GODREJ INDUSTRIES LTD, MUMBAI V. I.T.O.RANGE 10(2)-3, MUMBAI

ITA 1900/MUM/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 83679 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2014
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: G
• Next Hearing Date: 18-08-2014
• Assessment Year: 2006-2007
• Appeal Filed On: 08-03-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ABHA KALA CHANDA; S P WALIMBLE
• Assessee Lawyers: FAROOKH IRANI
• Keywords: Earning of tax free income; Retrospective amendment; Bad and doubtful debts
• Section: 14A; 115JB

Judgement Text

G IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI BEFORE S/SHRI N.K. BILLAIYA, AM AND DR. S.T.M. PAVA LAN, JM . . , . . . . ! ' #./ I.T.A. NO.1900 /MUM/2011 ( / ASSESSMENT YEAR : 2006-2007 GODREJ INDUSTRIES LIMITED, C/O KALYANIWALLA & MISTRY, KALPATARU HERITAGE, 127, M.G. ROAD, MUMBAI 400 001. / VS. INCOME TAX OFFICER, RANGE 10(2)-3, AAYAKAR BHAVAN, MUMBAI 400 020. % # ./ PAN : AAACG2953R ( ' %& / APPELLANT ) .. ( '(%& / RESPONDENT ) ! ' #./ I.T.A. NO. 1614 /MUM/2011 ( / ASSESSMENT YEAR : 2006-2007 DY. COMMISSIONER OF INCOME TAX 10(2), ROOM NO. 432, 4 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAO -20. / VS. M/S GODREJ INDUSTRIES LIMITED, (M/S GODREJ AGROVET LIMITED, PIROJSHANAGAR, EASTERN EXPRESS HIGHWAY, VIKHROLI (E), MUMBAI 400 079. % # ./ PAN : AAACG2953R ( ' %& / APPELLANT ) .. ( '(%& / RESPONDENT ) ! ' #./ I.T.A. NO.4621 /MUM/2011 ( / ASSESSMENT YEAR : 2007-2008 GODREJ INDUSTRIES LIMITED, C/O KALYANIWALLA & MISTRY, KALPATARU HERITAGE, 127, M.G. ROAD, MUMBAI 400 001. / VS. THE ADDL. COMMISSIONER OF INCOME TAX, RANGE 10(2), AAYAKAR BHAVAN, MUMBAI 400 020. % # ./ PAN : AAACG2953R ( ' %& / APPELLANT ) .. ( '(%& / RESPONDENT ) ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 2 ! ' #./ I.T.A. NO. 3136 /MUM/2011 ( / ASSESSMENT YEAR : 2007-2008 DY. COMMISSIONER OF INCOME TAX 10(2), ROOM NO. 432, 4 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAO -20. / VS. M/S GODREJ INDUSTRIES LIMITED, PIROJSHANAGAR, EASTERN EXPRESS HIGHWAY, VIKHROLI (E), MUMBAI 400 079. % # ./ PAN : AAACG2953R ( ' %& / APPELLANT ) .. ( '(%& / RESPONDENT ) ASSESSEE BY SHRI FAROOKH IRANI REVENUE BY S MT. ABHAKALA CHANDA & SHRI S.P. WALIMBLE ) * + ,! / DATE OF HEARING : 28-8-2014 -./0 + ,! / DATE OF PRONOUNCEMENT : [ 1 / O R D E R PER N.K. BILLAIYA, A.M . : . . , THESE CROSS APPEALS BY THE ASSESSEE AND THE REVENUE ARE DIRECTED AGAINST THE ORDER OF THE LD. CIT(A) 21, MUMBAI PERT AINING TO ASSESSMENT YEARS 2006-07 & 2007-08. SINCE COMMON ISSUES ARE INVOLVED IN THESE APPEALS, THEY WERE HEAD TOGETHER AND DISPOSE OF BY THIS COMMON OR DER FOR THE SAKE OF CONVENIENCE AND BREVITY. ITA NO. 1614/MUM/2011 (REVENUES APPEAL FOR A.Y. 20 06-07). 