The ACIT, Circle-1(3), Ahmedabad V. The Kalupur Commercial Co.-Op. Bank Ltd, Ahmedabad

ITA 2124/AHD/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 8290 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 9 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-05-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2012-2013
• Appeal Filed On: 16-08-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAURABH SINGH
• Assessee Lawyers: S N SOPARKAR SHRI PARIN SHAH
• Keywords: Gift; Business expenditure; Earning of tax free income; Cost of acquisition
• Section: 143(3); 142(1); 14A; 37

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH BEFORE: SHR I MAHAVIR PRASAD , JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER THE KALUPUR COMMERCIAL CO.OP. BANK LTD. KALUPUR BANK BHAVAN, NR. INCOME TAX CIRCLE, ASHRAM ROAD, AHMEDABAD - 380009 PAN: AAAAT9360R (APPELLANT /RESPONDENT ) VS THE ACIT, CIRCLE - 1(3), AHMEDABAD - 380 015 (RESPONDENT /APPELLANT ) REVENUE BY : S H RI SAURABH SINGH , SR. D . R. ASSESSEE BY: S H RI S.N. SOPARKAR SHRI PARIN SHAH , A.R. DATE OF HEARIN G : 25 - 04 - 2 018 DATE OF PRONOUNCEMENT : 21 - 05 - 2 018 / ORDER P ER : AMARJIT SINGH, ACCOUNTANT MEMBER : - THIS CROSS APPEAL FILED BY ASSESSEE AND REVENUE FOR A.Y. 2012 - 13 , AR ISE FROM ORDER OF THE CIT(A) - 10 , AHM EDABAD DATED 20 - 06 - 2016 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN S HORT THE ACT . 2. THE ASSESSEE HAS RAISED FOLLOWING GROUNDS OF APPEAL: - (1) THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS ) - 10, AHMEDABAD HAS ERRED BOTH IN LAW AND ON FACTS OF THE CASE IN FRAMING APPELLATE ORDER U/S.250 OF THE I.T. ACT. FOR A.Y.2012. 13 ON 20 - 06 - 2016 (2) THE LEARNED CIT(A) - 10 AHMEDABAD HAS ERRED IN CONFIRMING THE FOLLOWING DISALLOWANCE PARTICULARS AMOUNT BUSINESS PROMOTION MEMBERS' GIFT RS. 20,870 I T A NO S . 1818 & 2124 / A HD/20 16 A SSESSMENT YEAR 2012 - 13 I.T.A NO S . 1818 & 2124 /AHD/20 16 A.Y. 2012 - 13 PAGE NO ACIT VS. THE KALUPUR COMMERCIAL CO - OP BANK LTD. 2 PAYMENT TOWARDS SCHOLARSHIP TO CHILDREN OF MEMBERS RS. 5,59,258 PAYMENT T O NOMINEE/ LEGAL HEIRS OF MEMBERS RS. 18,70,000 TOTAL RS. 24,50,128 (3) THE LEARNED CIT(A) HAS ERRED IN CONFIRMING THE ADDITION MADE OF RS. 9,50,000/ - U/S.14AOF THE I.T. ACT. READ WITH RULE 8D(III) OF THE IT. RULES, 1962 (4) THE LEARNED CIT (A) HAS ERRED IN REJECTING GROUND RELATING TO INITIATION OF PENALTY PROCEEDING U/S. 271(1)(C ) OF THE IT. ACT. (5) THE LEARNED CIT(A) HAS ERRED IN REJECTING GROUND RELATING TO CHARGING INTEREST U/S.234B AND 234C OF THE IT. ACT. 3. THE BRIEF FACT OF THE CASE IS T HAT ASSESSEE HAS FILED RETURN OF INCOME DECLARING INCOME OF RS. 69 , 51 , 17 ,191 / - ON 2 0 TH SEP, 2012. SUBSE QUENTLY, THE CASE WAS SELECTED UNDER SCRUTINY BY ISSUING OF NOTICE U/S. 142(1) OF THE ACT ON 24 TH DEC, 2014. DURING THE COURSE OF APPELLATE PROCEEDINGS , THE ASSESSING OFFICER HAS OBSERVED THAT ASSESSEE HAS CLAIMED THE FOLLOWING EXPENSES WHICH ARE NOT PERTAINED TO THE BUSINESS OF THE ASSESSEE. I GIFT PAID TO MEMBERS RS. 20,870/ - II PAYMENT TOW ARDS SCHOLARSHIP TO CHILDREN OF MEMBERS RS. 5,59,258/ - III MEMBERS INCENTIVE RS.18,70,000/ - TOTAL RS. 24,50,128/ - THE ASSESSEE EXPLAINED THAT THESE EXPENSES WERE INCURRE D FOR BUSINESS EXPEDIENCY FOR GAI NING DIRECT AND IMMEDIATE BENEFIT DULY SUPPORTED BY BYELAWS, RESOLUTIONS, VOUCHERS, BILLS ETC. THE ASSESSING OFFICER HAS NOT ACCEPTED THE ASSESSEE S EXPLANATION AND STATED THAT SIMI LAR DISALLOWANCES WERE MADE IN THE ASSESSEE S CASE ITSELF IN EARLIER YEARS , THEREFORE, HE MADE DISALLOWANCE OF THE ABOVE STATED EXPENDITURE. 