Adhita Realty Pvt. Ltd., Pune V. Income-tax Officer,

ITA 1587/PUN/2015

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9501 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 1 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-01-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 10-01-2018
• Assessment Year: 2011-2012
• Appeal Filed On: 04-12-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: MUKESH JHA J
• Keywords: Business expenditure; Onus to prove

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE . , , BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM . / ITA NO.1587/PUN/2015 / ASSESSMENT YEAR : 2011-12 ADHITA REALITY PVT. LTD., 2, ABIL HOUSE, RANGE HILL CORNER, GANESHKHIND ROAD, PUNE 411 007 PAN : AAHCA7333C . /APPELLANT VS. ITO, WARD-1(1), PUNE . / RESPONDENT / APPELLANT BY : SHRI NIKHIL PATHAK / RESPONDENT BY : SHRI MUKESH JHA, JCIT-DR / DATE OF HEARING : 10.01.2018 / DATE OF PRONOUNCEMENT: 17.01.2018 / ORDER PER D. KARUNAKARA RAO, AM : THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A)-I, PUNE DATED 07-09-2015 FOR THE ASSESSMENT YEAR 2011-12. 2. BEFORE US, LD. AR FOR THE ASSESSEE SUBMITTED THAT GRO UND NO.1 CONSTITUTES SUBSTANTIVE GROUND. GROUND NOS. 2 TO 6 MER ELY SUPPORT THE GROUND NO.1 BY WAY OF ARGUMENTS. THEREFORE, GROUND NO.1 BEING SUBSTANTIVE IN NATURE, WHICH RELATES TO THE DISALLOWANCE OF INTEREST CLAIM, IS EXTRACTED HERE AS UNDER : 1. THE LD.CIT(A) ERRED IN CONFIRMING THE DISALLOWA NCE OF INTEREST OF RS.1,55,65,609/- U/S.36(1)(III) ON THE GROUND THAT THE LOAN ON WHICH THE INTEREST WAS PAID WAS UTILIZED FOR NON BUSINESS PUR POSES. ITA NO.1587/PUN/2015 ADHITA REALITY PVT. LTD., 2 3. BRIEFLY STATED RELEVANT FACTS ARE THAT THE ASSESSEE ENTERED INTO AN MOU WITH VISHWAROOP INFOTECH PVT. LTD. DATED 16-09-201 0 FOR PURCHASE OF LAND. ACCORDING TO WHICH ASSESSEE WAS TO BUY LAND AD MEASURING 56870 SQ.MTRS ALONG WITH FACTORY SHED AND DWELLING PLACES S TANDING THEREON LOCATED AT DHANORI, HAVELI TALUK, PUNE DISTRICT. TO TAL CONSIDERATION IS RS.214 CRORES. ACCORDING TO THE SAID MO U, WHICH IS PLACED AT PAGE 33 OF THE PAPER BOOK, ASSESSEE BORROWED A SUM OF RS.25.50 CRORES ON 16-09-2010 FROM INDIABULLS AND PAID TO THE SELLER. SUBSEQUENTLY, ASSESSEE WAS TO PAY RS.188.50 CRORES ON EXECUTION OF THE DEED OF CONVEYANCE. ASSESSEE COULD ONLY PAY THE AMOUN T OF RS.25.50 CRORES BUT NOT THE BALANCE AMOUNT. SUBSEQUENTLY, THE DEED OF CANCELLATION DATED 23-02-2011 (PAGE 41 OF THE PAPER BOOK ) WAS ENTERED INTO BY THE PARTIES, I.E. ASSESSEE AND VISHWAROOP INFOTECH PVT. LTD., CONSEQUENTLY, SELLER REFUNDED THE