Deputy Commissioner of Income tax, V. M/s . Pune Merchants Co-operative Bank Ltd, Pune

ITA 183/PUN/2017

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 9359 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 5 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-06-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 25-06-2019
• Assessment Year: 2013-2014
• Appeal Filed On: 25-01-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: WRITTEN SUBMISSIONS FILED
• Section: 143(3); 43D; 56

Judgement Text

] IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM . / ITA NO.183/PUN/2017 / ASSESSMENT YEAR : 2013-14 THE DY.COMMISSIONER OF INCOME TAX, CIRCLE 6, PUNE. . / APPELLANT V/S M/S. PUNE MERCHANTS CO - OPERATIVE BANK LTD., 257, BUDHWAR PETH, SHIVAJI ROAD, PUNE. PAN : AAAAP3088J. . / RESPONDENT ASSESSEE BY : (WRITTEN SUBMISSIONS FILED) REVENUE BY : SHRI RAJESH GAWALI. / ORDER PER ANIL CHATURVEDI, AM : 1. THIS APPEAL FILED BY THE REVENUE IS EMANATING OUT OF THE OR DER OF COMMISSIONER OF INCOME TAX (A) 4, PUNE DATED 25.10.2016 FOR THE ASSESSMENT YEAR 2013-14. 2. THE RELEVANT FACTS AS CULLED OUT FROM THE MATERIAL ON R ECORD ARE AS UNDER :- ASSESSEE IS A CO-OPERATIVE BANK STATED TO BE ENGAGED IN THE BUSINESS OF BANKING ACTIVITIES. ASSESSEE ELECTRONICALLY FILED IT S RETURN OF INCOME FOR A.Y. 2013-14 ON 11.09.2013 DECLARING TOTAL INCOM E OF / DATE OF HEARING : 25.06.2019 / DATE OF PRONOUNCEMENT: 28.06.2019 2 ITA NO.183/PUN/2017 RS.2,44,31,888/-. THE CASE WAS SELECTED FOR SCRUTINY AND THEREAFTER ASSESSMENT WAS FRAMED U/S 143(3) OF THE ACT VIDE ORDER D T.05.02.2016 AND THE TOTAL INCOME WAS DETERMINED AT RS.3,33,94,340/-. AGGRIEVED BY THE ORDER OF AO, ASSESSEE CARRIED THE MATTER BEFORE LD.CIT(A), WHO VIDE ORDER DT.25.10.2016 (IN APPEAL NO.PN/CIT(A)-4/DCIT, CIRC LE-6, PUNE/399/2015-16) GRANTED SUBSTANTIAL RELIEF TO THE ASSES SEE. AGGRIEVED BY THE ORDER OF LD.CIT(A), REVENUE IS NOW IN APP EAL BEFORE US AND HAS RAISED THE FOLLOWING GROUNDS : 1. WHETHER THE CIT(A) WAS RIGHT IN DELETING ADDITI ON OF UNCLAIMED DIVIDEND OF RS.8,68,000/- TRANSFERRED TO STATUTORY RESERVED FUND WHEN CESSATION OF LIABILITY HAS RESULTED BENEFIT (P ROFITS) TO THE ASSESSEE ? 2. O N THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LA W, THE CIT(A) HAS ERRED IN DELETING ADDITION OF INTEREST OF RS. 7 5,25,517/- ON NPA WHEN THE SAID INTEREST HAS ACCRUED TO THE BANK AS P ER THE MERCANTILE SYSTEM OF ACCOUNTING FOLLOWED BY IT. . 