ACIT, Circle-42, Murshidabad, Murshidabad V. Kanailal Das Mazumder, Kolkata

ITA 1589/KOL/2016

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 1678 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-02-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2008-2009
• Appeal Filed On: 05-08-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G H SEEMA
• Keywords: Unexplained investment; Source of fund; Additional evidence
• Section: 143(3); 69

Judgement Text

1 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH C KOL KATA [BEFORE HONBLE SHRI N.V.VASUDEVAN, JM & SHRI M.B ALAGANESH, AM ] ITA NO.1589/KOL/2016 ASSESSMENT YEAR : 2008-09 A.C.I.T., CIRCLE-42, -VERSUS- KANAILAL DAS MAZU MDAR MURSHIDABAD KOLKATA (PAN:ACQPD 0939 D) (APPELLANT) (RESPONDENT) FOR THE APPELLANT: SHRI G.H.SEEMA, ADDL. CIT, S R.DR FOR THE RESPONDENT: SHRI SUNIL SURANA, AR DATE OF HEARING : 01.02.2018. DATE OF PRONOUNCEMENT : 09.02.2018. ORDER PER N.V.VASUDEVAN, JM: THIS IS AN APPEAL BY THE REVENUE AGAINST THE ORDER DATED 07.04.2016 OF C.I.T.(A)-12, KOLKATA RELATING TO A.Y.2008-09. 2.. THERE IS A DELAY OF 19 DAYS IN FILING THE APPEA L BY THE REVENUE. IT HAS BEEN EXPLAINED IN THE AFFIDAVIT FILED ON BEHALF OF THE REVENUE THAT THE DELAY IN FILING THE APPEAL WAS DUE TO ADMINISTRATIVE AND PROCEDURAL DE LAYS. THE REASONS GIVEN IN THE AFFIDAVIT ARE ACCEPTED AND WE HOLD THAT THERE WAS A REASONABLE AND SUFFICIENT CAUSE FOR THE DELAY IN FILING THE APPEAL. THE DELAY IN FILING THIS APPEAL IS ACCORDINGLY CONDONED. 3. THE ASSESSEE IS AN INDIVIDUAL. FOR A.Y.2008-09 THE ASSESSEE FILED RETURN OF INCOME DECLARING TOTAL INCOME OF RS.2,12,670/-. IN THE COURSE OF ASSESSMENT PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 THE AO CONFRONTED THE ASSESSEE WITH AIR INFORMATION RECEIVED BY HIM WHICH WAS TO T HE EFFECT THAT THE ASSESSEE HAS MADE THE FOLLOWING INVESTMENTS IN VARIOUS MUTUAL FU ND SCHEMES : 2 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 4. THE AO CALLED UPON THE ASSESSEE TO EXPLAIN THE S OURCE OF FUNDS OUT OF WHICH THE AFORESAID INVESTMENTS WERE MADE BY THE ASSESSEE . ACCORDING TO THE AO THERE WAS A FAILURE ON THE PART OF THE ASSESSEE TO EXPLAIN TH E SOURCE OF FUNDS FOR MAKING THE AFORESAID INVESTMENTS. THE AO ACCORDINGLY ADDED A S UM OF RS.3..29 CRORES OF THE TOTAL INCOME OF THE ASSESSEE AS UNEXPLAINED INVESTM ENT U/S 69 OF THE ACT. 5. BEFORE CIT(A) THE ASSESSEE EXPLAINED THAT THE SO URCE OF INVESTMENTS WAS OUT OF THE REDEMPTION PROCEEDS OF INVESTMENTS OF UNITS OF MUTUAL FUNDS THAT WERE MADE IN THE EARLIER ASSESSMENT YEAR. THE DETAILS OF EACH OF THE 14 INVESTMENTS SET OUT BY THE AO IN THE ORDER OF ASSESSMENT WAS FURNISHED BY THE ASSESSEE WHICH WAS AS FOLLOWS :- SOURCE OF EACH OF THE INVESTMENT ADDED BY THE AO U/S 69 DURING THE ASSESSMENT YEAR 2008-09 1. 