Assotech Moonshine Urban Developers Pvt. Ltd., Noida V. DCIT, New Delhi

ITA 1749/DEL/2017

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 7917 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 5 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-08-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Assessment Year: 2012-2013
• Appeal Filed On: 23-03-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST DATED PASSED
• Keywords: Transfer pricing; International transaction
• Section: 92C; 143(3); 10B; 201; 144C; 43; 92CA; 92

Judgement Text

1 ITA NO. 1749/DEL/2017 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: I-1 NEW DELHI BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDI CIAL MEMBER I.T.A. NO. 1749/DEL /2017 (A.Y 2012-13) (THROUGH VIDEO CO NFERENCING) ASSOTECH MOONSHINE URBAN DEVELOPERS PVT. LTD. ASSOTECH ONE, C-20/1A/1, SESCTOR-62 NOIDA AAECM8184A (APPELLANT) VS DCIT CIRCLE-3(2) NEW DELHI (RESPONDENT) ORDER PER SUCHITRA KAMBLE, JM THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE OR DER DATED 30/12/2016 PASSED BY THE DEPUTY COMMISSIONER OF INCOME TAX, CI RCLE 3 (2), NEW DELHI, U/S 143(3) READ WITH SECTION 144C (13) FOR ASSESSME NT YEAR 2012-13. 2. THE GROUNDS OF APPEAL ARE AS UNDER:- APPEAL AGAINST THE ORDER UNDER SECTION 143(3) READ WITH SECTION 144C OF THE INCOME TAX ACT, 1961 (THE ACT) DATED DECEMBER 30, 2016 FOR THE ASSESSMENT YEAR (AY) 2012-13, PASSED BY THE DEPUT Y COMMISSIONER OF APPELLANT BY SH. VISHAL KALRA & SH. S. S. TOMAR, ADVS RESPONDENT BY SH. SURENDER PAL, CIT(DR) DATE OF HEARING 13.08.2020 DATE OF PRONOUNCEMENT 26 .08.2020 2 ITA NO. 1749/DEL/2017 INCOME TAX, CIRCLE-3(2), NEW DELHI 1. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE ORDER PASSED UNDER SECTION 143(3) R.W.S. 144C OF TH E ACT BY THE LEARNED ASSESSING OFFICER ('LD. AO') IS ERRONEOUS AND BAD I N LAW AS WELL AS IN FACTS. 2. THAT ON FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE REFERENCE MADE BY THE LD. AO SUFFERS FROM JURISDICTIONAL ERRO R AS THE LD. AO DID NOT RECORD ANY REASONS IN THE ASSESSMENT ORDER BASED ON WHICH HE REACHED THE CONCLUSION THAT IT WAS EXPEDIENT AND NECESSARY TO REFER THE MATTER TO THE LD. TRANSFER PRICING OFFICER (TPO) FOR COMPUTATION OF THE ARMS LENGTH PRICE, AS IS REQUIRED UNDER SECTION 92 CA(1) OF THE ACT. 3. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. AO/ LD. TPO/ LD. DISPUTE RESOLUTION PANEL (DRP) E RRED IN MAKING AN ADJUSTMENT TO THE ARMS LENGTH PRICE (ALP) OF THE APPELLANTS INTERNATIONAL TRANSACTIONS, RELATING TO PAYMENT OF INTEREST ON FU LLY AND COMPULSORILY CONVERTIBLE INDIAN RUPEE DENOMINATED DEBENTURES (F CCDS) TO THE ASSOCIATED ENTERPRISES (AES) AMOUNTING TO INR 18, 606,021. 