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, THE LD. CIT(A) HAS ERRED IN FAILING TO APPRECIATE THE FACT THAT TH E ASSESSEE IS A CO- OPERATIVE BANK AND NOT A SCHEDULED BANK AND THAT TH E PROVISIONS OF SECTION 43D ARE APPLICABLE TO THE FINANCIAL INSTITU TIONS AND NOT TO CO- OPERATIVE SOCIETIES. 4. FOR THIS AND SUCH OTHER REASONS AS MAY BE URGED AT THE TIME OF HEARING, THE ORDER OF THE CIT(A) BE VACATED AND TH AT OF THE ASSESSING OFFICER BE RESTORED. 3. THE CASE FILE REVEALS THAT NONE ATTENDED ON BEHALF OF A SSESSEE DESPITE ISSUANCE OF NOTICES. ON THE DATE OF PRESENT HEARIN G ALSO NONE APPEARED ON BEHALF OF THE ASSESSEE NOR WAS ANY ADJOURN MENT APPLICATION FILED, HOWEVER, WRITTEN SUBMISSIONS WERE FILED BY THE ASSESSEE. WE THEREFORE PROCEED TO DISPOSE OF THE APPE AL EX-PARTE QUA THE ASSESSEE BASED ON THE MATERIAL AVAILABLE ON RECORD A ND AFTER HEARING THE LD. D.R. 3 ITA NO.183/PUN/2017 4. FIRST GROUND IS WITH RESPECT TO ADDITION MADE U/S 41(1) OF THE ACT. 4.1. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, AO NOTIC ED THAT ASSESSEE HAD TRANSFERRED RS.8,75,000/- TO THE STATUTOR Y RESERVE FUND, OUT OF WHICH RS.8,68,000/- WAS FROM UNCLAIMED DIVIDEND, RS.3000 /- ON ACCOUNT OF EXCESS CASH FOUND, RS.5,000/- ON ACCOUNT O F MEMBERSHIP ENTRY FEES. THE ASSESSEE WAS ASKED TO SHO W CAUSE AS TO WHY THE ADDITION NOT BE MADE U/S 41(1) OF THE ACT. THE S UBMISSIONS MADE BY THE ASSESSEE WERE FOUND NOT ACCEPTABLE TO THE AO. AO WAS OF THE VIEW THAT SINCE THE AMOUNT HAS BEEN TRANSFERRED TO RESERVE FUND, IT MEANS THAT ASSESSEE WAS SURE THAT THE AMOUNT WAS NOT REQUIRED TO BE REPAID. AO WAS THEREFORE OF THE VIEW THAT TRANSFERRING AMOUNT TO STATUTORY RESERVE FUND WAS A GAIN IN THE REGULAR TRAN SACTION OF BUSINESS. HE ACCORDINGLY MADE ADDITION OF RS.8,75,000/-. AG GRIEVED BY THE ORDER OF AO, ASSESSEE CARRIED THE MATTER BEFORE LD.CIT(A), WHO DELETED THE ADDITION MADE BY THE AO BY OBSERVING AS UNDER : 5.3 DECISION :- I HAVE PERUSED THE ASSESSMENT ORDER AND THE SUBMISSION MADE BY THE APPELLANT CAREFULLY. I FIND THAT THE AO, WITHOUT APPRECIATING THE FACTS IN THE CASE OF THE APPELLANT RELATING TO APPROPRIATION OF PROFIT FOR PAYMENT OF DIVIDEND WHI CH REMAINED UNCLAIMED AND ALSO THE NATURE OF EXCESS CASH RECEIV ED BY THE APPELLANT NOT BY WAY OF REGULAR BANKING BUSINESS ACTIVITIES A ND THE ENTRANCE FEES RECEIVE FROM THE MEMBER BEING CAPITAL IN NATURE, MAD E THE ADDITION OF RS.8,75,000/- INVOKING THE PROVISIONS OF SECTION 41 (1) OF THE ACT AS SITUATION OF THE LIABILITY IN THE CASE OF THE APPEL LANT. I ALSO UNEQUIVOCALLY INTENT TO SAY THAT THE AO ALSO COULD NOT APPRECIATE THE PROVISIONS OF SECTION 41(1) OF THE ACT, WHICH COULD BE APPLIED ON LY IN THE CASE OF TRADING LIABILITY. AS