMODATION ENTRY @ 1% OF THE TOTAL DEPOSITS. SUCH ESTIMATES A RE NOT BASED ON ANY MATERIALS AND THUS THE ESTIMATE BE DELETED. 2. FOR THAT THE LD. CIT(A) ERRED IN ESTIMATING THE INCOME FROM PROVIDING ACCOMMODATION ENTRY @ 1% OF THE TOTAL DEPOSITS. SUCH ESTIMATES A RE EXCESSIVE AND BE REDUCED TO A REASONABLE ESTIMATE OF 0.10% OF THE TOTAL DEPOSIT. 3. THE FACTS AND CIRCUMSTANCES IN ALL ASSESSMENT YE ARS ARE IDENTICAL HENCE; WE WILL DISCUSS THE ISSUE FROM THE FACTS OF ASSESSMENT YEAR 2003-04 . THE BRIEF FACTS ARE THAT FOR ASSESSMENT YEAR 2003-04 THE ASSESSEE FILED HIS ORIGINAL RETURN OF INCOME ON 17.2.2004 DECLARING TOTAL INCOME AT RS.30,620/-. SUBSEQUENTLY, ASSESSING OFF ICER NOTICED THAT THE ASSESSEE WAS MAINTAINING A BANK ACCOUNT I.E. CURRENT ACCOUNT NO. 3101115000012407 WITH KARUR VYSYA BANK, BURRABAZAR BRANCH, KOLKATA IN THE NAME OF SHR EE BAL GOPAL ENTERPRISES, WHOSE PROPRIETOR IS ASSESSEE, WHICH IS NOT DISCLOSED TO R EVENUE AND IN WHICH HUGE TRANSACTIONS WERE MADE BY THE ASSESSEE. THE ASSESSING OFFICER, AFTER WORKING OUT PEAK OF UNDISCLOSED DEPOSITS MADE IN THE BANK ACCOUNT FOR ALL THE YEARS, MADE AD DITION AS UNDER: ASSESSMENT YEAR ADDITION INCOME AS PER RETURN (RS.) 2003-04 2004-05 2005-06 2006-07 3946386 3358019 4508775 1083184 30620 49450 93740 98290 AGGRIEVED, ASSESSEE PREFERRED APPEAL BEFORE CIT(A). 4. THE CIT(A) WORKED OUT THE HIGHEST PEAK AT RS.31, 40,215/- AS AGAINST PEAK WORKED OUT BY THE ASSESSING OFFICER AT RS.39,46,286/-. FOR TH IS, THE CIT(A) HAS CONSIDERED THE FOLLOWING FACTS 3.6. FROM THE ABOVE SUBMISSION IT IS SEEN THAT AT ONE POINT OF TIME THE APPELLANT HAS CLAIMED THAT THE TRANSACTIONS IN THE BANK ACCOUNT W ERE ONLY RELATED TO INVESTMENT ACTIVITY AND IN THE OTHER SUBMISSION IT IS CLAIMED THAT IT REPRESENTED BOTH INVESTMENT AND TRADING ACTIVITY. BOTH THE ABOVE STATEMENTS HAV E ALSO NOT BEEN SUBSTANTIATED BY ANY DOCUMENTARY EVIDENCES. NO BOOKS OF ACCOUNTS HAV E BEEN PRODUCED THOUGH AS PER STATEMENT OF FACTS FILED THE STAND OF THE APPELLANT WAS THAT DURING THE COURSE OF ASSESSMENT PROCEEDINGS THESE COULD NOT BE PRODUCED BECAUSE THE ACCOUNTANT HAD LEFT AND SO THERE WAS NO SUFFICIENT TIME AVAILABLE WHILE AS PER SUBMISSIONS FILED DURING THE COURSE OF APPELLATE PROCEEDINGS IT HAS BEEN STATED THAT BECAUSE OF DIFFERENCES WITH THE ACCOUNTANT THE ACCOUNTANT DID NOT MAKE COMPLIANCES BEFORE THE AO AND DID NOT HANDOVER THE DOCUMENTS AND SO NO BOOKS COULD BE PRO DUCED AT THE APPELLATE STAGE. THE ABOVE SUBMISSIONS OF THE APPELLANT THUS SHOW TH AT AT EACH STAGE THE APPELLANT HAS TAKEN DIFFERENT STAND TO AVOID PRODUCING DOCUMENTS/ BOOKS OF ACCOUNTS IN SPITE OF THE SEVERAL OPPORTUNITIES PROVIDED DURING THE ASSESSMEN T