SAID AMOUNT OF RS.25.50 CRORES WITHOUT ANY INTEREST. CLAUSE 5 OF THE MOU RELATING TO TER MINATION PROVIDES FOR NON-CHARGING OF INTEREST IN CASE IF THE CANCELLA TION IS ATTRIBUTABLE TO THE BUYER. INTEREST BECOMES PAYABLE ON LY IF THE SELLER IS AT DEFAULT FOR THE REASONS SPECIFIED THEREIN. THUS, AN AMOU NT OF RS.25 CRORES WAS BORROWED BY THE ASSESSEE FROM INDIABULLS ON 17-09-2010 AND THE SAME WAS ADVANCED TO VISHWAROOP INFOTECH PVT. LTD., ON THE SAME DATE. 4. SUBSEQUENTLY, AFTER CANCELLATION OF MOU, THE ASSESSEE ENTERED INTO AN ARRANGEMENT WITH THE PANCHSHEEL GROUP/ATUL CHOR DIA GROUP AND INCORPORATED M/S. BLUERAYS DEVELOPERS LLP WITH 50:50 PARTNER SHIP. TOWARDS HIS SHARE, ASSESSEE PAID RS.30 CRORES WHICH IS FRE SHLY BORROWED FROM INDIABULLS ON 08-11-2011 TO M/S. BLUERAYS D EVELOPERS LLP. FURTHER, ASSESSEE ALSO BORROWED UNSECURED LOANS FROM THE SHAREHOLDERS/DIRECTORS AMOUNTING TO RS.48 CRORES IN TOTA L. FURTHER, IT ITA NO.1587/PUN/2015 ADHITA REALITY PVT. LTD., 3 IS THE SUBMISSION OF THE ASSESSEE THAT THE ADVANCE GIVEN BY THE ASSESSEE TO VISHWAROOP INFOTECH PVT. LTD., WAS REFUNDED T O HIM AND THE SAID AMOUNT WAS UTILISED FOR REPAYING THE UNSECURED LOANS TO THE ABOVEMENTIONED SHAREHOLDERS WHO GAVE THE UNSECURED LOA NS AMOUNTING TO RS.48 CRORES. 5. LD. AR FOR THE ASSESSEE BROUGHT OUR ATTENTION TO THE DETAILS OF INTEREST EXPENDITURE AND INTEREST INCOME. DRAWING OUR AT TENTION TO THE PROFIT AND LOSS ACCOUNT PLACED AT PAGE 15 OF THE PAPER B OOK, LD. AR SUBMITTED THAT THE TOTAL INTEREST INCOME EARNED BY THE ASSESSEE AS PER SCHEDULE 7 WORKS OUT TO RS.1,83,18,830/-. PER CONTRA, THE FINANCIAL EXPENDITURE INCURRED BY THE ASSESSEE AS PER SCHEDULE 9 WORKS OUT TO RS.2,77,75,031/-. THE INTEREST EXPENDITURE IS MORE THAN INT EREST INCOME AS THE ASSESSEE DID NOT RECEIVE ANY INTEREST AS THE SAID RS.25 CRORES OF LOANS UTILIZED FOR GIVING TRADE ADVANCE TO THE V ISHWAROOP INFOTECH PVT. LTD. (SUPRA). EXPLAINING THE INTEREST EXPENDIT URE PAID TO THE INDIABULLS ON THE LOANS OF RS.25 CRORES TAKEN ON 17-0 9-2010 AND ALSO RS.30 CRORES TAKEN ON 08-01-2011, LD. AR FOR THE AS SESSEE SUBMITTED THAT ALL THE FUNDS WERE UTILIZED IN THE CONTEXT O F THE SAID TRANSACTION OF ACQUISITION OF LAND AND THEREFORE THE EXPEND ITURE IS ENTIRELY ALLOWABLE AS BUSINESS EXPENDITURE U/S.36(1)(III) OF THE ACT. 6. FURTHER, WITHOUT PREJUDICE TO THE ABOVE, LD. AR FOR THE ASSESSEE SUBMITTED THAT THE ABOVE EXPENDITURE AT THE MAXIMUM CA N BE SET OFF AGAINST THE INTEREST EARNINGS. THE ADDITION, IF ANY, CAN BE RESTRICTED TO THE DIFFERENCE AMOUNT OF RS.88,46,924/-( I.E. RS.2.77 CRORES RS.1.83 CRORES). 