ITO, Coimbatore V. M/s. Veerakeralam Primary Agricultural Co operative Credit Society, Coimbatore

ITA 197/CHNY/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 73703 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-02-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 04-02-2014
• Assessment Year: 2009-2010
• Appeal Filed On: 04-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S DASGUPTA
• Assessee Lawyers: S RAMACHANDRAN

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, CHENNAI . . . , ! , ' # $ BEFORE DR. O.K. NARAYANAN, VICE PRESIDENT & SHRI VIKAS AWASTHY, JUDICIAL MEMBER ./ I.T.A. NO. 197/MDS/2013 / ASSESSMENT YEAR : 2009-10 INCOME TAX OFFICER, WARD-II(3), COIMBATORE ( !% /APPELLANT) VS M/S. VEERAKERALAM PRIMARY AGRICULTURAL CO OPERATIVE CREDIT SOCIETY, NO.17, PERIA THOTTAM COLONY, COIMBATORE-641 007 [PAN: AAAAV 3131 G] ( &'!% /RESPONDENT) / APPELLANT BY : SHRI S.DASGUPTA, JCIT / RESPONDENT BY : SHRI S.RAMACHANDRAN, CA / DATE OF HEARING : 04-02-2014 /DATE OF PRONOUNCEMENT : 11-02-2014 #( / O R D E R PER VIKAS AWASTHY, JUDICIAL MEMBER: THE APPEAL OF THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX(APPEALS)-I, COIMBATO RE DATED 01-11-2012 RELEVANT TO THE ASSESSMENT YEAR (AY) 200 9-10. I.T.A. NO. 197/MDS/2013 2 2. THE ASSESSEE IS A PRIMARY AGRICULTURAL CREDIT CO -OPERATIVE SOCIETY ENGAGED IN THE BUSINESS OF PROVIDING CREDIT AND BANKING FACILITIES TO ITS MEMBERS. THE ASSESSEE FILED ITS RETURN OF INCOME FOR THE AY. 2009-10 ON 30-03-2010 DECLARING NIL I NCOME. THE ASSESSEE HAS CLAIMED DEDUCTION U/S.80P(2) OF THE IN COME TAX ACT, 1961 (HEREIN AFTER REFERRED TO AS THE ACT). THE C ASE OF THE ASSESSEE WAS SELECTED FOR SCRUTINY AND NOTICE U/S. 143(2) WAS ISSUED TO THE ASSESSEE. DURING THE COURSE OF ASSES SMENT PROCEEDINGS, THE ASSESSING OFFICER AFTER EXAMINING THE ACTIVITIES OF THE ASSESSEE HELD THAT THE ASSESSEE IS CARRYING BAN KING ACTIVITIES. THE ASSESSEE IS PROVIDING LOAN FACILITIES UNDER VAR IOUS HEADS VIZ. JEWEL LOAN, KCC JEWEL LOAN, CROP LOAN, HOUSING LOAN , NON- FORMING SECTOR LOAN ETC. THE ASSESSEE IS NOT ONLY PROVIDING AGRICULTURAL CREDIT FACILITIES BUT IS ALSO ADVANCIN G CONSUMER DURABLE LOANS TO ANY BORROWER/PERSON ON PERSONAL GUARANTEE. THE ASSESSING OFFICER FURTHER OBSERVED THAT THE ASSESSE E HAD MADE INVESTMENT TO THE TUNE OF ` 14,12,52,428/- WITH COIMBATORE DISTRICT CREDIT CO-OPERATIVE BANK. THE ASSESSEE HAS GIVEN L OANS AND ADVANCES TO THE TUNE OF ` 61.86 CRORES, OUT OF WHICH, LOANS AND ADVANCES FOR THE PURPOSES OTHER THAN AGRICULTURE AM OUNTS TO ` 60.50 CRORES. IT