AND THE APPELLATE STAGE. IT IS ALSO DIFFICULT TO ACCEPT THE PROPOSITION THAT WITHO UT THE KNOWLEDGE OF THE APPELLANT THE ACCOUNTANT MADE ALL THE TRANSACTIONS AND THAT THE A CCOUNTANT MADE ARRANGEMENTS FOR THE FUND FLOW FOR THE INVESTMENTS. THE ABOVE CONTEN TIONS OF THE APPELLANT ARE THEREFORE LIABLE TO BE REJECTED AND THE ACTION OF THE AO IN M AKING AN ASSESSMENT OF INCOME 3 ITA 1362-1365 & 1201-1204/K/2010 SANDEEP KUMAR PARASRAMPURIA , A.Y.03-04 06-07 UNDER SECTION 144 READ WITH SECTION 147 OF THE ACT IS HELD TO BE IN ACCORDANCE WITH LAW AND IS HENCE UPHELD IN APPEAL. 3.7. THE APPELLANT HAS TAKEN THE PLEA THAT THE CRE DITS AND DEBITS REPRESENT THE SALE AND PURCHASE OF SHARES AND OTHER ITEMS IN WHICH THE ASS ESSEE IS A TRADER AND HENCE THE INCOME SHOULD BE ASSESSED AT REASONABLE PROFIT PERC ENTAGE ON THE TURNOVER AS REFLECTED IN THE BANK STATEMENT. THIS CONTENTION OF THE APPELLANT IS ALSO NOT SUPPORTED BY ANY MATERIAL BROUGHT ON RECORD BY THE APPELLANT SUCH AS PURCHASE/SALE BILLS ETC. AT THIS JUNCTURE IT WOULD BE RELEVANT TO NOTE THAT AS PER THE ACCOUNT OPENING FORM OBTAINED FROM THE BANK THE SAID ACCOUNT WAS OPENED IN THE NAME OF SHREE BAL GOPAL ENTERPRISES OF WHICH THE APPELLANT WAS THE PROPRIET OR. THE BUSINESS OF THE SAID CONCERN WAS STATED TO BE IRON & STEEL MERCHANT AND THE APPELLANT WAS STATED TO BE A RESELLER AS PER THE COPY OF SALES TAX REGISTRATION ENCLOSED WITH THE ACCOUNT OPENING FORM. IT IS ALSO TO BE NOTED THAT THE SAID ACCOUNT HAD COME TO LIGHT WHEN DURING THE COURSE OF ASSESSMENT PROCEEDINGS IN THE CASE OF M/S . BISSESWARLAL MANNALAL & SONS THE DCIT CCI FOUND THAT M/S BISSESWARLAL MANNALAL & SONS HAD BOOKED LONG TERM CAPITAL GAIN ON SALE OF SHARES OF GAUTAM RESOURCES LTD. AND THE SHARE TRANSACTION HAD TAKEN PLACE THROUGH THE BANK ACCOUNT OF THE APP ELLANT. ALTHOUGH THE APPELLANT WAS A RESELLER OF IRON & STEEL THE ACCOUNT WAS REFL ECTING TRANSACTION RELATED TO SHARES. THE APPELLANT HAS ALSO ADMITTED THAT THIS ACCOUNT W AS USED FOR INVESTMENT RELATED TRANSACTION AND HAS ALSO IN HIS STATEMENT OF FACTS MADE A PASSING REFERENCE THAT SUCH TRANSACTIONS WERE NOT FROM HIS OWN FUNDS. AS PER TH E RETURN OF INCOME FILED FOR THE YEAR UNDER CONSIDERATION IT IS SEEN THAT THE APPELL ANT HAS NOT SHOWN ANY INCOME FROM SALE OF IRON AND STEEL OR ANY PROFIT/LOSS ON SHARE TRADING. THE APPELLANT HAD ONLY INCOME FROM INTEREST AND DIVIDEND AND AS PER THE BA LANCE SHEET THE TOTAL ASSETS WERE RS.5,55,148/- WHICH INCLUDED INVESTMENT IN SHARES O F RS. 18,176/- ONLY AND HIS CAPITAL AT THE BEGINNING OF THE YEAR WAS ONLY RS.3,84,305/- . THIS MAY BE CONTRASTED WITH THE DEPOSITS AND WITHDRAWALS IN THE BANK ACCOUNT WITH T HE KARUR VYSYA BANK