PER SECTION 41(1) OF THE ACT WHERE AN ALLOWANCE IS GRANTED TO AN ASSESSEE IN ANY YEAR IN RESPECT OF AN Y LOSS, EXPENDITURE OR TRADING LIABILITY AND SUBSEQUENTLY DURING ANY PR EVIOUS YEAR THE ASSESSEE RECEIVES, WHETHER IN CASH OR IN ANY OTHER MANNER WHATSOEVER, ANY AMOUNT IN RESPECT OF SUCH LOSS OR E XPENDITURE, OR THE ASSESSEE IS BENEFITED BY THE REMISSION OR CESSATION OF THE TRADING LIABILITY, THE AMOUNT RECEIVED OR THE AMOUNT OF THE LIABILITY WHICH IS EXTINGUISHED, IT CHARGEABLE AS BUSINESS PROFITS OF THE PREVIOUS YEAR. REMISSION AND CESSATION INCLUDES UNILATERAL ACT OF THE ASSESSEE BY WAY 4 ITA NO.183/PUN/2017 OF WRITING OFF SUCH LIABILITY IN ITS BOOKS OF ACCOU NT. THE AMOUNT IS TAXABLE IN 'THE YEAR OF R ECEIPT' W HERE THE ASSESSEE TO WHOM THE TRADING LIABILIT Y MA Y H AVE B EE N AL LO WED IS SUCCEEDED IN HIS BUSINESS EITH E R BECAUSE OF AMALG A MATION O R D EMERG ER OF T W O COMPANIES OR ON ACCOUNT OF THE CONSTITUTION OF NE W FI RM OR THE BUSINESS IS CONTINUED B Y SOME OTHER PERSONS W HEN THE ASSE S SEE CE A SES TO CARR Y ON THE BUSINESS , THEN THE PERSON SUCCEEDING W ILL B E CH A RG EA BL E TO T AX ON THE AM O UNT RECEI V ED IN RELA T ION TO WHICH DEDUCTION OR ALLO WA N CE HAS BEEN MADE . SECTION 41(1) OF THE ACT APPLIES E V EN IF REMISSION , CE SS ATION OF RECOVER Y OF LIABILIT Y TAKE PLACE AFTER T HE DISCONTINUANCE OF BUSINESS. FROM THE A BO V E, I T CAN CLEARLY BE SEEN T H AT IN NONE OF T H E ITEMS A D DED B Y THE AO COULD FA LL U NDER T HE AFORESA I D PRO VIS IO NS O F SECT I ON 41 ( 1) OF THE ACT. THEREFORE, THE AO WAS NOT J USTIF I ED IN INV O KING T H E AFORESAID SECTION FOR MAKING ADDITION OF T HE AMOUNT OF RS.8,75 , 00 0/ -. EVEN OTHERWISE TH E SAME COULD ALSO NOT BE ADDED AS APPEL L ANT'S INCOME FOR THE NATURE OF SUCH ITEM S, AS STATED B Y THE APPELLANT, WHICH RESULTED INTO CREDITING THE S AM E T O TH E RE SERVE F UND. ACCORDINGL Y, THE ADDITION S O MADE OF RS . 8 ,7 5 , 000/- IS H E R E B Y DELETED. GROUND 1 RAISE B Y THE APPELLANT IS THUS ALL O WED. AGGRIEVED BY THE ORDER OF LD.CIT(A), ASSESSEE IS NOW IN AP PEAL BEFORE US. 5. BEFORE US, LD. D.R. SUPPORTED THE ORDER OF AO WHEREAS THE ASSESSEE IN THE WRITTEN SUBMISSIONS RELYING ON THE DECISIO N OF PUNE BENCH OF THE TRIBUNAL IN THE CASE OF THE COMMERCIAL CO -OPERATIVE BANK LIMITED VS. DCIT (ITA NO.265/PN/2014 DATED 31.03.2015 ) SUBMITTED THAT ALL THE APPROPRIATIONS MADE OUT OF THE TAX ABLE PROFITS AND CREDITED TO RESPECTIVE FUND ACCOUNT DURING THE ASSE SSMENT YEAR CANNOT BE TREATED AS INCOME. THE COPY OF THE AFORESAID ORDER WAS ALSO PLACED ON RECORD. ASSESSEE THUS SUPPORTED THE ORDER OF LD.CIT (A). 