3.1. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. AO/ LD. TPO/ LD. DRP ERRED IN MODIFYING THE COMPARA BILITY ANALYSIS CONDUCTED IN THE TRANSFER PRICING DOCUMENTATION OF THE ASSESSEE ON INAPPROPRIATE AND INADEQUATE GROUNDS; 3.2. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. AO/ LD. TPO/ LD. DRP ERRED IN USING A LIBOR BASED I NTEREST RATE TO BENCHMARK THE INTERNATIONAL TRANSACTION OF PAYMENT OF INTEREST ON FCCDS DENOMINATED IN INDIAN RUPEES; AND 3.3. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. AO/ LD. TPO/ LD. DRP ERRED IN IGNORING THE PRINCIPL E LAID DOWN IN SEVERAL JUDICIAL PRECEDENTS BY INDIAN COURTS THAT A LIBOR B ASED INTEREST RATE CANNOT BE APPLIED TO BENCHMARK A FINANCIAL TRANSACTION WHI CH IS NOT DENOMINATED IN FOREIGN CURRENCY. 4. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. AO/ LD. TPO ERRED IN NOT EXAMINING THE VALIDITY OF INITIATION OF PENALTY 3 ITA NO. 1749/DEL/2017 PROCEEDINGS U/S 271 (1) (C) OF THE ACT. 5. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. AO ERRED IN CHARGING AND COMPUTING INTEREST UNDER S ECTION 234A, 234B, 234C AND 234D OF THE ACT. 2. THE ASSESSEE COMPANY WAS INCORPORATED IN INDIA O N 2/3/2012 AND IS ENGAGED IN THE BUSINESS OF DEVELOPMENT SALE AND ADV ISORY OF REALISTIC RELATED ACTIVITIES. THE RETURN OF INCOME DECLARING INCOME AT RS.13,40,080/- AND BUSINESS LOSS OF RS. 3,83,98,509/- WAS FILED ON 24/ 11/2012 BY THE ASSESSEE. A REFERENCE WAS MADE TO THE TPO U/S 92CA OF THE INC OME TAX ACT, 1961 AND THE TRANSFER PRICING OFFICER (TPO) ON 6/1/2016 PASS ED AN ORDER WHEREIN ADJUSTMENT OF RS. 1,86,06,021/-ATTRIBUTED TO THE DI FFERENCE IN ARMS LENGTH PRICE OF THE INTERNATIONAL TRANSACTION ENTERED BY T HE ASSESSEE WITH ASSOCIATED ENTERPRISES WAS MADE. THE ASSESSEE FILED OBJECTION BEFORE THE DISPUTE RESOLUTION PANEL (DRP) AND THE DRP UPHELD THE TRANS FER PRICING ADJUSTMENT MADE BY THE TPO. THEREAFTER, THE ASSESSING OFFICER PASSED ASSESSMENT ORDER DATED 30.12.2016 THEREBY ASSESSING THE INCOME AT LO SS OF RS. 1,84,52,413/-. 