WHICH ARE RS.31,40,21,466/- AND RS.23,77,74,198/- RESPECTIVEL Y. IT IS ALSO TO BE NOTED THAT ALMOST 99% OF THE DEPOSITS AND WITHDRAWALS ARE IN ROUND FI GURES. THE DEPOSITS AND WITHDRAWALS ARE NOT IN CASH BUT BY CHEQUE OR BY TRA NSFER ENTRIES INTO/OR FROM OTHER ACCOUNTS WITH THE SAME BANK. ALL THE ABOVE FACTS AND THE APPELLANTS CONTINUED A ND STUDIED SILENCE ON THE ISSUE AND LACK OF COOPERATION IN PRODUCING THE DOCUMENTARY EV IDENCES IN SUPPORT OF ITS CLAIM AND THE REFERENCE TO THE FACT THAT THE INVESTMENT A CTIVITY TRANSACTED WAS NOT OUT OF HIS OWN FUNDS LEADS TO THE ONLY LOGICAL CONCLUSION THA T THE APPELLANT WAS MERELY ACTING AS A CONDUIT FOR PROVIDING ACCOMMODATION ENTRIES AFTER CHARGING CERTAIN COMMISSION. AS PER PREVALENT PRACTICE SUCH COMMISSION IS AROUND 1% AND MAY VARY. 3.8. IN HIS SUBMISSION THE APPELLANT HAS CONTENDED THAT THE PEAK WORKING BY THE AO IS NOT PROPER AND HAS SUBMITTED A WORKING OF PEAK ACCO RDING TO WHICH THE PEAK FOR THE YEAR IS RS.3,O9,O24/- AND HAS ALSO CONTENDED THAT A O WHILE WORKING OUT THE PEAK HAS NOT GIVEN ANY CREDIT FOR THE OPENING BALANCE OF RS. 4,95,481/- AND THE INCOME OF THE YEAR OF RS.30,620/-. THE ABOVE CONTENTION OF THE APPELLANT IS LIABLE TO BE REJECTED TO THE EXTENT OF THE DECLARED INCOME OF THE YEAR OF RS.30,620/- AS THE S AID INCOME WAS, THE DECLARED INCOME OF THE APPELLANT OUT OF DECLARED TRANSACTION S AND THE PEAK AMOUNT WHICH HAS BEEN ADDED TO THE TOTAL INCOME IS ON ACCOUNT OF THE PEAK BALANCE IN THE UNDECLARED BANK ACCOUNT. NO, NEXUS HAS BEEN ESTABLISHED BY THE APPELLANT TO SHOW THAT FUNDS OUT OF HIS DECLARED TRANSACTIONS WERE ROUTED THROUGH TH IS UNDECLARED BANK ACCOUNT OR THAT ANY PART OF THE INCOME OF RS.30,620/- WAS PART OF T HE PEAK DEPOSIT IN THE SAID ACCOUNT. HOWEVER, AS REGARDS THE OPENING BALANCE OF RS.4,95, 481/- THE CONTENTION OF THE APPELLANT IS FOUND TO BE ACCEPTABLE AS THE SAID BA LANCE IS THE BALANCE AS ON 31.03.02 BROUGHT FORWARD ON 01.04.2002 IN THE SAME BANK ACCO UNT OF WHICH THE PEAK BALANCE OF RS.39,46,386/- WAS TREATED AS UNDISCLOSED INCOME OF THE APPELLANT. AS THE AMOUNT 4 ITA 1362-1365 & 1201-1204/K/2010 SANDEEP KUMAR PARASRAMPURIA , A.Y.03-04 06-07 OF RS.39,46,386/- REPRESENTS THE MAXIMUM BALANCE I N THE ACCOUNT NUMBER 3453 WITH THE KARUR VYSYA BANK IT WOULD ALSO INCLUDE THE CARR Y FORWARD BALANCE OF THE PRECEDING YEAR. THE AMOUNT OF RS.4,95,481/- WHICH I S THE AMOUNT PERTAINING TO THE EARLIER YEAR THEREFORE CANNOT BE STATED TO BE THE R ESULT OF THE INCOME OF THE YEAR UNDER CONSIDERATION. IN VIEW OF THE ABOVE THE APPELLANT I S ENTITLED TO CREDIT OF SAID AMOUNT. HOWEVER IT IS TO BE NOTED THAT THE DEPOSITS AND WIT HDRAWALS IN THE ACCOUNT ARE BY CHEQUE