IS APPROXIMATELY 97.8% OF THE TOT AL ADVANCES. SIMILARLY, THE MAJOR SOURCE OF INCOME OF THE ASSESS EE IS INTEREST I.T.A. NO. 197/MDS/2013 3 INCOME FROM BANKING OPERATIONS. OUT OF THE TOTAL I NTEREST RECEIVED I.E., ` 6.37 CRORES, THE ASSESSEE HAS RECEIVED INTEREST OF ` 6.28 CRORES FROM LOANS GRANTED FOR NON-AGRICULTURAL ACTI VITIES. THUS, NEARLY 98.5% OF THE INTEREST INCOME IS ARISING FROM ADVANCING OF LOANS FOR OTHER THAN AGRICULTURAL ACTIVITIES. THE ASSESSING OFFICER DIS-ALLOWED THE DEDUCTION CLAIMED BY THE ASSESSEE U NDER THE PROVISIONS OF SECTION 80P. AGGRIEVED AGAINST THE ASSESSMENT ORDER DATED 27-12 -2011, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE CIT(APP EALS). THE CIT(APPEALS) FOLLOWED THE ORDER OF THE BANGALORE BE NCH OF THE TRIBUNAL IN THE CASE OF ACIT VS. M/S.BALGALORE COMMERCIAL TRANSPORT CREDIT CO-OPERATIVE SOCIETY LTD., IN ITA NO.1069/BANG/2010 RELEVANT TO THE AY.2007-08 DECIDE D ON 08-04-2011 AND ALLOWED THE APPEAL OF THE ASSESSEE. AGGRIEVED AGAINST THE ORDER OF THE CIT(APPEALS), TH E REVENUE HAS COME IN APPEAL BEFORE THE TRIBUNAL. 3. SHRI S.DASGUPTA, APPEARING ON BEHALF OF THE REVE NUE VEHEMENTLY OPPOSED THE ORDER OF THE CIT(APPEALS) AN D SUBMITTED THAT EARLIER THE NAME OF THE ASSESSEE WAS VEERAKERA LAM PRIMARY AGRICULTURAL CO-OPERATIVE CREDIT SOCIETY AND AFTER THE AMENDMENT TO SECTION 80P BY INSERTION OF SUB-SECTION 4 BY THE FINANCE ACT, I.T.A. NO. 197/MDS/2013 4 2006, W.E.F. 01-04-2007, THE ASSESSEE CHANGED ITS N AME TO VEERAKERALAM PRIMARY AGRICULTURAL CO-OPERATIVE CRED IT SOCIETY. HOWEVER, THE NATURE OF ACTIVITIES AND BUSINESS OF T HE ASSESSEE REMAINS THE SAME. THE LD.DR POINTED OUT THAT, IN L ETTER DT.08-11-2012 SUBMITTED BY THE ASSESSEE BEFORE ASSE SSING OFFICER, THE ASSESSEE HAS ADMITTED THE FACT THAT TH E MAIN SOURCE OF INCOME OF THE ASSESSEE IS FROM THE BUSINESS OF BANK ING. IN VIEW OF THE NATURE OF ACTIVITIES BEING CARRIED OUT BY TH E ASSESSEE AS LISTED BY THE ASSESSING OFFICER IN HIS DETAILED AND WELL REASONED ORDER, THERE IS NO DOUBT THAT THE ASSESSEE IS CARRY ING ON BANKING ACTIVITIES AND IS THUS IN-ELIGIBLE FOR CLAIMING DED UCTION U/S.80P OF THE ACT. THE LD.DR PRAYED FOR SETTING ASIDE THE IM PUGNED ORDER OF THE CIT(APPEALS). 