LAILABI KHALID, Calicut V. ACIT, Calicut

ITA 165/COCH/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 65026 (ITAT-COCHIN)
• Duration Of Justice: 1 year(s) 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2012
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Next Hearing Date: 16-10-2012
• Assessment Year: 2003-2004
• Appeal Filed On: 07-03-2011
• Court: TRIBUNAL
• Department Lawyers: M ANIL KUMAR
• Assessee Lawyers: A S NARAYANAMOORTHY
• Keywords: Gift; Share purchase agreement; Deemed dividend
• Section: 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI N.R.S.GANESAN, JM AND B.R.BASKAR AN, AM I.T.A. NOS. 164,165,166 & 167/COCH/2011 ASSESSMENT YEARS: 2000-01,2003-04, 2004-05 & 20 05-06 MRS. LAILABI KHALID, S.L.K. FOOD PROCESSING, POOVATTUPARAMBA, CALICUT-673 001. [PAN: ADPM 1046R] VS. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-1(1), CALICUT. (ASSESSEE -APPELLANT) (REVENUE- RESPONDENT) ASSESSEE BY SHRI A.S. NARAYANAMOORTHY, CA REVENUE BY SHRI M. ANIL KUMAR, CIT(DR) DATE OF HEARING 16/10/2012 DATE OF PRONOUNCEMENT 14/12/2012 O R D E R PER B.R.BASKARAN, ACCOUNTANT MEMBER: THE APPEALS FILED BY THE ASSESSEE ARE DIRECTED AGAI NST THE SEPARATE ORDERS DATED 28.12.2010 PASSED BY LD CIT(A)-I, CALICUT AND THEY RELATE TO THE ASSESSMENT YEARS 2000-01, 2003-04, 2004-05 AND 2005-06. THE O NLY ISSUE URGED IN THESE APPEALS IS WHETHER THE PROVISIONS OF SEC. 2(22)(E) RELATING TO ASSESSMENT OF DEEMED DIVIDEND, IN THE FACTS AND CIRCUMSTANCES OF THE CASE, ARE ATTRACTED IN THE HANDS OF THE ASSESSEE OR NOT. 2. THE FACTS, WHICH ARE RELEVANT TO THE ISSUE U NDER CONSIDERATION, ARE STATED IN BRIEF. THE ASSESSEE IS ONE OF THE DIRECTORS IN A C LOSELY HELD COMPANY NAMED M/S KILBAN FOODS INDIA PVT. LTD. SHE BORROWED FUNDS FR OM THE ABOVE SAID COMPANY AS DETAILED BELOW DURING THE YEARS IN THE YEARS GIV EN BELOW:- I.T.A. NOS. 164,165,166 & 167/COCH/2011 2 ASST. YEAR AMOUNT OF LOAN 2000-01 RS.4,00,000/- 2003-04 RS.2,50,000/- 2004-05 RS.8,00,000/- 2005-06 RS.27,00,000/- IT WAS NOTICED THAT THE PAID UP SHARE CAPITAL OF TH E COMPANY STOOD AT RS.19,36,000/-, CONSISTING OF 1936 SHARES OF RS.1,0 00/- EACH AND THE ASSESSEE WAS HOLDING 328 SHARES. THE AO ALSO NOTICED THAT T HE COMPANY, M/S KILBAN FOODS INDIA PVT LTD HAD AN ACCUMULATED PROFIT OF RS .1,99,35,131/- AS ON 31.3.2000. THE ASSESSING OFFICER THUS NOTICED THAT THE ASSESSEE WAS BENEFICIAL OWNER OF SHARES OF HOLDING MORE THAN 10% OF THE VOT ING POWER IN THE ABOVE SAID COMPANY AND FURTHER THE SAID COMPANY WAS ALSO HAVIN G HUGE ACCUMULATED PROFITS. ACCORDINGLY, THE AO CAME TO THE CONCLUSIO N THAT THE LOANS TAKEN BY THE ASSESSEE FROM THE ABOVE SAID COMPANY