AND NO DIRECT ONE TO ONE NEXUS CAN BE ESTABL ISHED. THE AO HAS TAKEN THE MAXIMUM BALANCE ON A PARTICULAR DATE TO REPRESENT T HE PEAK AND THE APPELLANT HAS TAKEN THE DAILY DEPOSITS AND WITHDRAWALS IN THE ACC OUNT AND WORKED OUT THE PEAK ACCORDINGLY. AS HAS ALREADY BEEN DISCUSSED IN PARA 3.7 THE APPELLANT HAS MERELY ACTED AS A CONDUIT AND ONLY PROVIDED, ACCOMMODATION ENTRI ES FOR EARNING COMMISSION. THE ACCOUNT SHOWS REGULAR DEPOSITS AND WITHDRAWALS AND THERE IS NOTHING ON RECORD TO SHOW THAT THESE WITHDRAWALS WERE UTILIZED BY THE AP PELLANT FOR ANY EXPENSES OR INVESTMENTS. ACCORDINGLY, IT WOULD BE LOGICAL TO HO LD THAT THE WITHDRAWALS WERE MERELY ROUTED BACK INTO THE BANK ACCOUNT. IN VIEW OF THE A BOVE DUE CREDIT WILL HAVE TO BE GIVEN FOR ROTATION OF SUCH FUNDS AND THE PEAK AMOUN T INTRODUCED IN THE BANK ACCOUNT ON THE BASIS OF PEAK CREDIT WORKED OUT BY THE APPEL LANT CAN BE TAKEN TO REPRESENT THE INCOME OF THE APPELLANT. AS HAS ALSO BEEN MENTIONED IN PARA 3.7 THAT THE APPELLANT WAS EARNING COMMISSION ON SUCH ACCOMMODATION ENTRIE S PROVIDED AND SUCH COMMISSION INCOME WOULD ALSO BE FORMING PART OF THE DEPOSITS IN THE SAID BANK ACCOUNT. THEREFORE, THE PEAK CREDIT AND THE COMMISS ION INCOME CAN BE CONSIDERED FOR TELESCOPING/SETTING OFF AS THERE IS GREAT PROXIMITY BETWEEN THE COMMISSION INCOMES EARNED ON THE TRANSACTIONS REFLECTED IN THE BANK AC COUNT AND THE PEAK CREDIT IN THE BANK ACCOUNT. IN VIEW OF THE ABOVE DISCUSSION AND THE APPELLANTS PLEA THAT A SUITABLE PROFIT PERCENTAGE SHOULD HAVE BEEN ESTIMATED ON THE TURNOV ER AS REFLECTED IN THE BANK ACCOUNT IT WOULD BE SUITABLE TO ASSESS THE COMMISSI ON @ 1% ON THE TOTAL DEPOSITS OF RS.31,40,21,466/- IN THE ACCOUNT FOR THE YEAR UNDER CONSIDERATION. THIS WOULD LEAD TO THE ADDITION OF RS.31,40,215/-. AS THIS AMOUNT IS GREATER THAN THE PEAK WORKED OUT BY THE APPELLANT THEREFORE NO SEPARATE ADDITION ON ACC OUNT OF PEAK CREDIT IS CALLED FOR. IN VIEW OF THE ABOVE THE ADDITION OF RS.39,46,386/- IS THEREFORE DIRECTED TO BE REDUCED TO RS.31,40,215/-. THIS GROUND OF THE APPELLANT IS TH EREFORE PARTLY ALLOWED. THE APPELLANT GETS RELIEF OF RS.8,06,171/-. 5. SIMILARLY, THE CIT(A) IN OTHER YEARS AFTER ALLOW ING AMOUNT OF PEAK CREDIT TO BE CARRIED FORWARD FROM AY 2003-04 ESTIMATED THE COMMISSION AT 1% AND THE EFFECT OF CIT(A)S ORDER IS AS UNDER: AY AMOUNT (RS.) FOR 1% COMMISSION (1) AMOUNT FOR PEAK CREDIT (2) TOTAL 3 (1+2) 2003-04 2004-05 2005-06 2006-07 31,40,215 11,28,738 17,17,861 1,01,751 NIL NIL NIL NIL TOTAL 31,40,215 11,28,738 17,17,861 1,01,751 60,88,565 BUT THE ASSESSEE CONTENDED THAT THE PEAK CREDIT IN THE FIRST YEAR WORKED OUT, AS PER THE WORKING OF THE ASSESSEE AT RS.34,50,905/- AND