22.06.2007 25,00,000/- AI G GIG MUTUAL FUND THIS INVESTMENT MADE FROM AXIX BANK (AL/C 5 3) CHEQUE CLEARED ON 5.6.2007 AND THIS MATURED ON 27.7.2007 (RS. 2578622 /-) VIDE CERTIFICATE ATTACHED (PAGE-L ) AND PUT IN AXIX BANK (A/C 53) . THE INVES TMENT WAS MADE OUT OF MATURITY OF DSP MUTUAL FUND OF RS. 42,63,934,03 AND 26,90,079,52 (TOTAL 69,54,013/-.) ATURED ON 22.5.2007 VIDE CERTIFICATE ATTACHED(PAGE 2 & 3) AND PUT IN THE SAME BANK. THE INVESTMENT IN DSP WAS MADE ON 14 .11.2006 (LAST YEAR) AS APPEARS FROM THE ABOVE CERTIFICATE, HENCE THE SOURC E IS EXPLAINED DURING THIS ASSESSMENT YEAR. THE BALANCE RS. 45 LAKHS WAS INVES TED AS UNDER:- RS 25 LAKHS IN ANOTHER AIG DGJG MUTUAL FUND ON 5.6.2007 AND RS. 20 LAKHS IN TERM DEPOSIT IN THE SAME BANK. SINCE THE INVESTMENT CAME OUT OF THE REDEMPTION OF EARLIER 3 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 YEARS INVESTMENTS, NO ADDITION CAN BE MADE DURING T HE ASSESSMENT YEAR IN QUESTION. 2 6.08.2007 27,00,000/- JM MUTUAL FUND THIS INVESTMENT WAS MADE FROM AXIX BANK (ALE 53) OU T OF THE MATURITY OF INVESTMENT IN AIG MUTUAL FUND (PAPER BOOK PAGE 1) PUT IN IX BANK (A/C 53) AND SMALL REMAINING BANK BALANCE ON MATURITY OF OTH ER INVESTMENTS BEFORE THAT DATE. THIS INVESTMENT WAS REDEEMED ON 6. 12. 2007 R S. 31,14, 965/-VIDE AGE 15- J 7 AND PUT IN AXIX BANK A/C 53) THUS THIS INVESTM ENT CAME FROM REDEMPTION OF EARLIER INVESTMENT, NO ADDITION CAN BE MADE. 3. 8.08.2007 2,50,000/- RELIANCE MUTUAL FUND THE INVESTMENT WAS MADE FROM STANDARD CHARTERED BAN K (A/C 476) VIDE AGE 4 WAS MADE OUT OF THE MATURITY OF SBI MUTUAL FU ND OF RS. 2,35. 350/- WHICH WAS EARLIER MADE ON 17.1.2007 VIDE PAPER BOOK PAGE 4A. THIS INVESTMENT WAS MATURED ON 28.9.2007 (RS. 2,60,383/-). SINCE THE IN VESTMENT CAME OUT OF THE REDEMPTION OF EARLIER YEARS INVESTMENTS, NO ADDITIO N CAN BE MADE DURING THE ASSESSMENT YEAR IN QUESTION. 4. 8.08.2007 5,00,000/- RELIANCE MUTUAL FUND SOURCE EXPLAINED VIDE SL 5. THE INVESTMENT WAS MATU RED ON 28.9.2007 VIDE PAPER BOOK PAGE 5 AND PUT IN AXIS BANK BANK (A /C 53). 5,20,768/- 5. 8.08.2007 39,25,000/- RELIANCE MUTUAL FUND INVESTMENT MADE FROM AXIX BANK (A/C 53) C HEQUE CLEARED ON 14.7.2007. THIS WAS MATURED ON 28.9.2007 VIDE PAPER BOOK PAGE- 6 (RS.40,88,029/-) THE INVESTMENT WAS MADE OUT OF MATURITY OF SBI MUTUAL F UNDS OF RS.19,42,891/- ON 11.7.2007 WHICH WAS INVESTED EARLIER ON 17.1.2007 ( VIDE PAPER BOOK PAGE 7-8) RS.50,07,450/- MATURED ON 11.7.2007 WHICH WAS EARLI ER INVESTED ON 17.1.2007 AND RS. 20,07,834/- BEING THE MATURITY OF THE TERM DEPOSIT MADE VIDE SL 1 MATURED ON 12.7.2007. HENCE THE SOURCE OF INVESTME NT IN SL 5, SL 4, SL 7, IS EXPLAINED DURING THIS ASSESSMENT YEAR. THE BALANCE RS. RS. 25 LAKHS WAS ALSO INVESTED IN RELIANCE MUTUAL FUND WHICH IS NOT IN TH E AIR REPORT AVAILABLE WITH AO SINCE THE INVESTMENT CAME OUT OF THE REDEMPTION OF EARLIER YEARS INVESTMENTS, NO ADDITION CAN BE MADE DURING THE ASS ESSMENT YEAR IN QUESTION. 