ARE LIABLE TO BE TAXED AS DEEMED DIVIDEND UNDER SEC. 2(22)(E) OF THE ACT. ACCORDING LY, THE AO REOPENED THE ASSESSMENTS OF THE YEARS UNDER CONSIDERATION BY ISS UING NOTICES U/S 148 OF THE ACT AS PER THE DETAILS GIVEN BELOW:- ASST. YEAR DATE OF ISSUE OF NOTICE U/S 148 2000-01 03-11-2006 2003-05 04.10.2006 2004-06 04.10.2006 2005-07 03.12.2007 3. BEFORE THE AO, THE ASSESSEE SUBMITTED THAT T HE ASSESSEE HAD TRANSFERRED 173 SHARES ON 25.09.1998 ITSELF, AS A RESULT OF WHI CH HER BENEFICIAL SHARE HOLDING HAS FALLEN BELOW 10% OF THE TOTAL VOTING POWER BY T HAT DATE AND ACCORDINGLY, IT WAS CONTENDED THAT THE PROVISIONS OF SEC. 2(22)(E) ARE NOT ATTRACTED TO THE LOANS TAKEN BY THE ASSESSEE IN THE YEARS STATED ABOVE. T HE AO CALLED FOR THE DETAILS OF SHARE HOLDING OF THE ABOVE SAID COMPANY FROM THE RE GISTRAR OF COMPANIES. THE ASSISTANT REGISTRAR OF COMPANIES, KERALA, VIDE HIS LETTER DATED 26.2.2007, FORWARDED THE COPIES OF ANNUAL RETURNS FILED BY THE COMPANY TO THE ASSESSING I.T.A. NOS. 164,165,166 & 167/COCH/2011 3 OFFICER. THE COMPANY, M/S KILBAN FOODS INDIA PVT L TD, HAD GIVEN THE DETAILS OF SHARE HOLDERS AS UNDER BY IN THE ANNUAL RETURNS FIL ED BY IT FOR THE YEAR ENDING 31.3.1999 TO 31.3.2005. TOTAL NUMBER OF SHARES SUBSCRIBED 1936 ==== DETAILS OF SHARE HOLDERS:- SHRI M BASHEER 635 SHRI M KHALID 586 MS. LAILABI KHALID 328 KOWLATH RUHI 330 RASHEED P 13 MAJEED P 16 RAMLATH BIBI 15 ABDUL SALIM 13 -------- 1936 ===== THE AO PLACED TOTAL RELIANCE ON THE ANNUAL RETURNS FILED WITH THE REGISTRAR OF COMPANIES BY THE ABOVE SAID COMPANY, SINCE IT WAS F ILED WITH A GOVERNMENT AUTHORITY. ACCORDINGLY, BY FOLLOWING THE SHARE HOL DING DETAILS GIVEN IN THE ANNUAL RETURNS, THE AO HELD THAT THE ASSESSEE WAS THE BENE FICIAL OWNER OF SHARES HAVING NOT LESS THAN 10% OF THE VOTING POWER. 4. THE ASSESSEE FURNISHED FOLLOWING DOCUMENTS I N SUPPORT OF HER CLAIM THAT SHE HAD TRANSFERRED 173 SHARES ON 25.09.1998. (A) APPROVAL OF BOARD OF DIRECTORS FOR TRANSFER O F SHARES. (B) COPY OF SHARE TRANSFER FORM. (C) COPY OF SHARE CERTIFICATES CONTAINING DETAILS OF TRANSFER (D) COPIES OF STATUTORY REGISTERS WHEREIN TRANSFE R OF SHARES HAVE BEEN NOTED. (E) COPIES OF REVISED ANNUAL RETURNS FILED WITH THE REGISTRAR OF COMPANIES ON 19.10.2006, WHEREIN THE DETAILS OF TRANSFER OF S HARES WERE INCORPORATED. (F) COPY OF CERTIFICATE OBTAINED FROM A COMPANY S ECRETARY CERTIFYING ABOUT THE COMPLIANCE OF FORMALITIES IN CONNECTION W ITH THE TRANSFER OF SHARES. I.T.A. NOS. 164,165,166 & 167/COCH/2011 4 5. THE AO REFUSED TO PLACE RELIANCE ON THE ABOV E SAID DOCUMENTS ON THE FOLLOWING REASONS:- (A) THESE DOCUMENTS ARE PREPARED BY AND ARE IN THE CONTROL