2. THE REVENUE HAS RAISED SEVEN SUBSTANTIVE GROUNDS OF APPEAL. GROUND NO. 1, 2 & 3 RELATES TO THE DELETION OF THE ADDITIO N MADE U/S 14A READ WITH RULE 8-D OF THE INCOME TAX RULES, 1962. 3. ADMITTEDLY, THE A.O. HAS COMPUTED THE DISALLOWAN CE U/S 14A READ WITH RULE 8-D. IT IS A SETTLED LAW THAT RULE 8-D IS APP LICABLE FROM A.Y. 2008-09, HENCE, NOT APPLICABLE FOR THE YEAR AS HELD BY THE H ONBLE BOMBAY HIGH COURT ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 3 IN THE CASE OF GODREJ AND BOYCE MFG. CO. LTD. VS. D CIT (2010) 328 ITR 81(BOM.). RESPECTFULLY FOLLOWING THE SAID DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT, WE DISMISS GROUND NO. 1,2 & 3 OF THE RE VENUES APPEAL. 3. GROUND NO. 4 TO 5 RELATES TO THE ATTRIBUTION OF IN-DIRECT AND DIRECT EXPENDITURE FOR EARNING THE EXEMPT INCOME. 4. THE LD. CIT(A) HAS CONSIDERED THIS GRIEVANCE AT PARA 2.3 (F) OF HIS ORDER ON PAGE NO. 8 AND ON PAGE NO. 10 OF HIS ORDER. 5. AFTER CONSIDERING THE FACTS AND SUBMISSIONS AND THE INVESTMENT VIS-- VIS BORROWED FUNDS AND OWN FUNDS, THE LD. CIT(A) HA S RESTRICTED THE DISALLOWANCE TO RS. 50 LACS. THE ASSESSEE HAS ALSO AGGRIEVED BY THIS FINDING OF THE LD. CIT(A) VIDE GROUND NO. 1 & 2 OF ITS APPEAL. WE FIND THAT THE TOTAL INVESTMENT MADE DURING THE YEAR WERE AT RS. 9.39 CR ORES. WE ALSO FIND THAT THE ASSESSEE HAD PROFIT ON SALE OF INVESTMENT AT RS . 21.55 CRORES, NET PROFIT DURING THE YEAR AT RS. 48.15 LACS AND FUNDS AVAILAB LE ON ACCOUNT OF SALE OF INVESTMENT DURING THE YEAR AT RS. 38.31 CRORES. IN OUR CONSIDERED OPINION, THE ASSESSEE WAS HAVING SUFFICIENT OWN FUNDS FOR MA KING THE INVESTMENT OF RS. 9.39 CRORES. AS OWN FUNDS ARE FOUND TO BE FAR IN EXCESS OF THE INVESTMENT, WE DO NOT FIND ANY REASON FOR MAKING THE DISALLOWAN CE AT RS. 50 LACS. WE, ACCORDINGLY, SET ASIDE THE FINDINGS OF THE LD. CIT( A) AND DIRECT THE A.O. TO DELETE THE ADDITIONS SUSTAINED BY THE LD. CIT(A). G ROUND NO. 4 TO 5 OF REVENUES APPEAL ARE ACCORDINGLY DISMISSED AND GROU ND NO. 1 & 2 OF ASSESSEES APPEAL ARE ALLOWED. 6. GROUND NO. 6 RELATES TO RESTRICTING THE DISALLOW ANCE ON ACCOUNT OF ADMINISTRATIVE AND MANAGERIAL EXPENDITURE AT 5% OF THE EXEMPT INCOME. 