6 8.08.2007 3,25,000/- RELIANCE MUTUAL FUND INVESTMENT MADE FROM STANDARD CHARTERED BA NK (A/C 7-0) CHEQUE CLEARED ON 14.7.2007. THIS WAS MADE OUT OF THE MATURITY OF THE INVESTMENT OF RS. 4 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 3,25,484/- IN SBI MUTUAL FUND ON 11.7.2007. COPY OF BANK ACCOUNT AND CERTIFICATE OF SBI ATTACHED. THE INVESTMENT WITH SB I MUTUAL FUND WAS MADE ON 17.1.2007 VIDE PAPER BOOK PAGE 9. THE INVESTMENT WA S REDEEMED ON 28.9.2007 (RS. 3,38,499/- A/C 7-0) VIDE PAPER BOOK PAGE 10 AN D PUT IN STD CH BANK. SINCE THE INVESTMENT CAME OUR OF THE REDEMPTION OF EARLIE R YEARS INVESTMENTS, NO ADDITION CAN BE MADE DURING THE ASSESSMENT YEAR IN QUESTION. 7 8.08.2007 25,00,000/- RELIANCE MUTUAL FUND SOURCE EXPLAINED VIDE SL 5, THE INVESTMENT WAS MAT URED ON 21.9.2007 VIDE PAPER BOOK PAGE 11 AND PUT IN AXIX BANK BANK (A/C 5 3) RS. 25, 30, 991/-) HENCE NO ADDITION CAN BE MADE. 8. 14.10.2007 30,00,000/- KOTAK MAHINDRA MUTUAL FUND THE INVESTMENT WAS MADE FROM AXIX BANK A/C 53) OUT OF THE MATURITY 0/ THE INVESTMENT IN SL. 5. RS. 40,88,029/- WHICH WAS PUT IN AXIX BANK(A/C 53) AND FROM THE SAID FUND THIS INVESTMENT WAS MADE. THE IN VESTMENT WAS MATURED ON 22.11.2007 (RS. 30,22, 284/-)VIDE PAGE 12 AND MATUR ITY CLEARED IN AXIX BANK.(A/C 53). HENCE NO ADDITION CAN BE MADE. 9. 14.10.2007 20,00,000/- KOTAK MAHINDRA MUTUAL FUN THIS WAS INVESTED FROM AXIX BANK A/C NO. 137 ON TRA NSFER OF RECEIPT OF RS. 24,00,000/-FROM A/C NO. 53 ON 28.9.2007 AND IN THAT ACCOUNT THE DEPOSIT WAS FROM MATURITY OF RELIANCE M F VIDE SL 7. THIS INVES TMENT WAS MATURED ON 22.11.2007 (RS. 20,14.856) VIDE PAGE 13 AND MATURIT Y CLEARED IN AXIX BANK ALE 137) 10. 23.11.2007 30,00,000/- RELIANCE MUTUAL FUND THIS INVESTMENT WAS MADE OUT OF THE MATU RITY OF THE INVESTMENT IN SL. 8 FROM AXIX BANK (A/C 53). HENCE NO ADDITION CAN BE M ADE. 11. . 23.11.2007 20,00,000/- RELIANCE MUTUAL FUND THE INVESTMENT WAS MADE FROM AXIX BANK A/C NO. 137 OUT OF MATURITY OF TD OF RS. 28,00,000/- MADE FROM A/C 53 ON 8.10.2007 AND MATURITY PROCEEDS WAS RS. 28,15,82/- CREDITED IN A/C NO. 137 AND FURTHER MATURITY OF THE KOTAK MUTUAL FUND OF RS. 20,14,856/- OF SI 9 OUT OF WHICH THIS I NVESTMENT AND INVESTMENT. 12. 