OF THE ASSESSEE AND HENCE THEY CAN BE MODIFIED TO SUIT THE CONVENIENCE OF THE INTERESTED PERSONS. HENCE THEY DO NOT HAVE ANY EVI DENTIARY VALUE. (B) THE EXTRACT OF MINUTES FROM THE BOARD MEETING HELD ON 26-09-1998 SHOWED THAT THE BOARD HAD APPROVED THE TRANSFER OF SHARES EFFECTED BY ONE OF THE SHARE HOLDERS NAMED SHRI M KHALID, WHO H AD TRANSFERRED 432 SHARES OUT OF 586 SHARES HELD BY HIM IN M/S KILBAN FOODS PVT LTD. HOWEVER, THE SAID SHRI M KHALID HAD FILED DETAILS O F IMMOVABLE AND MOVABLE PROPERTIES HELD BY HIM IN HIS INCOME TAX RE TURNS, WHEREIN, THE NUMBER OF SHARES HELD BY HIM IN M/S KILBAN FOODS PV T LTD WAS SHOWN AT 586 SHARES. (C) THOUGH THE ASSESSEE HAD CLAIMED THE TRANSFER O F SHARES ON 25.9.1998, SHE DID NOT DECLARE ANY CAPITAL GAINS AR ISING ON SUCH TRANSFER IN THE INCOME TAX RETURN FILED FOR THE ASSESSMENT Y EAR 1999-2000. FOR THE ABOVE CITED REASONS, THE AO HELD THAT THE A SSESSEE IS ONLY MAKING AN ATTEMPT TO ESCAPE FROM THE PROVISIONS OF SEC.2(22)( E) OF THE ACT. ACCORDINGLY THE AO ASSESSED THE LOAN TAKEN BY THE ASSESSEE, WHI CH IS REFERRED SUPRA, AS DEEMED DIVIDEND IN THE HANDS OF THE ASSESSEE IN THE YEARS UNDER CONSIDERATION. 6. THE ASSESSEE CHALLENGED THE ORDERS PASSED BY THE AO IN ALL THE FOUR YEARS BY FILING APPEALS BEFORE LD CIT(A), BUT COULD NOT S UCCEED. HENCE THE ASSESSEE HAS FILED THESE APPEALS BEFORE US. 7. THE LD COUNSEL FOR THE ASSESSEE FILED A PAPE R BOOK CONTAINING THE FOLLOWING DETAILS:- (A) EXTRACT OF MINUTES FROM BOARD MEETING APPROVIN G TRANSFER OF SHARES. (B) COPY OF SHARE CERTIFICATE OF LAILABI KHALID ( ASSESSEE HEREIN) I.T.A. NOS. 164,165,166 & 167/COCH/2011 5 (C) COPY OF SHARE TRANSFER FORM SUBMITTED BY THE T RANSFEREE, VIZ., SMT M RAMLATH BEEVI. (D) EXTRACT FROM SHARE HOLDERS REGISTER RELATING TO THE ASSESSEE. (E) EXTRACT FROM SHARE HOLDERS REGISTER RELATING T O THE TRANSFEREE, VIZ., SMT M RAMLATH BEEVI. THE LD A.R SUBMITTED THAT THE COMPANY, M/S KILBAN F OODS PVT LTD HAD DULY RECORDED THE DETAILS OF SHARES TRANSFERRED BY THE A SSESSEE IN ITS STATUTORY REGISTERS AND HENCE, IN THE ABSENCE OF ANY MATERIAL WITH THE AO TO SHOW THAT THE ENTRIES SO MADE IN THE STATUTORY REGISTERS WERE FAL SE, UNTRUE OR WITHOUT ANY BASIS, THEY HAVE TO BE ACCEPTED ON ITS FACE. IN TH IS REGARD, THE LD A.R PLACED RELIANCE ON THE DECISION OF MUMBAI BENCH OF THE TRI BUNAL IN THE CASE OF ITO VS. DIRECT INFORMATION (P) LTD (2012)(18 ITR (TRIB) 562 ). THE LD A.R ALSO PLACED RELIANCE ON THE DECISION OF HONBLE JURISDICTIONAL KERALA HIGH COURT IN THE CASE OF K.N.NARAYANAN AND ANOTHER VS. ITO(145 ITR 373) TO S UBMIT THAT THE PROPERTY IN THE SHARES PASSES TO THE TRANSFEREE ON EFFECTING TH E