7. ON THE OTHER HAND, LD. DR FOR THE REVENUE SUBMITTED THAT THE SAID MOU AND DEED OF CANCELLATION CONSTITUTE THE SELF-SERV ING ITA NO.1587/PUN/2015 ADHITA REALITY PVT. LTD., 4 DOCUMENTS AND THEY WERE NOT SUBMITTED TO THE AO DURIN G THE ASSESSMENT PROCEEDINGS. AN ATTEMPT MADE BY THE LD. AR FOR THE ASSESSEE TO SUBMIT THE SAID DOCUMENTS (I.E. MOU AND DEED OF CANCELLATION) BEFORE THE CIT(A) AND THE SAME WAS REJECTE D BY THE FIRST APPELLATE AUTHORITY INVOKING THE PROVISIONS OF SECTION 46A O F THE I.T. RULES, 1962. IT IS THE CLAIM OF THE REVENUE THAT THESE MO U AND THE DEED OF CANCELLATION CONSTITUTES THE SELF-SERVING DOCUMENT S AS THEY ARE NEITHER REGISTERED WITH ANY STATE GOVT. AUTHORITY NOR W RITTEN ON THE STAMP PAPER ETC. LD. DR VEHEMENTLY ARGUED ON THE FACT OF FAILURE TO SUBMIT THE SAME BEFORE THE AO. ACCORDING TO HIM, THEY NE VER EXISTED DURING THE ASSESSMENT PROCEEDINGS AND THE CREATION OF T HESE DOCUMENTS CONSTITUTE AN AFTERTHOUGHT OF THE ASSESSEE O NLY. ON THESE FACTS, LD. DR SUBMITTED THAT ALL INTEREST PAID BY THE ASSES SEE ON THE SAID LOAN AMOUNT OF RS.25 CRORES TAKEN FROM INDIABULLS DOE S NOT CONSTITUTE A TRADE ADVANCE. AS SUCH, ASSESSEE FAILED TO DISCHARGE THE ONUS TO PROVE THAT THE SAME CONSTITUTES THE TRADE AD VANCE. THEREFORE, RELEVANT INTEREST EXPENDITURE CLAIM IS NOT ALLOWABLE AND THE PROVISIONS OF SECTION 36(1)(III) OF THE ACT DOES NOT HELP THE ASSESSEE. 8. BEFORE US, DURING REBUTTAL TIME, LD. AR FOR THE ASSESSEE FILED THE WRITTEN SUBMISSION IN DEMONSTRATING THE ABOVE FACTS AND T HE ARGUMENTS. FOR THE SAKE OF COMPLETENESS, THE ARGUMENTATIVE/ALTE RNATIVE SUBMISSIONS WHICH ARE NARRATED IN PARA NO.8 TO 10 OF HIS NOTE ARE EXTRACTED HERE AS UNDER : 8. THE ASSESSEE SUBMITS THAT THE DISALLOWANCE OF INTEREST IS NOT JUSTIFIED. AS STATED ABOVE, THE ASSESSEE HAS ADVANC ED THE AMOUNT OUT OF THE LOAN TAKEN FROM INDIABULLS. NOW, THE LOWER AUTHORIT IES HAVE HELD THAT THE AMOUNT ADVANCED WAS NOT FOR THE BUSINESS OF THE ASS ESSEE BUT THE SAME WAS ON BEHALF OF BLUERAYS LLP IN WHICH THE ASSESSEE WAS A PARTNER . FURTHER, THE LEARNED CIT(A) HAS REFUSED TO CONSIDER THE MOU AND THE CANCELLATION DEED. IN THIS CONTEXT, THE ASSESSEE SU BMITS THAT VISHWAROOP IS NOT RELATED TO IT . SECONDLY, THE AMOUNT WAS ADVANCED TO VISHWAROOP FOR PURCHASE OF ITS LAND FOR A TOTAL CONSIDERATION OF R S. 214 CRS. HOWEVER , DUE TO CONSTRAINTS IN RAISING THE BALANCE FUNDS, THE ASSES SEE DECIDED TO PURCHASE ITA NO.1587/PUN/2015 ADHITA REALITY PVT. LTD., 5 THE LAND IN THE LLP NAMED BLUERAYS DEVELOPERS LLP W HEREIN THE ASSESSEE WA S A PARTNER HAVING 50% OF THE SHARE AND THE BALANCE 5 0% WAS OWNED BY SHRI ATUL CHORDIA AND ZERO G APARTMENTS PVT . LTD. [AN ENTITY OF ATUL CHORDIA GROUP. THE SAID LLP WAS CONSTITUTED ON 20.09.2010 I .E. AFTER THE ADVANCE WAS PAID BY THE ASSESSEE TO VISHWAROOP. 