3. BEING AGGRIEVED BY THE ASSESSMENT ORDER, THE ASS ESSEE FILED THE PRESENT APPEAL BEFORE US. 4. THE LD. AR SUBMITTED THAT IN THE YEAR 2014-15 I. E. SUBSEQUENT ASSESSMENT YEAR, THE DRP HAS ALLOWED THE CLAIM OF T HE ASSESSEE TOWARDS PAYMENT OF INTEREST ON FOREIGN COMPULSORILY CONVERT IBLE INDIAN RUPEE DEBENTURES (FCCDS) TO THE ASSOCIATED ENTERPRISES. THE LD. AR SUBMITTED THAT THE AO/TPO/DRP ERRED IN USING LIBOR BASED INTEREST RATES TO BENCH MARK INTERNATIONAL TRANSACTION OF PAYMENT OF INTEREST ON FCCDS DENOMINATED IN INDIAN RUPEES. RUPEE DENOMINATED FCCDS CANNOT BE TR EATED AS FOREIGN CURRENCY LOANS. THE LD. AR FURTHER SUBMITTED THAT R BI CONTROLS ON CAPITAL ACCOUNT INFLOWS INTO INDIA BROADLY TAKES TWO FORMS - EXTERNAL COMMERCIAL' BORROWINGS (ECBS') AND FOREIGN DIRECT INVESTMENTS (FDIS'). A LOAN IS COVERED 4 ITA NO. 1749/DEL/2017 AS ECBS WHEREAS FCCDS ARE CONSIDERED AS FDIS. AS PE R THE CONSOLIDATED FDI POLICY EFFECTIVE APRIL 1, 2010 ISSUED BY THE DEPAR TMENT OF INDUSTRIAL POLICY AND PROMOTION (DIPP), MINISTRY OF COMMERCE AND INDUST RY, GOVERNMENT OF INDIA , FDI MEANS INVESTMENT BY NON-RESIDENT ENTITY / PERSON RESIDENT OUTSIDE INDIA IN THE CAPITAL OF THE INDIAN COMPANY. FURTHER, CAP ITAL MEANS EQUITY SHARES; FULLY, COMPULSORILY & MANDATORILY CONVERTIBLE PREFE RENCE SHARES; FULLY, COMPULSORILY & MANDATORILY CONVERTIBLE DEBENTURES. SCHEDULE 1 TO T HE FEMA REGULATIONS NOTIFICATION NO. FEMA 20/2000-RB DATED MAY 3, 2000 PERMITS FDI BY A PERSON RESIDENT OUTSIDE INDIA INTO CONVERTIBLE DEBENTURES ISSUED BY AN INDIAN COMPANY. FURTHER, AS PER RBI CIRCULAR NO. 74 DATED JUNE 8, 2 007, THE POSITION ON ISSUE OF CAPITAL BY AN INDIAN COMPANY B Y WAY OF ISSUE OF FCCDS HAS BEEN CLARIFIED TO BE IN THE NATURE OF FDI. THE LD. AR SUBMITTED THAT THE TPO HAS CONSIDERED THE FCCDS AS OPTIONALLY OR PARTI ALLY CONVERTIBLE WITHOUT ANY BASIS, WHICH IS CONTRARY TO THE TERMS OF THE IN VESTMENT AGREEMENT AS PER WHICH THE CONVERSION IS MANDATORY WITHIN THE TENURE OF 10 YEARS FROM THE DATE OF ISSUE OF FCCDS. IN THIS REGARD, THE LD. AR POINT ED OUT THAT THE TPO HIMSELF IN THE ORDER HAS STATED THAT FULLY AND MANDATORILY CONVERTIBLE PREFERENCE SHARES AND DEBENTURES ARE CONSIDERED TO BE EQUITY INVESTME NTS AND WOULD BE SUBJECT TO FDI RULES AND NOT ECB GUIDELINES. THUS, AS PER T HE FDI POLICY OF DIPP, RBI GUIDELINES AND FEMA REGULATIONS, ISSUE OF FCCDS BY AN INDIAN COMPANY FALLS IN THE CATEGORY OF FDI AND NOT ECB AS ALLEGED BY TH E TPO. THE LD. AR FURTHER SUBMITTED THAT THE FACT THAT FCCD IS A HYBRID INSTR UMENT AND CATEGORIZED AS EQUITY IN NATURE. IT HAS BEEN SO HELD WAS ACCEPTED BY THE HONBLE SUPREME COURT IN THE CASE OF SAHARA INDIA REAL ESTATE CORPORATION LIMITED AND SA HARA HOUSING INVESTMENT CORPORATION LIMITED & ORS. VS. S ECURITIES AND EXCHANGE BOARD OF INDIA & ANR. [CIVIL APPEAL NO. 9813 OF 201 1] DATED AUGUST 31, 