M/s. Avalon Aviation Academy Pvt. Ltd., Mumbai V. Assistant Commissioner of Income-tax,

ITA 1914/PUN/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 6979 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 4 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-03-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 27-10-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S C TIWARI
• Keywords: Depreciation; Fair market value
• Section: 143(3); 32

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE , ! , # $ BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURV EDI, AM . / ITA NO.1914/PUN/2014 & & / ASSESSMENT YEAR : 2007-08 M/S. AVALON AVIATION ACADEMY PVT. LTD., A-65, APTECH HOUSE, MIDC MAROL, ANDHERI (E), MUMBAI 400093 . / APPELLANT PAN: AAFCA8287M VS. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE 1(1), PUNE . RESPONDENT / APPELLANT BY : SHRI S.C. TIWARI / RESPONDENT BY : SHRI SUHAS KULKARNI DATE OF HEARING : 12.01.2017 / DATE OF PRONOUNCEMENT: 03.03.2017 ' / ORDER PER SUSHMA CHOWLA, JM: THIS APPEAL FILED BY THE ASSESSEE IS AGAINST THE OR DER OF CIT(A)-I, PUNE, DATED 28.03.2014 RELATING TO ASSESSMENT YEAR 2007-0 8 AGAINST ORDER PASSED UNDER SECTION 143(3) OF THE INCOME-TAX ACT, 1961 (I N SHORT THE ACT). THE ONLY ISSUE RAISED IN THE PRESENT APPEAL IS AGAI NST THE DISALLOWANCE OF DEPRECIATION ON GOODWILL AMOUNTING TO RS.15,21,3 94/-. ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 2 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL:- 1. THE LEARNED CIT(A) ERRED IN LAW AND ON FACTS AND IN THE CIRCUMSTANCES OF THE CASE IN CONFIRMING THE DISALLOWANCE OF DEPRE CIATION ON GOODWILL OF RS.15,21,394/-. 2. THE ORDER OF THE COMMISSIONER (APPEALS) BEING CO NTRARY TO LAW, EVIDENCE AND FACTS OF THE CASE SHOULD BE SET ASIDE, AMENDED OR MODIFIED. 3. EACH GROUND OF APPEAL HEREINABOVE IS INDEPENDENT AND WITHOUT PREJUDICE TO EACH OTHER. 3. BRIEFLY, IN THE FACTS OF THE CASE, THE ASSESSEE FOR THE YEAR UNDER CONSIDERATION HAD FILED THE RETURN OF INCOME DECLAR ING LOSS OF RS.4,37,06,983/-. THE ASSESSEE WAS ENGAGED IN THE BUSINESS OF AVIATIO N TRAINING AND HOSPITALITY INDUSTRY. DURING THE COURSE OF ASSESSMENT PROCEEDI NGS ON VERIFICATION OF THE ACCOUNTS, THE ASSESSING OFFICER NOTED THAT THE ASSE SSEE HAD ACQUIRED VARIOUS ASSETS AND LIABILITIES FOR A LUMP SUM CONSIDERATION OF RS.75,00,000/- IN THE FINANCIAL YEAR 2006-07 FROM M/S. AVALON AVIATION AC ADEMY, A PROPRIETARY CONCERN. THE EXCESS OF THE CONSIDERATION OVER THE FAIR VALUE OF THESE ASSETS ON THE DATE OF ACQUISITION OF RS.60,85,577/- WAS TREAT ED AS GOODWILL. THE ASSESSEE IN THE