4. ON THE OTHER HAND, SHRI S.RAMACHANDRAN , APPEARING ON BEHALF OF THE ASSESSEE STRONGLY SUPPORTED THE ORDER OF THE CIT(APPEALS) AND SUBMITTED THAT THE NAME OF THE ASS ESSEE WAS CHANGED AFTER THE ORDINANCE DATED 21-10-2008 OF GOV T. OF TAMIL NADU DIRECTED ALL AGRICULTURAL CO-OPERATIVE BANKS T O DROP THE WORD CO-OPERATIVE BANK FROM THEIR NAMES. THE LD.AR SU BMITTED THAT THE ACTIVITIES CARRIED ON BY THE ASSESSEE ARE NOT A KIN TO THE ACTIVITIES CARRIED OUT BY THE BANKING COMPANIES OR CO-OPERATIVE I.T.A. NO. 197/MDS/2013 5 BANKS. THE ASSESSEE IS PROVIDING CREDIT FACILITIES TO ITS MEMBERS ONLY AND NOT TO PUBLIC AT LARGE. FURTHER, ITS GEOG RAPHICAL AREA OF OPERATION IS RESTRICTED TO VEERAKERALAM VILLAGE AND CERTAIN OTHER ADJACENT VILLAGES IN THE DISTRICT OF COIMBATORE. A LL MEMBERS OF THE ASSESSEE ARE AGRICULTURISTS AND LOANS ARE PROVIDED TO THE MEMBERS UNDER VARIOUS SCHEMES AS PER THE REQUIREMENT OF EAC H AND EVERY INDIVIDUAL MEMBER. AS REGARDS THE DEPOSITS MADE IN COIMBATORE DISTRICT CREDIT CO-OPERATIVE BANK, THE AMOUNT HAS B EEN DEPOSITED UNDER STATUTORY OBLIGATION. THE LD.AR OF THE ASSES SEE CONTENDED THAT THE ASSESSEE IS NOT CARRYING ANY REGULAR BANKI NG ACTIVITY, FOR WHICH APPROVAL FROM RBI IS REQUIRED. THE ASSESSEE IS REGISTERED AS A CO-OPERATIVE SOCIETY UNDER THE TAMIL NADU CO-O PERATIVE SOCIETIES ACT, 1961 AND IS CARRYING ON ITS ACTIVITI ES AS PER THE BYE- LAWS REGISTERED WITH THE REGISTRAR OF THE CO-OPERAT IVE SOCIETIES. THE AMENDMENT BROUGHT IN BY THE FINANCE ACT, 2006 W ITH THE INSERTION OF SUB-SECTION 4 TO SECTION 80P OF THE AC T DOES NOT DEBAR PRIMARY AGRICULTURAL CREDIT SOCIETIES FROM CLAIMING DEDUCTION U/S.80P OF THE ACT. THE LD.AR IN ORDER TO SUPPORT HIS SUBMISSIONS RELIED ON THE FOLLOWING DECISIONS OF THE TRIBUNAL: I.T.A. NO. 197/MDS/2013 6 I. ACIT VS. M/S.BALGALORE COMMERCIAL TRANSPORT CREDIT CO-OPERATIVE SOCIETY LTD., IN ITA NO.1069/BANG/2010 (AY.2007-08) DECIDED ON 08-04-2011. II. ITO VS. M/S. YESWANTHPUR CREDIT CO-OPERATIVE SOCIE TY LTD., IN ITA NO.737/BANG/2011 (AY.2007-08) DECIDED ON 11-04-2012. III. ITO VS.THE KASIPALAYAM PRIMARY AGRICULTURAL CO- OPERATIVE BANK LTD., IN ITA NO.174/MDS/2013 DECIDED ON 23-08-2013. THE LD.AR APART FROM THE ABOVE DECISION OF THE TRIB UNAL ALSO PLACED RELIANCE ON THE RECENT JUDGMENT OF THE HONB LE GUJARAT HIGH COURT IN THE CASE OF CIT VS. JAFARI MOMIN VIKAS CO-OP. CREDIT SOCIETY LTD., DECIDED ON 15-01-2014 REPORTED AS 2014(2) TMI 28. 5. WE HAVE HEARD THE SUBMISSIONS MADE BY THE REPRESENTATIVES OF BOTH THE SIDES. WE HAVE ALSO PE RUSED THE ORDERS OF THE AUTHORITIES BELOW AS WELL AS THE DECI SIONS ON WHICH THE LD.AR HAS PLACED RELIANCE. THE ASSESSEE IS AN AGRICULTURAL CO- OPERATIVE CREDIT SOCIETY REGISTERED UNDER THE TAMIL NADU CO- OPERATIVE SOCIETIES ACT, 1961. THE ASSESSEE-SOCIET Y WAS I.T.A. NO. 197/MDS/2013 7 ESTABLISHED IN THE YEAR 1968 AND THE MEMBERS OF THE SOCIETY ARE AGRICULTURISTS. THE