TRANSFER. ACCORDINGLY, THE LD A.R SUBMITTED THAT THE AO WAS NOT CORRECT IN LAW IN REJECTING THE CLAIM OF TRANSFER OF SHARES. HE CONTENDED THAT THE ASSESSEE SHOULD NOT BE PENALIZED FOR THE FAILURE ON THE PART OF THE COMPANY TO REPORT AB OUT THE TRANSFER OF SHARES IN ITS ANNUAL RETURNS FILED BEFORE THE REGISTRAR OF CO MPANIES. IN ANY CASE, THE SAID COMPANY HAS FILED REVISED ANNUAL RETURNS INCORPORAT ING THE DETAILS OF SHARE TRANSFERS, WHICH REPLACES THE ORIGINAL ONE. ACCORD INGLY, THE LD A.R SUBMITTED THAT THE ASSESSEES BENEFICIAL OWNERSHIP OF SHARES HAS FALLEN BELOW 10% DURING THE YEARS UNDER CONSIDERATION AND HENCE THE PROVISI ONS OF SEC. 2(22)(E) SHALL NOT APPLY TO THE ASSESSEE. 8. ON THE CONTRARY, THE LD CIT(DR) SUBMITTED TH AT THE ASSESSEE HAS REVISED ITS ANNUAL RETURNS DISCLOSING THE DETAILS OF TRANSFER O F SHARES ON 19.10.2006, I.E., ONLY AFTER THE ISSUE OF NOTICES U/S 148 ON 04.10.20 06 FOR THE ASSESSMENT YEARS 2003-04 AND 2004-05. ALL THE DOCUMENTS, ON WHICH T HE ASSESSEE PLACED RELIANCE, ARE INTERNAL DOCUMENTS, WHICH ARE UNDER T HE CONTROL OF THE ASSESSEE I.T.A. NOS. 164,165,166 & 167/COCH/2011 6 AND HENCE THE ASSESSING OFFICER WAS RIGHT IN LAW IN REJECTING THE SAME. HE FURTHER SUBMITTED THE SURROUNDING CIRCUMSTANCES DIS CUSSED BY THE AO CLEARLY SHOW THAT THE ASSESSEE HAS CARRIED OUT THE EXERCISE OF TRANSFER OF SHARES ONLY TO ESCAPE FROM THE PROVISIONS OF SEC. 2(22)(E) OF THE ACT AND IT IS CLEARLY AN AFTER THOUGHT ON THE PART OF THE ASSESSEE. 9. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERU SED THE RECORD. ON A CAREFUL CONSIDERATION OF THE FACTS OF THE CASE AND THE RIVA L CONTENTIONS, IN OUR VIEW, THE REAL QUESTION THAT ARISES FOR OUR CONSIDERATION IS WHETHER THE CLAIM MADE BY THE ASSESSEE ABOUT TRANSFER OF 173 SHARES ON 25.9.1 998 IS CORRECT OR NOT. IF IT IS HELD TO BE CORRECT, THE ASSESSMENT OF DEEMED DIVIDE ND IN ALL THE YEARS IS LIABLE TO BE SET ASIDE. OTHERWISE, THE APPEALS OF THE ASSESS EE ARE LIABLE TO BE DISMISSED. 10. NOW TURNING TO THE FACTS OF THE CASE, IN OU R VIEW, FOLLOWING FACTS ARE VERY MUCH RELEVANT TO DECIDE THE QUESTION STATED IN THE PRECEDING PARAGRAPH. (A) WE NOTICE THAT THE ASSESSEE HEREIN HAS HERSELF SIGN ED THE SHARE CERTIFICATES ORIGINALLY ISSUED ON 27-07-1991 TO THE ASSESSEE, IN HER CAPACITY AS CHAIRMAN OF THE COMPANY, VIZ., M/S KILB AN FOODS (INDIA) PVT LTD. THIS FACT PROVES THE STAND OF THE AO THAT THE ASSESSEE COULD CONTROL THE RECORDS MAINTAINED BY THE COMPANY. (B) THOUGH THE TRANSFER OF SHARES HAS BEEN CLAIMED TO H AVE BEEN MADE ON 25.9.1998, YET THE INFORMATION ABOUT SHARE TRANSFER S HAS NOT BEEN REPORTED IN THE ANNUAL RETURNS, WHICH ARE STATUTORI