RETURN OF INCOME CLAIMED DEPRECIATI ON/AMORTIZATION IN RESPECT OF GOODWILL ON THE GROUND THAT IT WAS RIGHT IN THE NATURE OF KNOW-HOW, PATENTS, COYRIGHTS, TRADEMARKS, LICENSES, FRANCHISES OR ANY OTHER BUSINESS OR COMMERCIAL RIGHTS OF SIMILAR NATURE I.E. THE INTANGIBLE ASSET S. THE ASSESSEE IN THE EXPLANATION POINTED OUT THAT THE PROPRIETARY CONCER N WAS TAKEN OVER BY THE ASSESSEE COMPANY AS A GOING CONCERN BASIS W.E.F. 1 ST APRIL, 2006 TOGETHER WITH ALL ITS ASSETS AND LIABILITIES INCLUDING GOODWILL A T A CONSIDERATION OF RS.75,00,000/-. THE AMOUNT PAID IN EXCESS OF FAIR VALUE OF ASSETS WAS TREATED AS GOODWILL. THE DATE OF INCORPORATION OF THE COMP ANY WAS 20 TH JULY, 2006. THE ASSESSING OFFICER WAS OF THE VIEW THAT AS PER S ECTION 32(1) OF THE ACT, ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 3 DEPRECIATION WAS ALLOWED FOR TWO TYPES OF ASSETS, N AMELY, TANGIBLE ASSETS AND INTANGIBLE ASSETS. THE ASSESSING OFFICER FURTHER E LABORATED ON THE SCOPE OF INTANGIBLE ASSETS AND RELYING ON THE RATIO LAID DOW N BY THE HONBLE BOMBAY HIGH COURT IN COMMISSIONER OF INCOME TAX VS. M/S. T ECHNO SHARES STOCKS LTD. & OTHERS IN ITA NO. 971 OF 2006 AND ITA NO. 21 8 OF 2007 HELD THAT NO DEPRECIATION OR AMORTIZATION WAS ALLOWABLE ON GOODW ILL. ACCORDINGLY, THE SUM OF RS.15,21,394/- CLAIMED AS DEPRECIATION WAS DISAL LOWED AND ADDED BACK AS INCOME OF THE ASSESSEE. AN ALTERNATE PLEA WAS MADE BY THE ASSESSEE THAT THE EXCESS PAYMENT BE TREATED AS NON-COMPETE FEES TO TH E PARTIES FROM WHOM THE ASSETS WERE ACQUIRED. THE SAID PLEA OF THE ASSESSE E WAS ALSO REJECTED BY THE ASSESSING OFFICER HOLDING THAT EVEN NON-COMPETE FRE ES WOULD NOT QUALIFY AS INTANGIBLE ASSETS ELIGIBLE FOR DEPRECIATION U/S. 32 (1) OF THE ACT. 4. THE COMMISSIONER OF INCOME TAX (APPEALS) UPHELD THE ORDER OF ASSESSING OFFICER ON BOTH THE COUNTS AND DISALLOWED THE DEPRECIATION ON THE SO CALLED GOODWILL AND NON-COMPETE FEES CLAIMED BY THE ASSESSEE AND UPHELD THE ADDITION OF RS.15,21,394/-. 5. THE ASSESSEE IS IN APPEAL AGAINST THE ORDER OF C IT(A). 6. THE LEARNED AUTHORIZED REPRESENTATIVE FOR THE AS SESSEE POINTED OUT THAT THE AGREEMENT WITH THE PARTIES WAS TO TAKE OVER THE ASSETS AND LIABILITIES FOR LUMP SUM CONSIDERATION. THE ASSESSING OFFICER IN D ENYING THE DEPRECIATION ON GOODWILL PER SE RELIED ON THE RATIO LAID DOWN BY TH E HONBLE BOMBAY HIGH COURT IN COMMISSIONER OF INCOME TAX VS. M/S. TECHNO SHARE S STOCKS LTD. & OTHERS (SUPRA) WHEREAS THE HONBLE SUPREME COURT HAS REVER SED THE DECISION OF HONBLE BOMBAY HIGH COURT. REFERENCE WAS MADE TO T HE DECISION OF HONBLE ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 