7. THE LD. CIT(A) HAS CONSIDERED THIS ISSUE AT PARA NO. 2.3 (G) OF HIS ORDER WHEREIN HE HAS FOLLOWED THE DECISION OF THE TRIBUNA L IN ASSESSEES OWN CASE ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 4 FOR A.Y. 2005-06. WE HAVE CAREFULLY PERUSED THE OR DER OF THE TRIBUNAL IN ASSESSES OWN CASE IN ITA NO. 1090/MUM/2009 ORDER D TD. 8-10-2010. THE TRIBUNAL AT PARA 8 OF ITS ORDER HAS CONFIRMED THE D ISALLOWANCE ON ACCOUNT OF ADMINISTRATIVE AND MANAGERIAL EXPENSES U/S 14A OF T HE ACT TO THE EXTENT OF 5% OF THE TOTAL EXEMPT INCOME. RESPECTFULLY FOLLOW ING THE FINDINGS OF THE TRIBUNAL, THE LD. CIT(A) HAS RESTRICTED THE DISALLO WANCE. WE, THEREFORE, DO NOT FIND ANY REASON TO INTERFERE WITH THE FINDINGS OF T HE LD. CIT(A). GROUND NO. 6 IS ACCORDINGLY DISMISSED. 8. GROUND NO. 7 RELATES TO THE ADJUSTMENTS TO BE MA DE U/S 115JB, CLAUSE (F) OF THE ACT. 9. WE FIND THAT THE LD. CIT(A) HAS CONSIDERED THIS ISSUE AT PARA 3 OF HIS ORDER. SINCE THE LD. CIT(A) HAS RESTRICTED THE DISA LLOWANCE TO 5% OF THE EXEMPT INCOME AND ACCORDINGLY HE DIRECTED THE A.O. SINCE W E HAVE CONFIRMED THE FINDINGS OF THE LD. CIT(A) FOLLOWING THE ORDER OF T HE TRIBUNAL IN ASSESSEES OWN CASE FOR A.Y. 2005-06 (SUPRA), WE DO NOT FIND ANY M ERIT IN THIS GRIEVANCE OF THE REVENUE. GROUND NO. 7 IS ACCORDINGLY DISMISSED. 10. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IN ITA NO. 1614/MUM/2011 IS DISMISSED. ITA NO. 1900/MUM/2011 FOR A.Y. 2006-07(ASSESSEES APPEAL) 11. THE ASSESSEE HAS RAISED NINE SUBSTANTIVE GROUND S OF APPEAL. GROUND NO. 1 & 2 RELATES TO RESTRICTING THE DISALLOWANCE T O RS. 50 LACS U/S 14A OF THE ACT. 12. WE HAVE ELABORATELY DISCUSSED THIS ISSUE IN REV ENUES APPEAL AT PARA 5, THEREFORE, NO SEPARATE ADJUDICATION IS REQUIRED SIN CE WE HAVE ALLOWED THIS GRIEVANCE OF THE ASSESSEE. ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 5 13. GROUND NO. 3 & 4 RELATES TO THE DISALLOWANCE OF EXPENDITURE U/S 14A OF THE INCOME TAX ACT, 1961 AGGREGATING TO RS. 100.58 LACS. THE LD. CIT(A) HAS FOLLOWED THE ORDER OF THE TRIBUNAL IN ASSESSEES OW N CASE. WE HAVE CAREFULLY PERUSED THE ORDER OF THE TRIBUNAL IN ITA NO. 1090/M UM/2009. THE TRIBUNAL HAS RESTRICTED THE DISALLOWANCE TO 5% OF THE TOTAL EXEMPT INCOME. WE, THEREFORE, DO NOT FIND ANY REASON TO INTERFERE WITH THE FINDINGS OF THE LD. CIT(A). GROUND NO. 3 & 4 OF THE ASSESSEES APPEAL ARE ACCORDINGLY DISMISSED. 14. GROUND NO. 5 RELATERS TO THE COMPUTATION OF BOO K PROFIT U/S 115JB OF THE ACT. IN OUR CONSIDERED OPINION, THIS GRIEVANCE OF THE ASSESSEE IS CONSEQUENTIAL, THEREFORE, WE DIRECT THE A.O. TO RE- COMPUTE THE BOOK PROFIT U/S 115JB OF THE ACT AFTER GIVING THE APPEAL EFFECT TO OUR DECISION. GROUND NO. 5 IS ACCORDINGLY ALLOWED FOR STATISTICAL PURPOSE. 