LY REQUIRED TO BE FILED BEFORE THE REGISTRAR OF COMPANIES EVERY YEAR. IN FACT, IN THE ANNUAL RETURNS FILED FOR THE YEAR ENDING 31.3.1999 TO 31.3.2005, THE COMPANY CONTINUED TO DISCLOSE THE SAME SHARE HOLDIN G PATTERN WITHOUT CARRYING OUT THE MODIFICATION VIS--VIS THE CLAIM O F TRANSFER. (C) IN THE SHARE TRANSFER FORM IN FORM NO. 7-B, THE CO LUMN PERTAINING TO THE CONSIDERATION HAS NOT BEEN FILLED UP. THOUGH THE SAID FORM NO.7-B CONTAINS THE DATE OF ENDORSEMENT BY REGISTRA R OF COMPANIES AS I.T.A. NOS. 164,165,166 & 167/COCH/2011 7 21.8.1998, WE WERE INFORMED THAT THE SAID FORM IS N ORMALLY PURCHASED FROM THE MARKET FROM THE VENDORS, WHO USUALLY OBTAI N SUCH ENDORSEMENTS IN BULK. (D) THE AO HAS POINTED OUT THAT THE ASSESSEE DID NOT DI SCLOSE THE CAPITAL GAIN ARISING ON TRANSFER OF SHARES IN HER RETURN OF INCOME FILED FOR THE ASSESSMENT YEAR 1999-2000. DURING THE COURSE OF AR GUMENTS, THE COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSE E HAS GIFTED THE SHARES TO THE TRANSFEREE. HOWEVER, WE NOTICE THAT THE ASSESSEE IS SUBMITTING THIS ARGUMENT FOR THE FIRST TIME BEFORE US AND SHE DID NOT EXPLAIN ABOUT HER LAPSE TO DISCLOSE THE CAPITAL GAI N IN HER RETURN OF INCOME FOR THE ASST. YEAR 1999-2000. (E) THE BOARD OF DIRECTORS, IN THE MEETING HELD ON 26. 9.1998, HAVE APPROVED THE TRANSFER OF 432 SHARES OUT OF 586 SHAR ES EFFECTED BY ANOTHER SHARE HOLDER NAMED SHRI M KHALID. HOWEVER, SHRI M KHALID HAS CONTINUED TO SHOW THE NUMBER OF SHARES AS 586 D URING THE YEAR ENDING 31.3.99 TO 31.3.2002 AND THE SAID FACT IS EV IDENT FROM THE RETURN OF INCOME FILED BY SHRI M KHALID. THE VERY FACT THAT SHRI M KHALID DID NOT DISCLOSE THE DETAILS OF TRANSFER OF SHARES IN HIS RETURN OF INCOME CAST SHADOW ON THE TIMING OF THE MINUTES REC ORDED IN THE BOARD MEETING HELD ON 26.9.1998. (F) THE MOST IMPORTANT POINT IS THAT THE ASSESSEE HAS FILED REVISED ANNUAL RETURNS FOR THE YEAR ENDING 31.3.1999 TO 31.3.2005 ONLY ON 19.10.2006, WHICH IS AFTER THE DATE OF ISSUE OF NOT ICES U/S 148 FOR THE ASSESSMENT YEARS 2003-04 AND 2004-05. THE NOTICES FOR THE ABOVE SAID TWO YEARS WERE ISSUED ON 04.10.2006. THIS FAC T CLEARLY PROVES THAT THE WHOLE EXERCISE ABOUT THE TRANSFER OF SHARE S HAVE BEEN CARRIED OUT AFTER THE RECEIPT OF THE NOTICES U/S 148. THUS IT CAN BE SEEN THAT ALL THE DOCUMENTS, ON WHIC H THE ASSESSEE HAD PLACED RELIANCE ARE INTERNAL DOCUMENTS, WHICH ARE UNDER TH E CONTROL OF THE ASSESSEE. THE VERY FACT THAT THE ANNUAL RETURNS WERE REVISED AFTER THE RECEIPT OF NOTICES U/S I.T.A. NOS. 164,165,166 & 167/COCH/2011 8 148 ALSO GOES TO SUPPORT OF THE CASE OF REVENUE THA T THE ASSESSEE HAS CREATED INTERNAL EVIDENCES TO SUBSTANTIATE HER CLAIM OF TRA NSFER OF SHARES. HENCE, IN OUR VIEW, THE AO WAS RIGHT IN LAW IN REJECTING THE SAID DOCUMENTS AS SELF SERVING DOCUMENTS. THE ASSESSEE HAS MISERABLY FAILED TO BR ING ON RECORD ANY THIRD PARTY EVIDENCE TO SUBSTANTIATE HER CLAIM OR TO CORROBORAT E THE ENTRIES PASSED IN THE STATUTORY REGISTERS. 