1L.01.2008 39,50,000/- RELIANCE MUTUAL FUND 5 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 THE INVESTMENT WAS MADE FROM AXIX BANK A/ C NO. 137 THE ASSESSEE RECEIVED BACK RS. 39.30.229/- ON ACCOUNT OF THE AMO UNT GIVEN TO THEM ON 18.12.2007 AND 19.12.12007 (TOTAL AMOUNT GIVEN TO T HEM WAS RS. (52,83,292/- + 48,39,261/- TOTAL 1,01,22,553/- AND RECEIVED BACK W AS 39,20,119/- + 39.60,000/- + 29, 0,000/- I.E. 1,08.50.120/- THIS AMOUNT WAS TH US INVESTED OUT OF THE AMOUNT RECEIVED FROM S K P SECURITIES LTD. AS STATED ABOVE AND REDEEMED ON 16.1.2008 VIDE PAGE 14 AND PUT IN AXIX BANK. 13 11.01.2008 33,00,000/- RELIANCE MUTUAL FUND INVESTMENT MADE FROM AXIX BANK (53) OUT OF RECEIPT AS STATED IN SL 12. THE REDEMPTION OF THIS MUTUAL FUND WAS RECEIVED ON 16. 1.2008 VIDE PAGE 14 AND PUT IN AXIX BANK ALE 53 14. 11.012008 29,50,000/- RELIANCE MUTUAL FUND INVESTMENT EXPLAINED VIDE SL 11 MADE OUT OF RS 29.70.000/- RECEIVED FORM SKP SECURITIES LTD AGAINST THE MONEY GIVEN TO THEM ON 18.12.2007 (RS. 5283292/- FROM A/C NO. 53. THIS AMOUNT WAS RECEIVE D BACK ON REDEMPTION ON 16.1.2008 VIDE PAGE 14 AND PUT IN AXIX BANK A/C NO .53. 6. SINCE THE DETAILS FILED BY THE ASSESSEE BEFORE C IT(A) WERE IN THE NATURE OF ADDITIONAL EVIDENCE THE CIT(A) FORWARDED THE DETAIL S FILED BY THE ASSESSEE TO THE AO AND CALLED FOR A REMAND REPORT FROM THE AO ON THE A DDITIONAL EVIDENCE FILED BY THE ASSESSEE. 7. THE AO VIDE HIS REMAND REPORT DATED 11.12.2015 S UBMITTED THAT THE INVESTMENTS MADE BY THE ASSESSEE IN THE EARLIER ASS ESSMENT YEAR WERE NOT DISCLOSED. THEREFORE THE ADDITION MADE BY THE AO WAS JUSTIFIED AND THE INVESTMENTS MADE IN THE PREVIOUS YEAR HAD TO BE REGARDED AS MADE OUT OF UND ISCLOSED SOURCES OF INCOME AND ARE LIABLE TO BE ADDED U/S 69 OF THE ACT. 8. ON A CONSIDERATION OF THE EVIDENCE BEFORE HIM TH E CIT(A) WAS OF THE VIEW THAT IN THE REMAND REPORT THE AO HAS ACCEPTED THE FACT T HAT THE MATURITY PROCEEDS OF INVESTMENTS MADE BY THE ASSESSEE IN THE EARLIER ASS ESSMENT YEARS WAS THE SOURCE OUT OF WHICH VARIOUS INVESTMENTS WERE MADE BY THE ASSES SEE DURING THE PREVIOUS YEAR. HE FOUND THAT THE OBJECTION OF THE AO IN THE REMAND RE PORT WAS THAT SINCE THE INVESTMENTS 6 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 MADE IN THE EARLIER YEAR WERE NOT DISCLOSED BY THE ASSESSEE TO THE DEPARTMENT THE SOURCE OF FUNDS OUT OF WHICH INVESTMENTS MADE DURI NG THE PREVIOUS YEAR SHOULD ALSO BE HELD AS UNEXPLAINED . THE CIT(A) WAS OF THE VIEW THAT THE STAND OF THE AO WAS UNTENABLE. HE HELD THAT THE ASSESSEE HAD EXPLAINED THE SOURCE OF FUNDS FOR INVESTMENTS MADE IN THE PREVIOUS YEAR AND THEREFORE NO ADDITION COULD BE MADE U/S 69 OF THE ACT. THE CIT(A) ACCORDINGLY DELETED THE ADDITION MADE BY THE AO. 9. THE CIT(A) FURTHER NOTICED THAT THE