PRIMARY ACTIVITY OF THE SOCIET Y IS ACCEPTING DEPOSITS FROM ITS MEMBERS AND ADVANCING LOANS TO IT S MEMBERS. THE ASSESSEE HAS BEEN ENJOYING THE BENEFIT OF DEDUC TION U/S.80P TILL THE AMENDMENT WAS BROUGHT IN BY THE FINANCE AC T, 2006 VIDE WHICH SUB-CLAUSE 4 WAS INSERTED IN SECTION 80P. AF TER THE AMENDMENT, THE BENEFIT OF 80P WAS DENIED TO THE CO- OPERATIVE BANKS. THE SUB-SECTION 4 OF SECTION 80P IS RE-PROD UCED HEREIN BELOW: (4) THE PROVISIONS OF THIS SECTION SHALL NOT APPLY IN RELATION TO ANY CO-OPERATIVE BANK OTHER THAN A PRIMARY AGRICULT URAL CREDIT SOCIETY OR A PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. EXPLANATION TO SECTION 80P FURTHER DEFINES CO-OPERA TIVE BANK, PRIMARY AGRICULTURAL CREDIT SOCIETY AND PRIMARY CO- OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. THE SAME READS AS UNDER: EXPLANATION.FOR THE PURPOSES OF THIS SUB-SECTION, (A) CO-OPERATIVE BANK AND PRIMARY AGRICULTURAL C REDIT SOCIETY SHALL HAVE THE MEANINGS RESPECTIVELY ASSIGNED TO TH EM IN PART V OF THE BANKING REGULATION ACT, 1949 (10 OF 1 949); I.T.A. NO. 197/MDS/2013 8 (B) PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL D EVELOPMENT BANK MEANS A SOCIETY HAVING ITS AREA OF OPERATION CONFINED TO A TALUK AND THE PRINCIPAL OBJECT OF WHICH IS TO PROVIDE FOR LONG-TERM CREDIT FOR AGRICULTURAL AND RURAL DEVELOP MENT ACTIVITIES.] FROM THE PROVISIONS OF SUB-SECTION 4 OF SECTION 80P AND THE EXPLANATION TO SECTION 80P, IT IS EVIDENT THAT THE BENEFIT OF SECTION 80P IS NOT AVAILABLE TO CO-OPERATIVE BANKS WHEREAS THE PRIMARY AGRICULTURAL CREDIT SOCIETIES ARE ENTITLED FOR THE SAME. FOR THE PURPOSE OF SUB-SECTION 4, CO-OPERATIVE BANK AND PRIMARY AGRICULTURAL CREDIT SOCIETY SHALL HAVE THE MEANING S ASSIGNED TO THEM UNDER THE BANKING REGULATION ACT, 1949. WE FI ND THAT THE ISSUE WHETHER CREDIT CO-OPERATIVE SOCIETIES ARE SAM E AS CO- OPERATIVE BANKS HAS BEEN DEALT IN DETAIL BY THE BAN GALORE BENCH OF THE TRIBUNAL IN THE CASE OF ACIT VS. M/S.BALGALORE COMMERCIAL TRANSPORT CREDIT CO-OPERATIVE SOCIETY LTD., (SUPRA). AFTER COMPARATIVE ANALYSIS OF THE CO-OPERATIVE BANKS AN D CO-OPERATIVE SOCIETIES ON VARIOUS PARAMETERS, THE TRIBUNAL CAME TO THE CONCLUSION THAT THE ACTIVITIES OF BOTH THE ORGANIZA TIONS AND THE COMPLIANCES TO BE MADE UNDER VARIOUS ACTS FOR BOTH THE ORGANIZATIONS ARE VARIED. THE SUB-SECTION 4 TO SEC TION 80P IS APPLICABLE ONLY TO CO-OPERATIVE BANKS AND NOT TO CR EDIT I.T.A. NO. 197/MDS/2013 9 CO-OPERATIVE SOCIETIES. THE DECISION OF THE BANGAL ORE BENCH OF THE TRIBUNAL IN THE CASE OF ACIT VS. M/S.BALGALORE