11. IT IS APPOSITE HERE TO EXTRACT THE FOLLOWIN G OBSERVATIONS MADE BY THE HONBLE SUPREME COURT IN THE CASE OF CIT VS. DURGA PRASAD MORE (82 ITR 540) @ 546:- SCIENCE HAS NOT YET INVENTED ANY INSTRUMENT TO TES T THE RELIABILITY OF THE EVIDENCE PLACED BEFORE A COURT OR TRIBUNAL. THEREF ORE, THE COURTS AND TRIBUNALS HAVE TO JUDGE THE EVIDENCE BEFORE HEM BY APPLYING THE TEST OF HUMAN PROBABILITIES. IN THE INSTANT CASE, AS STATED EARLIER, THE DOCUMEN TS, WHICH WERE RELIED UPON BY THE ASSESSEE ARE INTERNAL DOCUMENTS UNDER HER CONTR OL. HENCE, IN OUR VIEW, THE AO WAS JUSTIFIED IN PLACING RELIANCE ON THE ANNUAL RETURNS ORIGINALLY FILED WITH THE REGISTRAR OF COMPANIES. THE IMPORTANT POINT IS THA T THE COMPANY M/S KILBAN FOODS (INDIA) PVT LTD IS A CLOSELY HELD COMPANY WIT H FEW SHARE HOLDERS AND HENCE THE POSSIBILITY OF OMISSION IN REPORTING THE SHARE TRANSFERS IN THE ANNUAL RETURN IS BLEAK AND IN ANY CASE, SUCH OMISSION WOUL D NOT CONTINUE FOR SEVEN CONTINUOUS YEARS, I.E., FROM YEAR ENDING 31.3.99 TO 31.3.2005. THE FACT THAT THE ASSESSEE DID NOT DISCLOSE ANY CAPITAL GAIN ON SUCH TRANSFER OF SHARES IN THE ASSESSMENT YEAR 1999-2000 AND THE WEALTH STATEMENT FILED BY MR. KHALID FOR SUBSEQUENT YEARS ALSO CLEARLY PROVE THAT THE STORY OF TRANSFER OF SHARES IS CLEARLY AN AFTER THOUGT. 12. HENCE, ON A CONSPECTUS OF THE MATTER, WE AR E OF THE VIEW THAT THE CLAIM OF TRANSFER OF SHARES WAY BACK ON 25.9.1998 IS ONLY AN AFTERTHOUGHT ON THE PART OF THE ASSESSEE IN ORDER TO ESCAPE FROM THE CLUTCHES O F THE PROVISIONS OF SEC. I.T.A. NOS. 164,165,166 & 167/COCH/2011 9 2(22)(E) OF THE ACT RELATING TO THE DEEMED DIVIDEND S. ACCORDINGLY, WE DO NOT FIND ANY INFIRMITY IN THE DECISION OF LD CIT(A) AND ACCORDINGLY UPHOLD HIS ORDER. 13. IN THE RESULT, THE APPEALS FILED BY THE ASS ESSEE ARE DISMISSED. PRONOUNCED ACCORDINGLY ON 1 4-12-2012 SD/- SD/- (N.R.S.GANESAN) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE: KOCHI DATED: 14TH DECEMBER, 2012 GJ COPY TO: 1. MRS. LAILABI KHALID, S.L.K. FOOD PROCESSING, POO VATTUPARAMBA, CALICUT-673 001. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE -1(1), CALICUT. 3. THE COMMISSIONER OF INCOME-TAX (APPEALS)- I, CAL ICUT. 4.THE COMMISSIONER OF INCOME-TAX, CALICUT. 5. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 6. GUARD FILE. BY ORDER (ASSISTANT REGISTRAR) I.T.A.T, COCHIN