IF IT IS HEL D TO BE CONDUIT THEN AMOUNT DEPOSITED CANNOT BE ASSESSED AS HIS INCOME AND ADDITION ONLY TO BE R ESTRICTED QUA COMMISSION, WHICH HAS ASSESSED AT 1%. THE LD. COUNSEL FOR THE ASSESSEE S TATED THAT A REASONABLE ESTIMATE OF 5 ITA 1362-1365 & 1201-1204/K/2010 SANDEEP KUMAR PARASRAMPURIA , A.Y.03-04 06-07 COMMISSION AT 0.10% BE MADE. THE LD. COUNSEL FILED PEAK CREDIT ADDITION AS WORKED OUT BY ASSESSEE AS UNDER: PEAK CREDIT ADDITION AS PER ASSESSEE: AY DATE AMOUNT (RS.) OPENING BALANCE OR HIGHEST BALANCE PEAK 2003-04 2004-05 2005-06 2006-07 25/09/2002 12/03/2004 30/03/2005 30/3/2005 39,46,386 23,58,019 45,08,775 10,83,184 4,95,481 39,46,386 39,46,386 45,08,775 TOTAL 34,50,905 NIL 5,62,389 NIL 40,13,294 ON THE OTHER HAND, THE LD. SR. DR HEAVILY RELIED ON THE ASSESSMENT ORDER AND URGED THE BENCH TO UPHOLD THE PEAK ADDITION IN ALL THE ASSESSMENT Y EARS. 6. WE FIND THAT THE ASSESSEE HIMSELF HAS WORKED OUT THE PEAK IN AY 2003-04 AT RS.34,50,905/-, AND FOR THIS REASON AND FIRST OF AL L, WE DIRECT THE AO TO ADOPT THE PEAK IN AY 2003-04 AT RS.34,50,905/-. APART FROM THIS, AS THE REVENUE COULD NOT CONTROVERT THE FINDINGS OF THE CIT(A) FOR ADOPTING PEAK CREDIT IN THE FIRST YE AR AT RS.31,40,215/- (NOW IT WILL BE SUBSTITUTED WITH THE PEAK WORKING OF THE ASSESSEE A T RS.34,50,905/-) AND SUBSEQUENTLY ADOPTING COMMISSION AT 1% THEREBY ASSESSING THE INCOME AS NA RRATED ABOVE IN CHART AT PAGE 4 OF THIS ORDER, WE COULD NOT FIND ANY REASON TO DISTURB THE FINDINGS OF THE CIT(A). EVEN THE ASSESSEES COUNSEL HAS NOT GIVEN ANY INSTANCE WHY LESS THAN 1% OF COMMISSION IS TO BE ADOPTED AND THERE IS NO EVIDENCE WITH THE ASSESSEE THAT IT HAS EARNED ONLY 0.10% OF COMMISSION ON THE ABOVE TRANSACTION, WE CONFIRM THE ORDER OF CIT(A) IN ALL THESE YEARS EXCEPT IN AY 2003-04. AO IS DIRECTED TO RECOMPUTE THE INCOME IN VIEW OF THE ABO VE DISCUSSION. 7. IN THE RESULT, THE APPEAL OF THE REVENUE IN ITA NO.1362/K/2010 IS PARTLY ALLOWED AND IN ITA NOS.1363 TO 1365/K/2010 ARE DISMISSED. THE ASS ESSEES APPEAL IN ITA NOS. 1201 TO 1204/K/2010 ARE ALSO DISMISSED. 8. ORDER PRONOUNCED IN OPEN COURT. SD/- SD/- . . !' , (C. D. RAO) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER ( ' ' ' ') )) ) DATED 31 ST DAY OF MAY, 2011 ./ $01 2 JD.(SR.P.S.) 6 ITA 1362-1365 & 1201-1204/K/2010 SANDEEP KUMAR PARASRAMPURIA , A.Y.03-04 06-07 !- 3 +4 5!4&6- COPY OF THE ORDER FORWARDED TO: 1 . )* / APPELLANT ITO, WARD-38(4), KOLKATA. 2 +,)* / RESPONDENT, SRI SANDEEP KUMAR PARASRAMPURIA, 68A, NIMTALA GHAT STREET, KOLKATA-700 006. 3 . -$ ( )/ THE CIT(A), KOLKATA 4. -$ / CIT, KOLKATA 5 . => +$ / DR, KOLKATA BENCHES, KOLKATA ,4 +/ TRUE COPY, !-$?/ BY ORDER, 1 /ASSTT. REGISTRAR .