4 APEX COURT IN TECHNO SHARES STOCKS LTD. & ORS. VS. COMMISSIONER OF INCOME TAX REPORTED IN (2010) 327 ITR 323 (SC). THE LEARN ED AUTHORIZED REPRESENTATIVE FOR THE ASSESSEE FURTHER POINTED OUT THAT THE HONBLE SUPREME COURT IN ANOTHER DECISION I.E. COMMISSIONER OF INCO ME TAX VS. SMIFS SECURITIES LTD. REPORTED IN (2012) 348 ITR 302 (SC) HAS HELD T HAT GOODWILL IS AN ASSET WITHIN THE MEANING OF EXPLANATION 3(B) TO SECTION 3 2(1) AND HENCE, ELIGIBLE FOR DEPRECIATION. THE LEARNED AUTHORIZED REPRESENTATIV E FOR THE ASSESSEE POINTED OUT THAT THE COMMISSIONER OF INCOME TAX (APPEALS) H AD HELD THAT THE DIFFERENCE BETWEEN THE CONSIDERATION PAID ON THE FAIR MARKET V ALUE OF THE ASSETS AND LIABILITIES WAS NOT GOODWILL AT ALL. IN THIS REGAR D, RELIANCE WAS PLACED ON THE RATIO LAID DOWN BY THE HONBLE DELHI HIGH COURT IN TRIUNE ENERGY SERVICES PRIVATE LIMITED & ORS. VS. DEPUTY COMMISSIONER OF INCOME TA X & ORS. REPORTED IN (2016) 237 TAXMAN 230 (DELHI) WHEREIN ON IDENTICAL FACTS, THE HONBLE HIGH COURT HELD THAT THE SURPLUS ARISING OUT OF SLUMP SA LE CONSIDERATION IS THE VALUE OF GOODWILL IN THE HANDS OF THE ASSESSEE ON WHICH T HE ASSESSEE IS ENTITLED TO CLAIM THE DEPRECIATION. HE POINTED THAT THERE WAS AN AGREEMENT TO PAY A SLUMP SALE CONSIDERATION WHICH WAS LUMP SUM SALE PRICE, P ART ON WHICH WAS ATTRIBUTED TO VALUE OF COSTS OF GOODS AND THE BALANCE WAS THE VALUE OF GOODWILL. 7. THE LEARNED DEPARTMENTAL REPRESENTATIVE FOR THE REVENUE PLACED RELIANCE ON THE RATIO LAID DOWN IN CHOWGULE & CO. ( P.) LTD. VS. ASSISTANT COMMISSIONER OF INCOME TAX REPORTED IN (2011) 10 TA XMANN.COM 224 (PANAJI) AND POINTED OUT THAT THE ASSESSEE WAS NOT EVEN SURE , WHETHER THE SURPLUS WAS GOODWILL OR WAS NON-COMPETE FEES AND HENCE, TWO CLA IMS MADE BY THE ASSESSEE. ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 5 8. THE LEARNED AUTHORIZED REPRESENTATIVE FOR THE AS SESSEE IN REJOINDER POINTED OUT THAT IT WAS AN ALTERNATE CONTENTION, BU T MAIN CONTENTIONS REMAIN THAT THE SURPLUS WAS GOODWILL. HE FURTHER STRESSED THAT IT WAS NOT DISPUTED THAT MONEY HAD BEEN PAID AND IT IS NOT STATED THAT THERE WAS SOME OTHER CONNECTION. WHERE THE TRANSACTION WAS AT ARMS LENGTH AND THE A SSESSEE HAD TAKEN OVER THE BUSINESS OF SOLE PROPRIETARY CONCERN THEN THE C LAIM OF THE ASSESSEE MERITS TO BE ALLOWED. HE FURTHER STRESSED THAT GOODWILL E MBRACES MONEY, THINGS AND IT ALSO EMBRACES ALL KINDS OF RIGHTS, WHERE QUANTUM WA S AN ARBITRARY VALUE. EVEN IF IT IS ASSUMED THAT HIGHER CONSIDERATION WAS PAID BUT NOWHERE THE SAME COULD BE DISTURBED AND DEPRECIATION COULD BE DENIED. 9. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORD. THE LIMITED ISSUE ARISING IN THE PRESENT APPEAL IS IN R ELATION TO THE CLAIM OF DEPRECIATION ON GOODWILL. THE ASSESSEE HAD TAKEN O VER THE SOLE PROPRIETARY CONCERN UNDER THE NAME AND STYLE OF AVALON AVIATION ACADEMY AS A GOING CONCERN AS PER THE AGREEMENT DATED 09 TH SEPTEMBER, 2006. THE SAID GOING CONCERN WAS TAKEN OVER ALONG WITH ALL THE ASSETS, L IABILITIES, RIGHTS, PRIVILEGES, PENDING CONTRACTS, PERMISSIONS, ETC. AS A SLUMP SAL E, IN AN AS-IS-WHERE-IS IS CONDITION FOR THE GOOD AND VALUABLE CONSIDERATION. AS PER THE TERM OF THE AGREEMENT THE TOTAL CONSIDERATION WAS FIXED AT RS.7 5,00,000/-. IT WAS AGREED BETWEEN THE PARTIES THAT THE SALE OF THE ACQUIRED BUSINESS UNDERTAKING BY THE SELLER TO THE PURCHASER PURSUANT THERETO WAS AS AND BY WAY OF A SLUMP SALE AND THE PURCHASE CONSIDERATION WAS A COMPOSITE PURCHASE CONSIDERATION FOR THE WHOLE OF THE ACQUIRED BUSINESS UNDERTAKING AND NO P URCHASE CONSIDERATION SHALL BE ASSIGNED TO SPECIFIC ITEMS TO THE ACQUIRE D BUSINESS UNDERTAKING, AS PER ARTICLE 2.2 OF THE AGREEMENT. WHILE CLARIFYING AND INTERPRETING THE TERM ACQUIRED BUSINESS UNDERTAKING, AS PER ARTICLE 1.1 .1, IT WAS AGREED UPON THAT ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 6 THE SELLERS BUSINESS RUN UNDER THE NAME AND STYLE OF AVALON AVIATION ACADEMY WHICH IS, INTER ALIA, ENGAGED IN AVIATION AND HOSPI TALITY TRAINING; THE GOODWILL RELATING TO THE SELLERS BUSINESS; ALL THE RIGHTS, ASSETS, CURRENT ASSETS AND OBLIGATION, ALL INTELLECTUAL PROPERTY RIGHTS, BRAND S, LOGOS, PROPERTIES OF EVERY KIND AND DESCRIPTION, ETC., INCLUDING THE RIGHTS IN THE LIST OF PROPERTIES SET OUT IN ANNEXURE 1; THE LIABILITIES OF THE SELLER, AS ON TH E TRANSFER DATE AS LISTED IN THE BALANCE SHEET AS ON 31 ST MARCH, 2006; THE AND OBLIGATION OF THE SELLER UNDE R THE PENDING CONTRACTS, IF ANY AND THE EMPLOYEE, SHALL B E TAKEN OVER. MEANING THEREBY THAT BY PAYING THE AGREED CONSIDERATION THE ASSESSEE WAS NOT ONLY TAKING OVER THE BUSINESS AS A GOING CONCERN BUT WAS ALSO TAKING OVER ALL THE RIGHTS, LIABILITIES, ASSETS, PENDING CONTRACTS BENE FITS AND OBLIGATION OF THE CURRENT CONTRACTS, AS BUNDLE OF RIGHTS. THIS WAS IN ADDITI ON TO RIGHTS OF OBLIGATION OF THE SELLER ON THE TRANSFER DATE, THE EMPLOYEES OF THE S AID CONCERN AND ALSO GOODWILL RELATING TO THE SELLER BUSINESS. THE UNDERSTANDING BETWEEN THE PARTIES WAS CLEAR AND NO SPECIFIC PRICE WAS ATTRIBUTED TO THE A SSETS AND LIABILITIES SINCE IT WAS A CASE OF SUMP SUM CONSIDERATION BEING PAID FOR TAKEOVER OF THE ASSETS. THE COPY OF THE AGREEMENT IS PLACED AT PAGES 27 TO 40 OF THE PAPER BOOK. UNDER