9. NOW, THE LOWER AUTHORITIES HAVE HELD THAT THE A MOUNT ADVANCED BY THE ASSESSEE WAS NOT FOR ITS BUSINESS . THE ASSESSEE SUBMIT S THAT IT INTENDED TO PURCHASE THE LAND FROM VISHWAROOP WHICH IS NOT RELATED TO IT AND THEREFORE, THE ADVANCE WAS PAID. SECONDLY, THE ASSESSEE HAD NEVER ADMITTED BEFORE THE A.O. THAT THERE WAS NO WRITTEN DOCUMENTS. THIRDLY, THE LOWER AUTHORITIES HAVE NOT APPRECIATED THAT ULTIMAT ELY, THE LAND WAS PURCHASED BY BLUERAYS IN WHICH THE ASSESSEE COMPANY WAS A PARTNER . IT IS NOT A CASE THAT THE LAND DEAL DID NOT MATERIALIZE. THUS , CONSIDERING THE SUBSEQUENT EVENTS OF FORMATION OF THE LLP AND ACQUI SITION OF LAND BY THE LLP, THE BONA FIDES OF THE ASSESSEE CAN BE PROVED T HAT THE AMOUNT ADVANCED TO VISHWAROOP WAS FOR PURCHASE OF LAND AND IT WAS NOT A MERE ADVANCE. ACCORDINGLY, IT IS SUBMITTED THAT THE AMOU NT ADVANCED TO VISHWAROOP WAS FOR THE BUSINESS OF THE ASSESSEE AND THEREFORE , NO DISALLOWANCE OF INTEREST IS WARRANTED. 10. WITHOUT PREJUDICE TO THE ABOVE CONTENTION, THE ASSESSEE SUBMITS THAT THE DISALLOWANCE WORKED OUT BY THE LD A.O. OF RS. 1,55,65,609/- IS NOT CORRECT . AS CLARIFIED ABOVE, THE ASSESSEE HAD PAID TOTAL INT EREST OF RS. 2,71 , 65 , 754 / - TO INDIABULLS. FURTHER, DURING THE YEAR, THE ASSESS EE HAD INVESTED AMOUNTS AS CAPITAL IN BLUERAYS LLP AND HAD EARNED INTEREST INCOME OF RS. 1,83,18,830/-. THE SAME IS SHOWN AS INCOME IN THE PROFIT AND LOSS ACCOUNT. THE ASSESSEE CLARIFIES THAT IT HAD IN VESTED IN BLUERAYS PARTLY OUT OF THE LOAN TAKEN FROM INDIABULLS OF RS. 30 CRS . AND PARTLY OUT OF THE UNSECURED LOAN FROM DIRECTORS ON WHICH NO INTEREST WAS PAID BY THE ASSESSEE COMPANY. THE RELEVANT CHART GIVING THE DET AILS OF AMOUNT INVESTED IN BLUERAYS IS ENCLOSED HEREWITH. NOW, THE LOWER AU THORITIES HAVE HELD THAT THE AMOUNT ADVANCED TO VISHWAROOP BY THE ASSESSEE W AS ON BEHALF OF BLUERAYS AND THEREFORE, THE ASSESSEE SHOULD HAVE CH ARGED INTEREST. THE ASSESSEE HAS CLARIFIED ITS STAND THAT THE AMOUNT ADV ANCED TO VISHWAROOP WAS IN THE COURSE OF ITS BUSINESS. HOWEVER, WITHOUT PREJUDICE, THE ASSESSEE SUBMITS THAT THE LEARNED A. O. HAS NOT APPRECIATED THAT THE ASSESSEE COMPANY HAS EARNED INTEREST INCOM E OF RS. 1,83,18,830/- FROM BLUERAYS. IF THE CONTENTION OF THE A.O. IS CON SIDERED THAT THE ASSESSEE HAS ADVANCED THE AMOUNT TO VISHWAROOP ON BEHALF OF BLUERAYS , HE HAS NOT APPRECIATED THAT THE ASSESSEE HAS EARNED INTEREST O F RS . 