COMMERCIAL TRANSPORT CREDIT CO-OPERATIVE SOCIETY LTD., (SUPRA) HAS SUBSEQUENTLY BEEN FOLLOWED BY THE CO-ORDINATE BENCH OF THE TRIBUNAL IN THE CASES OF ITO VS.THE KASIPALAYAM PRIMARY AGRICULTURAL CO-OPERATIVE BANK LTD., (SUPRA) AND ITO VS. M/S. YESWANTHPUR CREDIT CREDIT CO-OPERATIVE SOCIETY LTD. , (SUPRA). THE ASSESSEE HAS ALSO PLACED RELIANCE ON THE RECENT JUD GMENT OF THE HONBLE GUJARAT HIGH COURT IN THE CASE OF CIT VS. JAFARI MOMIN VIKAS CO-OP. CREDIT SOCIETY LTD., (SUPRA) WHEREIN THE HONBLE HIGH COURT AFTER TAKING INTO CONSIDERATION THE CBDT CIRC ULAR NO.133/07 HAS HELD THAT SUB-SECTION 4 SECTION 80P WILL NOT AP PLY TO ASSESSEE WHICH IS NOT A CO-OPERATIVE BANK. THE RELEVANT EXT RACT OF THE ORDER OF THE HONBLE HIGH COURT IS REPRODUCED HEREIN BELO W: 5. ASSESSING OFFICER HELD THAT BY VIRTUE OF SECTIO N 80P(4), THE RESPONDENT ASSESSEE WOULD NOT BE ENTITLED TO BENEFI TS OF DEDUCTION UNDER SECTION 80P. CIT(APPEALS) AS WELL AS THE TRIBUNAL REVERSED THE DECISION OF THE ASSESSING OFF ICER ON THE PREMISE THAT THE RESPONDENT ASSESSEE NOT BEING A BA NK, EXCLUSION PROVIDED IN SUB-SECTION(4) OF SECTION 80P WOULD NOT APPLY. THIS, IRRESPECTIVE OF THE FACT THAT THE RESP ONDENT WOULD NOT FALL WITHIN THE EXPRESSION PRIMARY AGRICULTURA L CREDIT SOCIETY. I.T.A. NO. 197/MDS/2013 10 6. HAD THIS BEEN THE PLAIN STATUTORY PROVISIONS UND ER CONSIDERATION IN ISOLATION, IN OUR OPINION, THE QUE STION OF LAW COULD BE STATED TO HAVE ARISEN. WHEN, AS CONTENDED BY THE ASSESSEE, BY VIRTUE OF SUBSECTION(4) ONLY CO-OPERAT IVE BANKS OTHER THAN THOSE MENTIONED THEREIN WERE MEANT TO BE EXCLUDED FOR THE PURPOSE OF DEDUCTION UNDER SECTION 80P, A QUESTION WOULD ARISE WHY THEN LEGISLATURE SPECIFIED PRIMARY AGRICULTURAL CREDIT SOCIETIES ALONG WITH PRIMARY CO OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANKS FOR EXCLUS ION FROM SUCH EXCLUSION AND IN OTHER WORDS, CONTINUED TO HOL D SUCH ENTITY AS ELIGIBLE FOR DEDUCTION. HOWEVER, THE ISSU E HAS BEEN CONSIDERABLY SIMPLIFIED BY VIRTUE OF CBDT CIRCULAR NO.133 OF 2007 DATED 9.5.2007. CIRCULAR PROVIDES AS UNDER:- SUBJECT: CLARIFICATION REGARDING ADMISSIBLY OF DED UCTION UNDER SECTION 80P OF THE INCOME-TAX ACT, 1961. 1. PLEASE REFER TO YOUR LETTER NO. DCUS/30688/2007, DATED 28.03.2007 ADDRESSED TO CHAIRMAN, CENTRAL BOARD OF DIRECT TAXES, ON THE ABOVE GIVEN SUBJECT. 2. IN THIS REGARD, I HAVE BEEN DIRECTED TO STATE TH AT SUB- SECTION(4) OF SECTION 80P PROVIDES THAT DEDUCTION U NDER THE SAID SECTION SHALL NOT BE ALLOWABLE TO ANY CO-OPERA TIVE BANK OTHER THAN A PRIMARY AGRICULTURAL CREDIT SOCIETY OR A PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BAN K. FOR THE PURPOSE OF THE SAID SUB-SECTION, CO-OPERATIVE B ANK SHALL HAVE THE MEANING ASSIGNED TO IT IN PART V OF THE BA NKING REGULATION ACT, 1949. 