SUCH FACTS AND CIRCUMSTANCES THE ASSESSEE WHI LE FILING THE RETURN OF INCOME HAD WORKED OUT THE EXCESS CONSIDERATION OVER THE VALUE OF THE ASSETS AND LIABILITIES AT RS.60,85,577/-, AS UNDER : PARTICULARS FAIR VALUE (RS.) FIXED ASSETS 10,59,825 CURRENT ASSETS 5,81,943 CURRENT LIABILITIES (2,27,345) NET ASSETS 14,14,423 CONSIDERATION 75,00,000 GOODWILL 60,85,577 ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 7 10. ON SUCH GOODWILL, THE ASSESSEE CLAIMED DEPRECIA TION WHICH HAS BEEN DENIED BY THE AUTHORITIES BELOW HOLDING THAT THE EX CESS AMOUNT OVER ASSETS AND LIABILITIES IS NOT GOODWILL. THIS IS THE FINDING O F THE COMMISSIONER OF INCOME TAX (APPEALS). THE ASSESSING OFFICER HAD DENIED THE DE PRECIATION AS GOODWILL WAS NOT PART OF INTANGIBLE ASSETS U/S. 32(1) OF THE ACT . THE DEPRECIATION WAS ALLOWABLE ONLY ON TANGIBLE ASSETS AND NOT INTANGIBL E ASSETS. THE BASIS FOR DISALLOWANCE WAS THE DECISION OF THE HONBLE BOMBAY HIGH COURT IN THE CASE OF COMMISSIONER OF INCOME TAX VS. M/S. TECHNO SHARES S TOCKS LTD. & OTHERS (SUPRA) WHICH WAS AGAINST THE ASSESSEE. HOWEVER, T HE HONBLE SUPREME COURT IN TECHNO SHARES & STOCKS LTD. & ORS. VS. COMMISSIO NER OF INCOME TAX (SUPRA) HAS REVERSED THE FINDINGS OF HONBLE BOMBAY HIGH COURT AND CONSEQUENTLY THE RATIO APPLIED BY THE ASSESSING OFF ICER AND THE COMMISSIONER OF INCOME TAX (APPEALS) IS NOT AVAILABLE FOR APPLIC ATION. IN ANY CASE THE HONBLE SUPREME COURT IN LATER DECISION IN COMMISSI ONER OF INCOME TAX VS. SMIFS SECURITIES LTD. (SUPRA) HAD HELD THAT GOODWIL L IS AN INTANGIBLE ASSET AS PER EXPLANATION 3(B) TO SECTION 32(1) OF THE ACT AND CO NSEQUENTLY THE ASSESSEE IS ENTITLED TO CLAIM THE DEPRECIATION ON SUCH GOODWILL . APPLYING THE SAID RATIO WE HOLD THAT THE ASSESSEE IS ENTITLED TO CLAIM THE DEP RECIATION ON GOODWILL. 11. NOW, COMING TO THE STAND OF COMMISSIONER OF INC OME TAX (APPEALS) THAT THE EXCESS AMOUNT PAID BY THE ASSESSEE OUT OF LUMP SUM CONSIDERATION IS NOT GOODWILL BUT SOMETHING ELSE. THE HONBLE DELHI HIG H COURT IN TRIUNE ENERGY SERVICES PRIVATE LIMITED & ORS. VS. DEPUTY COMMISSI ONER OF INCOME TAX & ORS. (SUPRA) ON SIMILAR ISSUE OF SLUMP SALE AS PER BUSINESS TRANSFER AGREEMENT WHEREIN LUMP SUM CONSIDERATION WAS PAID, HAD HELD T HAT THE BALANCE CONSIDERATION AFTER DEDUCTING THE VALUE OF ASSETS A ND LIABILITIES IS GOODWILL WHICH EXPRESSION 'GOODWILL' SUBSUMES WITHIN IT A VARIETY OF INTANGIBLE BENEFITS THAT ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 8 WERE ACQUIRED WHEN A PERSON ACQUIRES A BUSINESS OF ANOTHER AS A GOING CONCERN. IT WAS FURTHER HELD THAT IT IS WELL ESTABLISHED THAT 'GOODWILL' IS