1,83,18,830/- AND THE SAME SHOULD HAVE BEEN NETTED AGAINST THE INTERE ST PAID TO INDIABULLS AND ONLY THE NET INTEREST COULD BE DISALLOWED OF RS . 88,46,924 / - AS AGAINST THIS, THE A.O. HAS MADE A DISALLOWANCE OF RS. 1,55,65,609/-. THUS , THE ASSESSEE SUBMITS THAT IF ANY DISALLOWANCE IS WARRANTED, THE SAME SHOULD BE RESTRICTED TO THE NET INTEREST EXPENDITURE OF RS. 88,46,924 / - . 9. WE HEARD BOTH THE PARTIES, BOTH ON THE MAIN ARGUMENT S AS WELL AS ALTERNATE ARGUMENTS. THE ISSUE RAISED BY THE ASSES SEE IN GROUND NO.1 RELATES TO CONFIRMING THE DISALLOWANCE OF INTEREST OF RS.1,55,65,609/- U/S.36(1)(III). THIS INTEREST AMOUNT IS ATTRIBUTAB LE TO THE LOAN OF RS.25.50 CRORES BORROWED AND GIVEN TO M/S.VIS HWAROOP INFOTECH PVT. LTD. IT IS THE CASE OF THE REVENUE THAT THE SAID INTEREST ITA NO.1587/PUN/2015 ADHITA REALITY PVT. LTD., 6 CLAIMED IS ATTRIBUTABLE TO THE BORROWED LOANS OF RS.25 CRO RES FROM INDIABULLS WHICH WAS NEVER UTILIZED FOR THE BUSINESS PURPOSE S, I.E. FOR ACQUISITION OF THE AFOREMENTIONED LAND. THE NON SUBMISSION OR ABSENCE OF DOCUMENTATION-MOU AND THE DEED OF CANCELLATION AND SUB SEQUENT PURCHASE OF THE SAID LAND BY M/S. BLUERAYS DEVELOPERS LLP CONSTITUTES THE CIRCUMSTANTIAL EVIDENCE/EVENTS IN FAVOUR OF THE REVENUE. 10. ON THE OTHER HAND, THE CASE OF THE ASSESSEE IS THAT THE SAID LAND BELONGS TO VISHWAROOP INFOTECH PVT. LTD., AND THE ASSESSE E COULD NOT COMPLETE THE TRANSACTION DUE TO PAUCITY OF FUNDS. THEREFOR E, IN VIEW OF THE SHORTAGE OF FINANCE, ASSESSEE HAD TO INCORPORATE A LIMITED LIABILITY PARTNERSHIP (IN SHORT LLP) WITH PANCHSHEEL/ATUL CHORDIA GROUP. THESE SUBSEQUENT EVENTS SUPPORT THE ASSESSEES CLAIM THAT T HE LOAN OF RS.25 CRORES RECEIVED FROM INDIABULLS WAS PAID TO VISHWAROOP INFO TECH PVT. LTD., FOR BUSINESS PURPOSES ONLY. THE FAILURE OF THE ASSES SEE TO FILE THE MOU AND THE DEED OF CANCELLATION ARE NOT DUE TO NON-EXIS TENCE OF THE DOCUMENTS. THE EVENT OF TRANSFER OF THE SAID LOAN FROM INDIABULLS TO VISHWAROOP INFOTECH PVT. LTD., IS A MATTER OF FACT AND THE SAME EXECUTED THROUGH THE BANKING CHANNELS. CONSIDERING THE SUBSEQUE NT EVENTS DISCUSSED ABOVE, AS PER LD. AR FOR THE ASSESSEE, THE INTE REST PAID BY THE ASSESSEE TO INDIABULLS ON THE SAID AMOUNT OF RS.25 CRORES IS AN ALLOWABLE EXPENDITURE U/S.36(1)(III) OF THE ACT. 11. FROM THE ABOVE DIVERGENT STAND OF THE PARTIES, WE FIND THERE ARE TWO ASPECTS TO BE CONSIDERED IN THIS APPEAL (1) RELATES TO ALLOWABILITY OF THE ENTIRE CLAIM OF DEDUCTION OF RS.1,55,65,609/- UNDER THE PROVISIONS OF SECTION 36(1)(III) OF THE ACT AND (2) THE