6. WE HAVE HEARD THE LD. D.R. AND PERUSED THE MATERIAL O N RECORD. THE ISSUE IN THE PRESENT GROUND IS WITH RESPECT TO ADDIT ION U/S 41(1) OF THE ACT. WE FIND THAT LD.CIT(A) AFTER CONSIDERING THE PROVIS IONS OF SEC.41(1) OF THE ACT HAS GIVEN A FINDING THAT NONE OF THE ITEM S ADDED BY THE AO WOULD FALL UNDER THE PROVISIONS OF SEC.41(1) OF THE ACT . WE FIND THAT THE CO-ORDINATE BENCH OF THE TRIBUNAL IN THE CASE O F THE 5 ITA NO.183/PUN/2017 COMMERCIAL CO-OPERATIVE BANK LIMITED (SUPRA) AFTER PLACING RE LIANCE ON THE DECISION OF PUNE TRIBUNAL IN THE CASE OF BHINGAR U RBAN CO- OPERATIVE BANK LIMITED VS. ITO (ITA NO.2027/PUN/2013 AND OTHERS DATED 20.10.2014) AND ON IDENTICAL FACTS HAD DELETED THE A DDITION MADE BY THE AO. BEFORE US, REVENUE HAS NOT POINTED OUT ANY FALLACY IN THE FINDINGS OF LD.CIT(A). WE THEREFORE FIND NO REASON TO INTERFERE WITH THE ORDER OF LD.CIT(A). THUS, THE GROUND NO.1 OF THE REVENUE IS DISMISSED. 7. GROUND NOS.2 AND 3 BEING INTER-CONNECTED ARE CONS IDERED TOGETHER. 7.1. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, AO NOT ICED THAT ASSESSEE HAD NOT OFFERED ACCRUED INTEREST ON NPAS AMOU NTING TO RS.75,25,517/- AS ITS INCOME. THE ASSESSEE WAS ASKED TO FURNISH THE DETAILS AND SHOW CAUSE AS TO WHY THE AMOUNT NOT BE INC LUDED TO THE TOTAL INCOME OF THE ASSESSEE. TO THE QUERY OF AO ASSESS EE MADE SUBMISSIONS WHICH WERE NOT FOUND ACCEPTABLE TO THE AO. AO WAS OF THE VIEW THAT WHEN ASSESSEE WAS FOLLOWING THE MERCANTILE M ETHOD OF ACCOUNTING, THE INTEREST ON NPAS HAS TO BE ACCOUNTED FO R AND THAT RBI GUIDELINES ISSUED ARE NOT INTENDED TO REGULATE THE INCOME TAX LAWS. HE FURTHER NOTED THAT IDENTICAL ADDITION WAS MADE IN A.Y. 2 012-13 AGAINST WHICH ASSESSEE HAD FILED APPEAL BEFORE LD.CIT(A). HE THEREFORE TO KEEP THE MATTER ALIVE, MADE ADDITION OF RS.75,25,517/-. A GGRIEVED BY THE ORDER OF AO, ASSESSEE CARRIED THE MATTER BEFORE LD.CIT(A) WHO AFTER FOLLOWING THE DECISION OF CO-ORDINATE BENCH OF THE TRIBU NAL IN THE CASE OF BHAGINI NIVEDITA CO-OPERATIVE BANK LTD., IN ITA 6 ITA NO.183/PUN/2017 NO.136/PUN/2014 ORDER DATED 29.05.2015 DIRECTED THE AO TO DELETE THE ADDITION MADE ON ACCOUNT OF INTEREST MADE ON NPAS. AGGRIEVED BY THE ORDER OF LD.CIT(A), REVENUE IS NOW BEFORE US. 8. BEFORE US, LD. D.R. SUPPORTED THE ORDER OF AO. ASSESSE E IN THE WRITTEN SUBMISSIONS INTER-ALIA SUBMITTED THAT ASSESSEE IS FO LLOWING THE RBI GUIDELINES AND POLICIES FOR ACCRUAL OF INCOME AND AS PER THE GUIDELINES OF RBI, THE INTEREST ACCRUED ON NPA ACCOUNTS IS NOT TO BE CONSIDERED AS INCOME. IT WAS FURTHER SUBMITTED THAT HON BLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. DEOGIRI NAGARI SAHAKARI BANK LTD., REPORTED IN (2015) 379 ITR 24 ON IDENTICAL FACTS HAS DEC IDED THE ISSUE IN FAVOUR OF THE ASSESSEE. HE THUS SUPPORTED THE ORDER OF LD.CIT(A). 