2012 WHILE ASSIGNING THE JURISDICTION TO SEBI AS AN EQUI TY INSTRUMENT. THE LD. AR SUBMITTED THAT IT IS AN UNDISPUTED FACT THAT THE AS SESSEE HAS ENTERED INTO A TRANSACTION IN DOMESTIC CURRENCY. FCGPR FILED WITH RBI EVIDENCING THAT THE PAYMENT WAS RECEIVED IN INR. THE LD. AR SUBMITTED T HAT IN VARIOUS JUDICIAL PRECEDENTS IT HAS BEEN ESTABLISHED THAT THE RATE OF INTEREST HAS TO BE CONSIDERED 5 ITA NO. 1749/DEL/2017 IN THE CURRENCY IN WHICH LOAN HAS ORIGINATED. IN T HE ASSESSEES CASE, FCCDS ARE ISSUED IN INR, THE RATE OF INTEREST SHOULD BE B ENCHMARKED USING INDIAN RATES. THE HONBLE DELHI HIGH COURT IN THE CASE OF CIT(A) VS. COTTON NATURAL (I) PVT. LTD. [ITA NO. 233/2014] HELD THAT THE INTERES T RATE SHOULD BE MARKET DETERMINED INTEREST RATE APPLICABLE TO THE CURRENCY CONCERNED IN WHICH THE LOAN HAS TO BE REPAID. THE HONBLE BOMBAY HIGH COUR T IN THE CASE OF PR. CIT VS INDIA DEBT MANAGEMENT (P.) LTD. [ITA NO. 266 OF 201 7] RELYING ON THE ABOVE MENTIONED HONBLE DELHI HIGH COURT JUDGMENT, HELD T HAT THE INTEREST RATE SHOULD BE MARKET DETERMINED INTEREST RATE APPLICABL E TO THE CURRENCY CONCERNED IN WHICH THE LOAN HAS TO BE REPAID. IT HA S BEEN SIMILARLY HELD IN THE FOLLOWING DECISIONS BY VARIOUS COORDINATE BENCHES O F THE TRIBUNAL:_ ADAMA INDIA PVT. LTD. VS. DCIT (ITA NO. 497/HYD/201 6) HYDERABAD INFRATECH PVT. LTD. VS. DCIT (ITA NO. 178 1/HYD/2017] BRAHMA CENTER DEVELOPMENT PVT. LTD. VS ITO [ITA NO.373/DEL/2016 (ITAT DEL)] GRANITE GATE PROPERTIES PVT. LTD. VS ACIT[ITA NO. 7026/DEL/2017; 7027/DEL/2017] THE LONDON INTERBANK OFFERED RATE (LIBOR) IS THE AV ERAGE OF INTEREST RATES ESTIMATED BY EACH OF THE LEADING BANKS IN LONDON TH AT IT WOULD BE CHARGED WERE IT TO BORROW FROM OTHER BANKS. THE LIBOR RATES ARE CALCULATED FOR 5 CURRENCIES AND 7 BORROWING PERIODS RANGING FROM OVE RNIGHT TO ONE YEAR AND ARE PUBLISHED EACH BUSINESS DAY BY THOMSON REUTORS. LIBOR IS A RATE OF REFERENCE FOR INTERBANK TRANSACTIONS AND IS PRIMARI LY FOR POUND STERLING TRANSACTIONS, THOUGH IT IS USED AS A RATE OF REFERE NCE BY A FEW OTHER CURRENCIES (NOTE INCLUDING INR) ALSO. THUS, LIBOR C ANNOT BE USED FOR THE DETERMINATION OF ALP OF INTEREST PAYMENT FOR LOANS DENOMINATED IN INDIAN CURRENCY. DRP, IN ASSESSEES OWN CASE FOR ASSESSMEN T YEAR 2014-15, VIDE DIRECTIONS DATED AUGUST 27, 2018 ACCEPTED THE FACT THAT SINCE FCCDS ARE 6 ITA NO. 1749/DEL/2017 INVESTED IN INR, RATE OF INTEREST SHOULD BE BENCHMA RKED USING INDIAN RATE ONLY AND NOT LIBOR. 