ALLOWABILITY OF THE DIFFER ENTIAL AMOUNT OF RS.88,46,924/-, I.E. DIFFERENCE BETWEEN THE INTEREST DEBITED AND INTEREST EARNED BY THE ASSESSEE. ITA NO.1587/PUN/2015 ADHITA REALITY PVT. LTD., 7 12. REGARDING THE FIRST ISSUE, AS DISCUSSED AT LENGTH IN TH E PRECEDING PARAGRAPHS OF THIS ORDER, WE FIND THE ASSESSEES ARGUMEN TS REQUIRES TO BE REJECTED CONSIDERING ASSESSEES FAILURE TO DISCHARGE T HE PRELIMINARY ONUS WITH REGARD TO CORRECTNESS OF THE BORROWED SUM O F RS.25.50 CRORES TO THE VISHWAROOP INFOTECH PVT. LTD., IT IS AN ADMITTED FACT THAT ASSESSEE FAILED TO SUBMIT EVIDENCES BY WAY OF SAID MOU AND THE DEED OF CANCELLATION. THE SUBMISSION OF THESE PAPERS ADMITTEDLY HA PPENED DURING THE FIRST APPEAL PROCEEDINGS. WHY THESE DOCUMENTS COULD NOT BE SUBMITTED BY THE ASSESSEE DURING THE ASSESSMENT PROCE EDINGS IS A MATTER OF QUESTION, STILL NOT ANSWERED BY THE ASSESSEE EV EN BEFORE US. THEREFORE, THE REASONING OF FAILURE OF THE ASSESSEE TO DISCH ARGE THE PRELIMINARY ONUS, THE CLAIM MADE BY THE ASSESSEE U/S.36(1)(III) OF THE ACT IS DISMISSED, IN PRINCIPLE. 13. REGARDING THE SECOND ISSUE, I.E. THE ALTERNATE CLAIM RAISE D BY THE ASSESSEES COUNSEL BEFORE US, IT IS AN ADMITTED FACT THAT ASSESSEE DID NOT RECORD ANY CORE BUSINESS ACTIVITIES APART FROM THE INTERE ST PAYMENTS AND EARNINGS. THE DETAILS PROVIDED IN THE FINANCIAL STATEMENTS PLACED AT PAGE 15 OF THE PAPER BOOK EVIDENCES THE SAME. PARA 1 0 OF HIS WRITTEN SUBMISSION DEALS WITH THE ARGUMENTS RAISED WITHOUT PREJUD ICE AND PRAYING FOR RESTRICTING THE DISALLOWANCE ONLY TO RS.88,46,92 4/-, THE DIFFERENCE OF THE INTEREST INCURRED AND INTEREST EARNED BY THE ASSES SEE. 14. ON HEARING BOTH THE PARTIES, WE ARE OF THE OPINION TH AT, CONSIDERING THE PECULIAR FACTS OF THIS CASE AND SUBJECT TO VERIFICATION OF THE FIGURES BY THE AO, RESTRICTING THE DISALLOWANCE TO THE SAID AMOUNT OF RS.88,46,924/- SHOULD MEET BOTH ENDS OF JUSTICE. ACCORDING LY, THE DISALLOWANCE MADE BY THE AO IS RESTRICTED TO THE SAID AM OUNT. THE GROUNDS RAISED BY THE ASSESSEE ARE PARTLY ALLOWED FOR S TATISTICAL PURPOSES. ITA NO.1587/PUN/2015 ADHITA REALITY PVT. LTD., 8 15. IN THE RESULT, APPEAL OF THE ASSESSEE IS PARTLY ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 17 TH DAY OF JANUARY, 2018. SD/- SD/- (VIKAS AWASTHY) (D. KARUNAKARA RAO) /JUDICIAL MEMBER / ACCOUNTANT MEMBER PUNE; DATED : 17 TH JANUARY, 2018 / COPY OF THE ORDER FORWARDED TO : / BY ORDER, //TRUE COPY// //TRUE COPY// SENIOR PRI VATE SECRETARY , / ITAT, PUNE 1. / THE APPELLANT 2. / THE RESPONDENT 3. THE CIT(A)-I, PUNE 4. CIT-I, PUNE 5. , , B BENCH PUNE; 6. / GUARD FILE.