9. WE HAVE HEARD THE LD. D.R. AND PERUSED THE MATERIAL O N RECORD. THE ISSUE IN THE PRESENT GROUND IS WITH RESPECT TO ADDIT ION ON ACCOUNT OF INTEREST ON NPA ACCOUNTS. WE FIND THAT LD.CIT(A) BY FOLLOW ING THE ORDER OF PUNE TRIBUNAL HAD HELD THAT INTEREST ON NPAS CA NNOT BE SAID TO BE ACCRUED TO THE ASSESSEE AND THEREFORE NOT CHAR GEABLE TO TAX. WE FURTHER FIND THAT HONBLE BOMBAY HIGH COURT IN THE CASE O F CIT VS. DEOGIRI NAGARI SAHAKARI BANK LTD., (SUPRA) HAS HELD THAT P RUDENTIAL NORMS ISSUED BY RESERVE BANK OF INDIA ARE APPLICABLE TO C O-OPERATIVE BANKS AND THAT INTEREST ON STICKY ADVANCES ARE NOT TA XABLE. WE FURTHER FIND THAT HONBLE GUJARAT HIGH COURT IN THE CASE OF PCIT VS. SHRI MAHILA SEVA SAHAKARI BANK LTD., (2017) 395 ITR 324 (GUJ ) AFTER CONSIDERING THE RESERVE BANK OF INDIA GUIDELINES, RESERVE BANK OF INDIA ACT, 1934, SEC.45Q OF NON-BANKING COMPANIES PRUDEN TIAL 7 ITA NO.183/PUN/2017 NORMS (RESERVE BANK) DIRECTIONS, 1998 & SEC.43D OF I.T. ACT HAS HELD AS UNDER : THE EXPRESSION 'BANKING COMPANY' HAS BEEN DEFINED UNDER SECTION 5(C) OF THE BANKING REGULATION ACT, 1949 TO MEAN ANY COMPANY WHICH TRANSACTS THE BUSINESS OF BANKING IN INDIA. PART V OF THE 1949 ACT BEARS THE HEADING 'APPLICATION OF THE ACT TO CO-OPERATIVE SOCIETIES'. SECTION 56 THEREOF PROVIDES THAT THE PROVISIONS OF THE ACT, AS IN FORCE FOR THE TIME BEING, SHALL APPLY TO, OR IN RELATION TO THE CO-OPE RATIVE SOCIETIES AS THEY APPLY TO, OR IN RELATION TO BANKING COMPANIES SUBJE CT TO THE MODIFICATIONS STATED THEREUNDER. CLAUSE (A) OF SECT ION 56, PROVIDES THAT THROUGHOUT THE ACT, UNLESS THE CONTEXT OTHERWISE R EQUIRES- REFERENCES TO A 'BANKING COMPANY' OR 'THE COMPANY' OR 'SUCH COMPA NY' SHALL BE CONSTRUED AS REFERENCES TO A 'CO-OPERATIVE BANK'. S ECTION 2(I) OF THE RESERVE BANK OF INDIA ACT, 1934 PROVIDES THAT' CO-OPERATIVE BANK', 'CO- OPERATIVE CREDIT SOCIETY', 'DIRECTOR', 'PRIMARY AGR ICULTURAL CREDIT SOCIETY', 'PRIMARY CO-OPERATIVE SOCIETY' AND 'PRIMARY CREDIT SOCIETY' SHALL HAVE THE MEANING RESPECTIVELY ASSIGNED TO THEM IN PART V OF THE 1949 ACT. THEREFORE, THE EXPRESSION 'BANKING COMPANY' WOULD T AKE WITHIN ITS SWEEP A CO-OPERATIVE BANK. SECTION 45Q OF THE RESERVE BANK OF INDIA ACT, 1934, IS IN CHAPTER III-B OF THE ACT. THE PROVISIONS OF CHAPTER III-B HAVE AN OVERRIDING EFFECT QUA OTHER ENACTMENTS TO THE EXTENT THEY