AN INTANGIBLE ASSET, WHICH IS REQUIRED TO BE ACCOUNTED FOR WHEN A PURCHASER ACQUIRES A BUSINESS AS A GOING CONCERN BY PAYING MO RE THAN THE FAIR MARKET VALUE OF THE NET TANGIBLE ASSETS, THAT IS, ASSETS L ESS LIABILITIES . THE HONBLE HIGH COURT THEREFORE HELD THAT GOODWILL INCLUDED A HOST OF INTANGIBLE ASSETS, WHICH A PERSON ACQUIRES, ON ACQUIRING A BUSINESS AS A GOING CONCERN AND VALUING THE SAME AT THE EXCESS CONSIDERATION PAID O VER AND ABOVE THE VALUE OF NET TANGIBLE ASSETS IS AN ACCEPTABLE ACCOUNTING PRI NCIPLE AND THUS, FURTHER EXERCISE TO VALUE THE GOODWILL IS NOT WARRANTED. I N THIS REGARD RELIANCE WAS PLACED ON THE RATIO LAID DOWN BY THE HONBLE SUPREM E COURT IN COMMISSIONER OF INCOME TAX VS. SMIFS SECURITIES LTD. (SUPRA) AND ON COMMISSIONER OF INCOME TAX VS. B.C. SRINIVASA SETTY REPORTED IN (19 81) 128 ITR 294 (SC) AND THE CLAIM OF THE ASSESSEE WAS ALLOWED. 12. THE FACTS AND THE ISSUE ARISING IN THE PRESENT APPEAL BEFORE US ARE IDENTICAL TO THE FACTS AND ISSUE BEFORE THE HONBLE DELHI HIGH COURT (SUPRA) AND APPLYING THE SAID PRINCIPLE WE HOLD THAT THE BALANC E CONSIDERATION OUT OF SLUMP SALE CONSIDERATION AFTER ADJUSTING THE VALUE OF ASS ET AND LIABILITIES IS, THE VALUE OF GOODWILL IN THE HANDS OF THE ASSESSEE, WHICH IS INTANGIBLE ASSETS, ON WHICH THE ASSESSEE IS ELIGIBLE TO CLAIM THE DEPRECIATION. ACCORDINGLY, WE HOLD SO. 13. BEFORE PARTING WE MAY REFER TO RELIANCE PLACED BEFORE US BY THE LEARNED DEPARTMENTAL REPRESENTATIVE FOR THE REVENUE ON THE RATIO LAID DOWN IN CHOWGULE & CO. (P.) LTD. VS. ASSISTANT COMMISSIONER OF INCOME TAX (SUPRA) WHICH DO NOT STAND AFTER THE RATIO BEING LAID DOWN BY THE HONBLE DELHI HIGH COURT. IT MAY BE QUALIFIED HEREIN ITSELF THAT THE FACTS BEFORE THE HONBLE DELHI ITA NO.1914/PN/2014 AVALON AVIATION ACADEMY PVT. LTD. 9 HIGH COURT AND THE FACTS OF THE PRESENT CASE ARE ID ENTICAL AND CONSEQUENTLY THE RATIO LAID DOWN BY THE HONBLE DELHI HIGH COURT SHA LL PREVAIL. ACCORDINGLY, WE DIRECT THE ASSESSING OFFICER TO ALLOW DEPRECIATION ON GOODWILL. THE GROUNDS OF APPEAL RAISED BY THE ASSESSEE ARE ALLOWED. 14. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS AL LOWED. ORDER PRONOUNCED ON THIS 3 RD DAY OF MARCH, 2017. SD/- SD/- (ANIL CHATURVEDI) (SUSHMA CHOWLA) # / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE ; DATED : 3 RD MARCH, 2017 . RK ' ( ) *+ ,+ / COPY OF THE ORDER IS FORWARDED TO : THE APPELLANT; THE RESPONDENT; # # $ () THE CIT(A)-I, PUNE; # # $ / THE CIT-I, PUNE; '() **+,, # +, , . / DR A, ITAT, PUNE; )/0 1 / GUARD FILE. ' / BY ORDER, ' * // TRUE COPY // 2 3 / ASSISTANT REGISTRAR, # +, , / ITAT, PUNE