ASSESSEE HAD EARNED SHORT TERM CAPITAL GAIN OF RS.14,97,103/- ON REDEMPTION OF UNITS OF MUTUAL FUNDS DURING THE PREVIOUS YEAR WHICH WERE EXPLAINED AS SOURCE FOR MAKING VARIOUS I NVESTMENTS IN MUTUAL FUNDS DURING THE RELEVANT PREVIOUS YEAR. THE DETAILS IN T HIS REGARD WERE AS FOLLOWS :- 10. THE CIT(A) FOUND THAT THE ASSESSEE HAD NOT DISC LOSED THE AFORESAID SHORT TERM CAPITAL GAIN IN HIS RETURN OF INCOME. THE CIT(A) AC CORDINGLY DIRECTED THE AO TO BRING TO TAX THE SHORT TERM CAPITAL GAIN OF RS.14,97,103/ -. 11. AGGRIEVED BY THE RELIEF GRANTED BY THE CIT(A) T HE REVENUE IS IN APPEAL BEFORE THE TRIBUNAL. 7 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 12. THE LD. DR RELIED ON THE REMAND REPORT OF THE A O DATED 11.12.2015 FILED BEFORE THE CIT(A) AND SUBMITTED THAT WHEN AN INVEST MENT MATURES FOR PAYMENTS DURING THE PREVIOUS YEAR THE SUM RECEIVED ON SUCH M ATURITY SHOULD ALSO BE REGARDED AS A FRESH SOURCE AND EVEN THE SOURCE FOR MAKING THE O RIGINAL INVESTMENT THAT MATURED DURING THE PREVIOUS YEAR SHOULD BE EXPLAINED BY THE ASSESSEE. ACCORDING TO HIM THE ASSESSEE HAS NOT EXPLAINED THE SOURCE OF FUNDS FOR MAKING INVESTMENTS WHICH MATURED DURING THE PREVIOUS YEAR AND THEREFORE THE ADDITION MADE U/S 69 OF THE ACT BY THE AO TO BE SUSTAINED. 13. THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE DULY SUBMITTED EVIDENCE ALONG WITH WRITTEN SUBMISSIONS THAT ALL TH E INVESTMENTS MADE DURING THE YEAR CAME OUT OF THE MATURITY PROCEEDS OF THE INVESTMENT S MADE IN EARLIER YEARS. THIS IS NOT DENIED BY THE AO. THEREFORE, THE SOURCE OF INVESTME NT DURING THE YEAR WAS DIRECTLY EXPLAINED WITH INVESTMENT MADE IN EARLIER YEAR WHIC H MATURED DURING THE YEAR. THE LD. COUNSEL FOR THE ASSESSEE ALSO POINTED OUT THAT THE ASSESSMENT FOR EARLIER YEARS HAVE ALSO BEEN REOPENED BY THE ASSESSING OFFICER U/S. 14 8. 1N ANY CASE IF THE INVESTMENTS ARE DIRECTLY LINKED WITH THE EARLIER YEARS REPAYMEN T OF INVESTMENT, NO ADDITION CAN BE MADE DURING THE YEAR.. 14. WE HAVE CAREFULLY CONSIDERED THE RIVAL SUBMISS IONS. IT WILL BE DESIRABLE TO EXAMINE THE PROVISIONS OF SECTION 69 WHICH ARE AS U NDER: 'WHERE IN THE FINANCIAL YEAR IMMEDIATELY PRECEDING THE ASSESSMENT YEAR THE ASSESSEE HAS MADE INVESTMENTS WHICH ARE NOT RECORDE D IN THE BOOKS 0/ ACCOUNT, IF ANY, MAINTAINED BY HIM FOR ANY SOURCE 0/ INCOME, AN D THE ASSESSEE OFFERS NO EXPLANATION ABOUT THE NATURE AND SOURCE OF THE INVE STMENTS OR THE EXPLANATION OFFERED BY HIM IS NOT, IN THE OPINION OF THE ASSESS ING OFFICER, SATISFACTORY, THE VALUE OF THE INVESTMENTS MAY BE DEEMED TO BE THE IN COME OF THE ASSESSEE OF SUCH FINANCIAL YEAR .' - 15. A READING OF THE PROVISIONS CONTAINED IN SEC. 6 9, SHOWS THAT IF