3. IN PART V OF THE BANKING REGULATION ACT, CO-OPE RATIVE BANK MEANS A STATE CO-OPERATIVE BANK, A CENTRAL CO - OPERATIVE BANK AND A PRIMARY CO-OPERATIVE BANK. I.T.A. NO. 197/MDS/2013 11 4. THUS, IF THE DELHI CO OP URBAN T & C SOCIETY LTD . DOES NOT FALL WITHIN THE MEANING OF CO-OPERATIVE BANK AS DEFINED IN PART V OF THE BANKING REGULATION ACT, 1949, SUBS ECTION(4) OF SECTION 80P WILL NOT APPLY IN THIS CASE. 5. THE ISSUES WITH THE APPROVAL OF CHAIRMAN, CENTRA L BOARD OF DIRECT TAXES. 7. FROM THE ABOVE CLARIFICATION, IT CAN BE GATHERED THAT SUB- SECTION(4) OF SECTION 80P WILL NOT APPLY TO AN ASSE SSEE WHICH IS NOT A CO-OPERATIVE BANK. IN THE CASE CLARIFIED B Y CBDT, DELHI COOP URBAN THRIFT & CREDIT SOCIETY LTD. WAS U NDER CONSIDERATION. CIRCULAR CLARIFIED THAT THE SAID ENT ITY NOT BEING A COOPERATIVE BANK, SECTION 80P(4) OF THE ACT WOULD N OT APPLY TO IT. IN VIEW OF SUCH CLARIFICATION, WE CANNOT ENTERT AIN THE REVENUES CONTENTION THAT SECTION 80P(4) WOULD EXCL UDE NOT ONLY THE CO-OPERATIVE BANKS OTHER THAN THOSE FULFIL LING THE DESCRIPTION CONTAINED THEREIN BUT ALSO CREDIT SOCIE TIES, WHICH ARE NOT COOPERATIVE BANKS . IN THE PRESENT CASE, RESPONDENT ASSESSEE IS ADMITTEDLY NOT A CREDIT CO-OPERATIVE BA NK BUT A CREDIT CO-OPERATIVE SOCIETY. EXCLUSION CLAUSE OF SU B-SECTION(4) OF SECTION 80P, THEREFORE, WOULD NOT APPLY. IN THE RESULT, TAX APPEALS ARE DISMISSED. THE REVENUE HAS TRIED TO ESTABLISH THAT THE ASSESSE E ALTHOUGH A CREDIT CO-OPERATIVE SOCIETY IS CARRYING BANKING BUS INESS AND IS THUS NOT ELIGIBLE. IN OUR OPINION, THE ASSESSEE IS NOT A CO-OPERATIVE BANK. THE ACTIVITIES IN THE NATURE OF ACCEPTING DE POSITS, ADVANCING LOANS ETC., CARRIED ON BY THE ASSESSEE ARE CONFINED TO ITS MEMBERS I.T.A. NO. 197/MDS/2013 12 ONLY AND THAT TOO IN A PARTICULAR GEOGRAPHICAL AREA . THE ACTIVITIES OF THE ASSESSEE ARE NOT REGULATED BY THE RBI OR THE PROVISIONS OF THE BANKING REGULATION ACT. THUS, IN VIEW OF THE A BOVE STATED FACTS AND VARIOUS DECISIONS CONSIDERED ABOVE, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE CIT(APPEALS). THE APPEAL OF THE REVENUE IS DISMISSED BEING DEVOID OF MERIT. ORDER PRONOUNCED ON TUESDAY, THE 11 TH FEBRUARY, 2014 AT CHENNAI. SD/- SD/- (DR. O.K. NARAYANAN) (VIK AS AWASTHY) VICE PRESIDENT JUDICIAL MEMBER DATED: 11 TH FEBRUARY, 2014 TNMM COPY TO: APPELLANT/RESPONDENT/CIT(A)/CIT/DR