15. GROUND NO. 6 RELATES TO THE DISALLOWANCE OF RS. 1,16,125/- BEING AMORTIZATION OF PREMIUM PAID FOR LEASEHOLD LAND. W E FIND THAT IDENTICAL ISSUE WAS DECIDED BY THE TRIBUNAL IN ASSESSEES OWN CASE FOR A.Y. 2005-06 IN ITA NO. 1090/MUM/2009 AT PARA 9 OF ITS ORDER. RESPECTFU LLY FOLLOWING THE FINDINGS OF THE TRIBUNAL (SUPRA), GROUND NO. 6 OF A SSESSEES APPEAL IS DISMISSED. 16. THE GRIEVANCE RAISED VIDE GROUND NO. 7, AS STAT ED BY THE LD. COUNSEL FOR THE ASSESSEE OTIOSE, HENCE DISMISSED. 17. GROUND NO. 8 RELATES TO THE VALUE TO BE ADOPTED WITH REGARDS TO THE OPENING WRITTEN DOWN VALUE OF THE BLOCK OF ASSETS. 18. A SIMILAR ISSUE WAS DECIDED BY THE TRIBUNAL IN ITA NO. 1090/MUM/2009 FOR A.Y. 2005-06 AT PARA 10 OF ITS OR DER. RESPECTFULLY ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 6 FOLLOWING THE DECISION OF THE TRIBUNAL, WE UPHOLD T HE IMPUGNED ORDER OF THE LD. CIT(A) ON THIS ISSUE AND DISMISS GROUND NO. 8 O F ASSESSEES APPEAL. 19. GROUND NO. 9 RELATES TO THE ADDITION OF PROVISI ON FOR DOUBTFUL DEBTS FOR COMPUTING THE BOOK PROFIT U/S 115JB OF THE ACT. 20. THIS ISSUE HAS BEEN CONSIDERED BY THE LD. CIT(A ) AT PARA 7 AND AT PARA 7.1 OF HIS IMPUGNED ORDER AND HELD THAT CLAUSE (I) IN EXPLANATION TO SECTION 115JB OF THE ACT IS WITH RETROSPECTIVE EFFECT FROM 1-4-2001 BY THE FINANCE ACT, 2009. WE, THEREFORE, DO NOT FIND ANY ERROR OF LAW IN THIS FINDING OF THE LD. CIT(A). GROUND NO. 9 IS ACCORDINGLY DISMISSED. 21. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IN ITA NO. 1900/MUM/2011 IS PARTLY ALLOWED. ITA NO. 3136/MUM/2011 FOR A.Y. 2007-08 (REVENUES A PPEAL) 22. GROUND NO. 1 & 2 RELATES TO THE DISALLOWANCE U/ S 14A READ WITH RULE 8- D OF THE INCOME TAX RULES, 1962. THIS ISSUE HAS BEE N CONSIDERED BY US IN ITA NO. 1614/MUM/2011 FOR A.Y. 2006-07. FOR THE SAME R EASON, GROUND NO. 1 & 2 ARE DISMISSED. 23. GROUND NO. 3 ALSO RELATES TO THE DISALLOWANCE C OMPUTED AS PER RULE 8D. WE HAVE DECIDED THIS ISSUE AGAINST THE REVENUE HOLD ING THAT RULE 8-D IS APPLICABLE FROM A.Y. 2008-09, HENCE, GROUND NO. 3 I S ACCORDINGLY DISMISSED. 24. GROUND NO. 4 & 5 RELATES TO THE DISALLOWANCE OF IN-DIRECT EXPENDITURE. IN REVENUES APPEAL FOR A.Y. 2006-07, WE HAVE CONFI RMED THE FINDINGS OF THE LD. CIT(A) WHO HAS FOLLOWED THE ORDER OF THE TRIBUN AL IN ASSESSEES OWN CASE IN ITA NO. 1090/MUM/2009 BY WHICH THE TRIBUNAL HAS RES TRICTED THE DISALLOWANCE TO 5% OF THE TOTAL EXEMPT INCOME. RES PECTFULLY FOLLOWING THE SAME, THESE GROUNDS ARE DISMISSED. ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 7 25. GROUND NO. 6 RELATES TO THE ADJUSTMENT TO BE MA DE FOR COMPUTING THE BOOK PROFIT U/S 115JB (F) OF THE ACT. THIS GROUND DIRECTLY RELATES TO THE RELIEF GIVEN BY THE LD. CIT(A) AND THEREFORE CONSEQUENTIAL IN NATURE. THE A.O. IS DIRECTED TO RECOMPUTE THE BOOK PROFIT AFTER GIVING APPEAL EFFECT. 