ARE INCONSISTEN T WITH THE PROVISIONS CONTAINED THEREIN. IN ORDER TO REFLECT A BANK'S ACT UAL FINANCIAL POSITION IN ITS BALANCE-SHEET, THE RESERVE BANK HAS INTRODUCED PRUDENTIAL NORMS FOR INCOME RECOGNITION, ASSET CLASSIFICATION AND PROVIS IONING FOR ADVANCES PORTFOLIO OF THE CO-OPERATIVE BANKS. THE GUIDELINES PROVIDED THEREUNDER ARE MANDATORY AND IT IS INCUMBENT UPON ALL CO-OPERA TIVE BANKS TO FOLLOW THEM. INCOME FROM NON-PERFORMING ASSETS IS NOT RECOGNIZED ON ACCRUAL BASIS BUT IS BOOKED AS INCOME ONLY WHEN IT IS ACTUALLY RE CEIVED. THEREFORE, BANKS SHOULD NOT .TAKE TO INCOME ACCOUNT, THE INTER EST ON NON- PERFORMING ASSETS ON ACCRUAL BASIS. THE HONBLE HIGH COURT WHILE DISMISSING THE APPEAL OF REVE NUE OBSERVED AS UNDER : THAT IN VIEW OF THE MANDATE OF THE RESERVE BANK OF INDIA GUIDELINES THE ASSESSEE COULD NOT RECOGNIZE INCOME FROM NON- PERFO RMING ASSETS ON ACCRUAL BASIS AND COULD BOOK SUCH INCOME ONLY WHEN IT WAS ACTUALLY RECEIVED. THE BENEFIT CLAIMED BY THE ASSESSEE WAS N OT UNDER ANY PROVISION OF THE INCOME-TAX ACT, 1961. THE ASSESSEE BEING BOUND BY THE RESERVE BANK OF INDIA GUIDELINES WHICH WERE ISSUED UNDER THE PROVISIONS OF THE RESERVE BANK OF INDIA ACT, 1934 HAD NOT SHOWN THE INTEREST ON NON-PERFORMING ASSETS AS INCOME. BY VIR TUE OF THE PROVISIONS OF SECTION 45Q OF THE RESERVE BANK OF INDIA ACT, 1934, THE PROVISIONS OF CHAPTER III THEREOF HAD AN OVERRIDING EFFECT OVER O THER LAWS INCLUDING THE 8 ITA NO.183/PUN/2017 1961 ACT. THEREFORE, NOTWITHSTANDING THE PROVISIONS OF S ECTION 43D OF THE 1961 ACT, SINCE THE PROVISIONS OF SECTION 45Q OF THE 1934 ACT HAD AN OVERRIDING EFFECT VIS-A-VIS INCOME RECOGNITION PRIN CIPLES IN THE COMPANIES ACT, 1956, THE ASSESSING OFFICER WAS BOUND TO FOLLOW THE RESER VE BANK OF INDIA DIRECTIONS SO-FAR AS INCOME RECOGNITION WA S CONCERNED. BEFORE US, REVENUE HAS NEITHER PLACED ANY CONTRARY BINDIN G DECISION IN ITS SUPPORT NOR HAS POINTED OUT ANY FALLACY IN T HE FINDINGS OF LD.CIT(A). IN SUCH A SITUATION, WE FIND NO REASON TO INTE RFERE WITH THE ORDER OF LD.CIT(A). THUS, THE GROUND NOS.2 AND 3 OF REVENUE ARE DISMISSED. 10. IN THE RESULT, THE APPEAL OF REVENUE IS DISMISSED. ORDER PRONOUNCED ON THE 28 TH DAY OF JUNE, 2019. SD/- SD/ - ( PARTHA SARATHI CHAUDHURY ) ( ANIL CHATURVEDI ) ! / JUDICIAL MEMBER '! / ACCOUNTANT MEMBER PUNE; DATED : 28 TH JUNE, 2019. YAMINI #$%&'('% / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. 4. 5 6. CIT(A)-4, PUNE. PR. CIT-3, PUNE. '#$ %%&',) &', / DR, ITAT, A PUNE; $,-./ GUARD FILE. / BY ORDER // TRUE COPY // /01%2&3 / SR. PRIVATE SECRETARY ) &' , / ITAT, PUNE.