4. AGGRIEVED ASSESSEE FILED APPEAL BEFORE THE LD. CIT A). THE LD. CIT (A) HAS SUSTAINED THE DISALLOWANCE MADE BY THE ASSESSING OFFICER STATING THAT HIS PREDECESSOR HAS ALSO SUSTAINED S UCH EXPENSES IN THE CASE OF THE ASSESSEE IN THE EARLIER YEARS. I.T.A NO S . 1818 & 2124 /AHD/20 16 A.Y. 2012 - 13 PAGE NO ACIT VS. THE KALUPUR COMMERCIAL CO - OP BANK LTD. 3 5. DURING THE COURSE OF APPELLA TE PROCEEDINGS BEFORE US THE LD . COUNSEL HAS CONTENDED THAT CO - ORDINATE BENCH OF THE ITAT VIDE ITA NO. 2614/AHD/2011 DATED 17/08/2016 IN THE CASE OF THE ASSESSEE FOR THE ASSESSMENT YEAR 2008 - 09 HAS DECIDED THE IDENTICAL ISSUE IN FAVOUR OF THE ASSESSEE . ON THE OTHER HAND , THE LD. DR HAS SUPPORTED THE ORDER OF THE LOWER AUTHORITIES. 6 . WE HAVE HEARD THE BOTH SIDES AND PERUSED THE MATERIAL ON RECORD CAREFU LLY. THE ASSESSING OFFICER HAS DISALLOWED THE CLAIM OF THE ASSESSEE IN RESPECT OF EXPENDITURE DEBITED TO THE P & L A/C PERTAINING TO BUSINESS PROMOTION, MEMBERS GIFT, SCHOLARSHIP TO CHILDREN OF MEMBERS AND PAYMENT TO LEGAL HEIRS OF MEMBERS. THE ASSESSING OFFICER HAS DISALLOWED THE AFORESAID EXPENSES BY FOLLOWING THE DECISION OF HIS PREDECESSOR ON THE GROUND THAT THESE EXPENSES ARE NOTHING BUT DISTRIBUTION OF PROFIT OF THE SHAREHOLDERS. WE HAVE NOTICED THAT T H E CO - ORDINATE BENCH OF THE ITAT VIDE ITA NO. 26 14/AHD/2011 DATED 17/08/2016 IN THE CASE OF THE ASSESS EE FOR THE ASSESSMENT YEAR 2008 - 09 HAS DECIDED T HE IDENTICAL ISSUE IN FAVOUR OF THE ASSESSEE. RELEVANT PART OF THE ABOVE CITED DECISION OF THE CO - ORDINATE BENCH IS REPRODUCED AS UNDER: - 5.4 WE HAVE HE ARD BOTH SIDES, PERUSED THE MATERIAL AVAILABLE ON RECORD AND GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. THE MAIN SOURCE OF INCOME OF THE ASSESSEE IS THAT OF RECEIPT OF INTEREST REALIZED ON THE ADVANCES MADE BY THE BANK AND OUT OF THE TOTAL ADVANCES OUTSTANDING AT THE END OF THE YEAR AT RS.735.65 CRORES, ADVANCES TO THE MEMBERS WORKS OUT TO BE RS.722.36 CRORES WHICH COMPRISES MORE THAN 98% OF TOTAL ADVANCES. THE PRINCIPAL SOURCE OF RECURRING INCOME OF THE ASSESSEE IS FROM THE MEMBERS AND THEREFORE THE EXPENDITURE FOR KEEPING MEMBERS' SUPPORT AND ATTRACTION TOWARDS THE BANK IS WHOLLY AND EXCLUSIVELY NECESSARY FOR THE PURPOSE OF BUSINESS. THE HON'BLE HIGH COURT OF GUJARAT (FULL BENCH) IN THE CASE OF KARJAN CO - OPERATIVE COTTON SALES GINNING PRESSING SOCIE TY (SUPRA) HAS HELD THAT IT WAS ABSOLUTELY NECESSARY FOR THE ASSESSEE TO MAINTAIN GOODWILL AMONGST ITS MEMBERS AND TO LURE THEM TO CONTINUE TO DO THEIR BUSINESS WITH THE SOCIETY IF IT GIVE PRESENTS TO ITS MEMBERS AND TO COMMEMORATE SILVER JUBILEE CELEBRATI ONS, IT COULD NOT BE SAID THAT THE SOCIETY WAS NOT DOING SOMETHING AS A PRUDENT BUSINESS. 