26. GROUND NO. 7 RELATES TO THE DIRECTION GIVEN TO THE A.O. TO RECAST THE ACCOUNTS OF THE ASSESSEE BY CONSIDERING THE ELEMENT OF EXCISE DUTY AND OTHER TAXES IN OPENING STOCK, PURCHASES, SALES AND INVENT ORY. THE LD. CIT(A) HAS DECIDED THIS ISSUE AT PARA 5.1 OF HIS ORDER WHEREIN HE HAS FOLLOWED THE FINDINGS FOR A.Y. 2006-07. WE THEREFORE DO NOT FIN D ANY REASON TO INTERFERE WITH THE FINDINGS OF THE LD. CIT(A). GROUND NO. 7 IS ACCORDINGLY DISMISSED. 27. GROUND NO. 8 RELATES TO THE GRIEVANCE THAT THE LD. CIT(A) OUGHT TO HAVE DIRECTED THE VALUE OF THE CLOSING STOCK FOR THE A.Y . 2006-07 TO BE TAKEN AS OPENING STOCK FOR A.Y. 2007-08. AFTER CONSIDERING T HE IMPUGNED ISSUES, IN OUR CONSIDERED VIEW, THE VALUE OF CLOSING STOCK OF A.Y. 2006-07 HAS TO BE TAKEN AS THE VALUE OF THE OPENING STOCK FOR A.Y. 2007-08. W E ACCORDINGLY DIRECT THE A.O. GROUND NO. 8 IS ACCORDINGLY ALLOWED FOR STATI STICAL PURPOSE. ITA NO. 4621/MUM/2011 FOR A.Y. 2007-08 (ASSESSEES APPEAL) 28. GROUND NO. 1 & 2 RELATES TO THE DISALLOWANCE OF INTEREST EXPENDITURE AMOUNTING TO RS. 1.06 CRORES. 29. THE LD. CIT(A) HAS CONSIDERED THIS ISSUE AT PAR A 2.3 (G) OF HIS ORDER. THE ASSESSEE HAS MADE FRESH INVESTMENT OF RS. 133.69 CR ORES WHICH INCLUDE SHARE INVESTMENT OF RS. 30 CRORES RECEIVED FROM M/S GODRE J BEVERAGES PVT. LTD. ACCORDINGLY, THE NET INVESTMENT WAS AT RS. 103.69 C RORES. A PERUSAL OF THE FUND FLOW/CASH FLOW STATEMENT SHOW THAT THE ASSESSE E HAD PROFIT ON SALE OF INVESTMENTS AT RS. 44.92 CRORES. NET PROFIT DURING THE YEAR WAS AT RS. 6.20 ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 8 CRORES AND NET SALE PROCEEDS FROM INVESTMENTS WERE AT RS. 34.43 CRORES AND OPENING BALANCE OF CASH AND BANK WAS AT RS. 12.59 C RORES. THUS TOTAL OWN FUNDS AVAILABLE WITH THE ASSESSEE WAS AT RS. 98.15 CRORES. THE ASSESSEE HAS PURCHASED FIXED ASSETS OF RS. 37.02 CRORES WHICH IS OUT OF LOAN FUNDS TAKEN DURING THE YEAR THEREBY LEAVING THE ASSESSEE NET OW N FUNDS OF RS. 98.14 CRORES. THE INVESTMENT MADE DURING THE YEAR IS AT RS. 103.69 CRORES WHICH MEANS THAT RS. 5.55 CRORES HAVE BEEN INVESTED NOT O UT OF OWN FUNDS. TAKING AVERAGE RATE OF INTEREST AS TAKEN BY THE LD. CIT(A) AT PARA 9 OF HIS ORDER WHICH IS 4.35%. THE TOTAL DISALLOWANCE ON ACCOUNT INTERE ST COMES TO RS. 24 LACS APPROXIMATELY. CONSIDERING THE ABOVE FACTUAL FACTS AND FIGURE, WE DIRECT THE A.O. TO RESTRICT THE DISALLOWANCE TO RS. 24 LACS ON THIS ACCOUNT. THE ASSESSEE WILL GET A PART RELIEF FOR GROUND NO. 1 & 2. 