5. THE LD. DR SUBMITTED THAT THE DRP HAS TAKEN PROP ER COGNIZANCE OF THE OBJECTIONS RAISED BY THE ASSESSEE AND CATEGORICALLY HELD THAT THE INVESTMENT IN FCCDS WAS MADE BY THE FOREIGN AE IN US DOLLAR AND S INCE THE ASSESSEE IS BASED IN INDIA, THIS FOREIGN INVESTMENT WAS CONVERT ED BY THE ASSESSEE INTO INDIAN RUPEES. IN THIS CASE, THE FCCDS BEING RAISE D ABROAD AND REPRESENT FOREIGN INVESTMENT. THE MERE FACT THAT THIS WAS CON VERTED BY THE INDIAN ASSESSEE IN ITS DOMESTIC CURRENCY AND EVEN THE FACT THAT THE FCCDS ARE CLAIM TO BE DENOMINATED IN INDIAN RUPEES AND ARE CONVERT IBLE INTO SHARES IS NOT SUFFICIENT TO SUPPORT THE ASSESSEES CLAIM. THE LD. DR FURTHER SUBMITTED THAT THE INTEREST IS TO BE BENCH MARKED AGAINST THE INTE REST IN INDIAN RUPEES AND NOT THE COMPARABLE INTEREST IN FOREIGN CURRENCY. T HE FCCDS REPRESENT INVESTMENT BY THE FOREIGN A.E AND THE ASSESSEE STAT ED IN THE REPLY THAT THIS INVESTMENT WAS MADE IN US DOLLARS. THEREFORE, THE COMPARABLE RATE OF INTEREST IS THE RATE PREVAILING FOR LOANS IN FOREIGN CURRENC Y. THE DRP CATEGORICALLY MENTIONED THAT THE DECISION OF THE TPO IS IN ACCORD ANCE WITH THE DECISION OF THE HONBLE DELHI HIGH COURT IN CASE OF COTTON NAT URALS INDIA PVT. LTD. (2015) 55 TAXMAN.COM 523 (DELHI). 6. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE M ATERIAL AVAILABLE ON RECORD. IT IS PERTINENT TO NOTE THAT DURING THE Y EAR, THE ASSESSEE COMPANY HAD ISSUED 64,08,999 NUMBER OF FULLY CONVERTIBLE DEBENT URES (FCD) OF RS. 100/- EACH @ 17.75% PER ANNUM TO SA MALLIKA VENTURES LTD ., CYPRUS I.E. ASSOCIATED ENTERPRISES) AND THE AMOUNT PAID/PAYABLE TOWARDS IN TEREST TO THE SAID AE WAS RS. 2,34,84,098/- DURING THE YEAR. THE SAID AMOUNT OF RS. 2,34,84,098/- HAS BEEN COMPUTED BY THE ASSESSEE COMPANY HAVING REGARD TO THE ARMS LENGTH PRICE AS PER THE PROVISIONS OF SECTION 92C OF THE I NCOME TAX ACT, 1961. THE SUBSCRIPTION AMOUNT RECEIVED BY THE ASSESSEE WAS IN R 540,899,900 AS PER 7 ITA NO. 1749/DEL/2017 CLAUSE 4 OF INVESTMENT AGREEMENT DATED 20.01.2012. THE SAID AMOUNT HAS BEEN COMPUTED BY THE ASSESSEE COMPANY HAVING REGAR D TO THE ARMS LENGTH PRICE, AS PER THE PROVISION OF SECTION 92C OF THE I NCOME TAX ACT, 1961, AS PER THE PROVISIONS AND GOVERNMENT ORDERS THAT IS EXCHAN GE CONTROL REGULATIONS IN FORCE AS MENTIONED IN RULE 10B (2XD) OF THE INCOME TAX RULES, 1962. THE FACT WAS NOT DISPUTED BY THE REVENUE THAT THE INVESTMENT AGREEMENT CLEARLY SETS OUT THAT THE SUBSCRIPTION MONEY FOR FCCDS HAS BEEN RECEIVED IN INR (RUPEES) BY THE ASSESSEE COMPANY AND THE FCCDS ARE SAID TO BE CONVERTED MANDATORILY INTO EQUITY SHARES OF