ANY INVESTMENT IS FOUND TO HAVE BEEN MADE BY THE ASSESSEE DURING T HE FINANCIAL YEAR WHICH IS NOT RECORDED IN THE BOOKS OF ACCOUNTS , IT CAN BE TREAT ED AS INCOME OF THE ASSESSEE FOR SUCH 8 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 FINANCIAL YEAR. HOWEVER, IF THE ASSESSEE IS IN A PO SITION TO OFFER EXPLANATION ABOUT THE NATURE AND SOURCE OF THE INVESTMENTS OR IF THE EXPL ANATION OFFERED BY THE ASSESSEE IS NOT IN THE OPINION OF THE A.O SATISFACTORY ONLY TH EN SUCH INVESTMENT CAN BE ADDED AS INCOME OF THE ASSESSEE. IN THE INSTANT CASE THE ASS ESSEE HAS OFFERED EXPLANATION WITH REGARD TO THE SOURCE OF THE INVESTMENT LINKING EACH AND EVERY INVESTMENTS MADE IN EARLIER YEARS AND THE SAME HAS ALSO NOT BEEN FOUND BY THE AO TO BE NOT SATISFACTORY. THE REMAND REPORT OF THE AO CLEARLY ADMITS THIS POS ITION. THE CASE OF THE AO IN THE REMAND REPORT WAS THAT ON REDEMPTION OF THE INVESTM ENTS MADE IN THE EARLIER YEAR DURING THE PREVIOUS YEAR, THE INVESTMENTS MADE DUR ING THE PREVIOUS YEAR BECOMES FRESH INVESTMENT. THIS STAND OF THE AO IS CONTRARY TO THE PROVISIONS OF SEC.69 OF THE ACT. THERE IS NO DISPUTE ABOUT THAT FRESH INVESTMEN TS HAVE BEEN MADE DURING THE YEAR BUT ALL SUCH INVESTMENTS HAVE COME OUT OF THE MATU RITY OF THE INVESTMENTS MADE IN EARLIER YEARS. THEREFORE THE SOURCE OF INVESTMENTS MADE DURING THE YEAR HAVE BEEN EXPLAINED. IN VIEW OF THE ABOVE THE ADDITION OF RS .3,29,00,000/- CANNOT BE SUSTAINED AS UNEXPLAINED INVESTMENT OF THE ASSESSEE DURING TH E ASSESSMENT YEAR IN QUESTION AND WAS RIGHTLY DELETED BY THE CIT(A). FURTHER THE EARL IER YEARS ASSESSMENT HAVE BEEN REOPENED BY THE AO U/S 148. THE SOURCE OF FUNDS FOR MAKING INVESTMENTS OF THE UNITS OF MUTUAL FUNDS WHICH MATURED FOR PAYMENT CAN BE EX AMINED ONLY IN THE ASSESSMENT YEAR RELEVANT TO THE PREVIOUS YEAR IN WHICH THE INV ESTMENT WAS MADE. 16. IN OUR VIEW THE ABOVE CONCLUSIONS DRAWN BY THE CIT(A) IS IN ACCORDANCE WITH LAW AND DOES NOT REQUIRE ANY CONSIDERATION. FOR THE REASONS GIVEN ABOVE WE FIND NO MERITS IN THE APPEAL BY THE REVENUE AND THE SAME IS DISMISSED. 17. IN THE RESULT THE APPEAL BY THE REVENUE IS DISM ISSED. O RDER PRONOUNCED IN THE OPEN COURT ON 09.02.2018. SD/- SD/- [M.BALAGANESH] [ N.V.VASUDEVAN ] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 09.02.2018. [RG SR.PS] 9 ITA NO.1589/KOL/2016 KANAILAL DAS MAZUMDAR A.Y. 200 8-09 COPY OF THE ORDER FORWARDED TO: 1.KANAILAL DAS MAZUMDAR, P-226, CIT SCHEME, BLOCK-C , FLAT NO.1, KOLKATA-700054. 2. A.C.I.T., CIRCLE-42, MURSHIDABAD. 3. CIT(A)-12, KOLKATA 4. C.I.T.-14, KOLK ATA. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER, SENIOR PRIVATE SECRETARY HEAD OF OFFICE/D.D.O., ITAT, KOLKATA BENCHES