30. GROUND NO. 3 & 4RRELATES TO THE DISALLOWANCE OF EXPENDITURE U/S 14A OF THE ACT. SINCE IN EARLIER YEAR, WE HAVE FOLLOWED T HE ORDER OF THE TRIBUNAL IN ASSESSEES OWN CASE IN ITA NO. 1090/MUM/2009 THEREB Y DISALLOWING 5%$ OF THE TOTAL EXEMPT INCOME. WE FIND THAT THE LD. CIT( A) AT PARA 2.3(H) OF HIS ORDER HAS FOLLOWED THE ORDER OF THE TRIBUNAL AND DI RECTED THE A.O. TO DISALLOW ADMINISTRATIVE AND MANAGERIAL EXPENSES AT RS. 2,85, 46,500/- BEING 5% OF THE EXEMPT INCOME. WE THEREFORE DO NOT FIND ANY REASON TO INTERFERE WITH THE FINDINGS OF THE LD. CIT(A). GROUND NO. 3 & 4 OF THE ASSESSEES APPEAL ARE ACCORDINGLY DISMISSED. 31. GROUND NO. 5 RELATES TO THE COMPUTATION OF BOOK PROFIT U/S 115JB OF THE ACT. 32. THIS GROUND IS CONSEQUENTIAL TO THE FINDING GIV EN BY US IN RESPECT OF DISALLOWANCE U/S 14A OF THE ACT. WE ACCORDINGLY DI RECT THE A.O. TO RECOMPUTE THE BOOK PROFIT AFTER GIVING APPEAL EFFECT. ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 9 33. GROUND NO. 6 RELATES TO THE DISALLOWANCE OF RS. 1,16,125/- BEING AMORTIZATION OF PREMIUM PAID FOR LEASEHOLD LAND. A N IDENTICAL ISSUE HAS BEEN DECIDED BY THE TRIBUNAL AGAINST THE ASSESSEE IN ITA NO. 1090/MUM/2009 AT PARA 9 OF ITS ORDER. RESPECTFULLY FOLLOWING THE SAM E, GROUND NO. 6 IS DISMISSED. 34. GROUND NO. 7 IS NOT PRESSED BY THE LD. COUNSEL FOR THE ASSESSEE AND IS ACCORDINGLY DISMISSED AS NOT PRESSED. 35. GROUND NO. 8 RELATES TO THE VALUE TO BE ADOPTED WITH REGARDS TO THE OPENING WRITTEN DOWN VALUE OF THE BLOCK OF ASSETS. IT IS THE SAY OF THE LD. COUNSEL FOR THE ASSESSEE THAT THE GRIEVANCE RAISED BY THIS GROUND HAS BECOME OTIOSE. WE ACCORDINGLY DISMISS THE SAME. 36. IN THE RESULT, APPEAL FILED BY THE ASSESSEE ON ITA NO. 4621/MUM/2011 FOR A.Y. 2007-08 IS PARTLY ALLOWED. 37. TO SUM UP, APPEALS FILED BY THE ASSESSEE IN ITA NO. 1900/M/2011 AND ITA NO. 4621/MUM/2011 ARE PARTLY ALLOWED WHEREAS AP PEAL FILED BY THE REVENUE IN ITA NO. 1614/M/2011 IS DISMISSED AND ITA NO. 3136/MUM/2011 IS PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 5 TH SEPTEMBER, 2014. 1 + -./0 ) 2 3#4 05-9-2014 . + 5* SD/- SD/- (DR. S.T.M. PAVALAN) (N.K. BILLAIYA ) JUDICIAL MEMBER ACCOUNTANT MEMBER ) #* MUMBAI ; 3# DATED 05-09-2014 [ .../ R.K. , SR. PS ITA 1614/M/11, ITA 1900/M/11, ITA 3136/M/11 & ITA 4 621/M/11 10 ! ' #$%& ' &$ / COPY OF THE ORDER FORWARDED TO : 1. ' %& / THE APPELLANT 2. '(%& / THE RESPONDENT. 3. ! ) H, (' ) / THE CIT(A) CONCERNED,, MUMBAI 4. ! ) H, / CIT- CONCERNED, MUMBAI 5. KL5 ',MN , ! ' 'MN!0 , ) #* / DR, ITAT, MUMBAI G BENCH 6. 5O P* / GUARD FILE. ! ( / BY ORDER, (K, ', //TRUE COPY// )/(* + ( DY./ASSTT. REGISTRAR) , ) #* / ITAT, MUMBAI