ASSESSEE COMPANY (DENOMINATED IN INR) AND NOWHERE THE BORROWED MONEY ON REDUCTION HAS TO BE REPAID IN ANY OTHER FOREIGN CURRENCY. IN FACT, IT SHOULD BE SBI PRIME LENDING RATE + 300 BASIS BY POINT, WHICH AT THE TIME OF INVESTMENT WAS 14.75%. IN-FACT, THE DECISI ON OF THE HONBLE DELHI HIGH COURT IN CASE OF COTTON NATURALS (SUPRA) CATEGORIC ALLY HELD IN PARA 43 THAT NORMALLY THERE WOULD BE A DIFFERENCE BETWEEN THE LE NDING RATE AND BORROWING RATE IN EACH COUNTRY. HOWEVER, THE ECONOMIC PURPOS E AND SUBSTANCE OF THE DEBT CLAIM OR DEBT FOR WHICH THE GRANT OF CREDIT GO ES FOR THE LENDING RATE WOULD BE DETERMINING. THUS, IN CASE OF CAPITAL INVESTMEN T THE BORROWING RATE WILL APPLY WHERE AS IN CASE OF CREDIT ALLOW TO A CUSTOME R, THE LENDING RATE WOULD APPLY. THUS, THE DECISION OF THE HONBLE DELHI HIG H COURT SUPPORTS THE CASE OF THE ASSESSEE. IT IS PERTINENT TO NOTE THAT IT IS AN UNDISPUTED FACT THAT THE ASSESSEE ENTERED INTO A TRANSACTION IN DOMESTIC CUR RENCY. THE DETAILS FILED WITH THE RBI CLEARLY SET OUT THAT THE PAYMENT WAS RECEIV ED IN INR. THE INTEREST SHOULD BE MARKET DETERMINED INTEREST RATE APPLICABL E TO THE CURRENCY CONCERNED IN WHICH THE LOAN HAS BE REPAID. IN THE P RESENT CASE THE LENDING RATE IS IN SBI PRIME LENDING RATE + 300 BASIS POINT, WHI CH AT THE TIME OF INVESTMENT WAS 14.75% + 300 = 17.75%. IN FACT, THE DRP IN A.Y. 2014-15 ALLOWED THIS CLAIM OF ASSESSEE. THUS, THE AO/TPO AND DRP WERE NO T CORRECT IN USING LIBOR BASED INTEREST RATE TO BENCH MARK INTERNATIONAL TRA NSACTION OF PAYMENT OF INTEREST ON FCCDS DENOMINATED IN INDIAN RUPEES. THU S, GROUND NOS. 1, 2, 3, 3.1, 3.2 AND 3.3 ARE ALLOWED. AS RELATES TO GROUND NOS. 4 AND 5, THE SAME ARE CONSEQUENTIAL, HENCE DISPOSED OFF ACCORDINGLY. THE APPEAL OF THE ASSESSEE IS 8 ITA NO. 1749/DEL/2017 ALLOWED. 7. IN RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 26 TH DAY OF AUGUST, 2020 SD/- SD/- (N. K. BILLAIYA) (SUCHITRA KAMBLE) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 26/08/2020 R. NAHEED * COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI 9 ITA NO. 1749/DEL/2017 DATE OF DICTATION DATE ON WHICH THE TYPED DRAFT IS PLACED BE FORE THE DICTATING MEMBER DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. PS/PS DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. PS/PS DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT DATE ON WHICH THE FILE GOES TO THE BENCH CLERK DATE ON WHICH THE FILE GOES TO THE HEAD CLERK THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER 10 ITA NO. 1749/DEL/2017