5.5 RELIANCE IS ALSO PLACED IN THE CASE OF CIT VS. DASCROI TALUKA COOP PURCHASE & SALES UNION LTD, 126 ITR 413 OF HON'BLE GUJARAT HIGH COURT JUDGMENT, WHERE IT WAS H ELD THAT THE AMOUNT SPENT BY THE ASSESSEE - SOCIETY ON PURCHASE OF STAINLESS STEEL UTENSILS AND OTHER FOR THE PURPOSE OF TOUR EXPENSES OF MEMBERS WAS CONSIDERED TO BE BUSINESS EXPENDITURE WITHIN THE MEANING OF SECTION 37 OF THE ACT. 5.6 CONSIDERING TO THE A BOVE STATED FACTS AND CIRCUMSTANCES, THE VOLUME OF EARNING OF THE ASSESSEE BANK ARE MAINLY MADE THROUGH ITS MEMBERS. THESE EXPENSES ARE INCURRED BY THE ASSESSEE BANK TO ATTRACT THE MEMBERS CONFIDENCE AND LOYALTY TOWARDS THE BANK IN I.T.A NO S . 1818 & 2124 /AHD/20 16 A.Y. 2012 - 13 PAGE NO ACIT VS. THE KALUPUR COMMERCIAL CO - OP BANK LTD. 4 THE PREVAILING COMPETITI ON SO THAT THE MEMBERS PLACE THEIR DEPOSITS WITH THE ASSESSEE BANK AND ALSO CONTINUE TO BORROW FUNDS FROM THE ASSESSEE BANK IN ORDER TO IMPROVE THE PROFIT EARNING AND INCOME OF THE ASSESSEE BANK. WE HAVE ALSO CONSIDERED THAT THE AMOUNT SPENT ON THE AFORESA ID EXPENDITURES IS VERY MARGINAL COMPARED TO THE AMOUNT OF INTEREST REALIZED ON THE ADVANCES MADE TO THE MEMBERS BY THE BANK AND AMOUNT OF DEPOSIT MADE BY THE MEMBERS WITH THE BANK. UNDER THESE CIRCUMSTANCES THE AMOUNT SPENT ON SCHOLARSHIP TO THE CHILDREN OF MEMBERS, PAYMENT TO LEGAL HEIRS OF MEMBERS AND GIFTS TO MEMBERS COULD BE SAID TO BE EXPENDITURE INCURRED WHOLLY AND EXCLUSIVELY FOR THE PURPOSE OF BUSINESS SINCE THE AMOUNT WAS SPENT FOR KEEPING ALIVE ITS GOOD IMAGE AMONGST ITS MEMBERS AND ENSURING THAT GOODWILL AND CONTINUITY OF BUSINESS WITH THE MEMBERS. IN VIEW OF ABOVE MENTIONED FACTS AND CIRCUMSTANCES, WE FIND THAT THE ASSESSEE HAD INCURRED ABOVE STATED EXPENDITURE FOR PROMOTING THE BUSINESS, EVEN THOUGH THERE IS NO LEGAL OBLIGATION TO INCUR THESE E XPENDITURE BUT THE ASSESSEE HAD INCURRED IT FOR PRESERVING BUSINESS CONNECTION AND GOODWILL OF THE BUSINESS. THEREFORE, IN VIEW OF ABOVE FINDINGS, WE ALLOW THE AFORESAID EXPENDITURE AS BUSINESS EXPENDITURE UNDER SECTION 37 OF THE ACT. IN VIEW OF THE IDEN TICAL FACTS PERTAINED TO ISSUES UNDER APPEAL DURING THE YEAR UNDER CONSIDERATION , WE ALLOW THE APPEAL OF THE ASSSESSEE AFTER FOLLOWING THE DECISION OF THE CO - ORDINATE BENCH IN THE CASE OF THE ASSESSEE AS CITED SUPRA IN THIS ORDER. THE GROUND NO. 1 OF THE ASSESSEE IS OF GENERAL NATURE AND IT DOES NOT REQUIRE ANY ADJUDICATION. THE GROUND OF APPEAL NO. 2 IS ADJUDICATED ALONG WITH GROUND OF APPEAL OF REVENUE . THE GROUND NO. 4 AND 5 ARE OF GENERAL NATURE, THEREFORE, STAND DISMISSED. ITA NO . 2124 /AHD/2016 7 . THE REVENUE HAS RAISED FOLLOWING GROUNDS OF APPEAL: - (1) THAT THE LD.CIT(A) HAS ERRED IN LAW AND ON FACTS IN DELETING THE ADDITION MADE BY THE AO ON THE ISSUE OF DISALLOWANCE OF AMORTIZED PREMIUM AMOUNTING TO RS.2,10,11,715/ - . (2) THAT THE ID. CIT(A) H AS ERRED IN LAW AND ON FACTS IN RESTRICTING THE ADDITION TO RS.9,50,000/ - OUT OF RS.42,65,343/ - MADE BY THE AO ON ACCOUNT OF DISALLOWANCE U/S 14A OF THE ACT. ON THE FACT AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER TO THE EXTENT MENTIONED ABOVE SINCE THE ASSESSEE HAS FAILED TO DISCLOSE HIS TRUE INCOME/BOOK PROFIT. THE APPELLANT PRAYS THAT THE ORDER OF CIT(A) ON THE ABOVE GROUNDS BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORE D TO THE ABOVE EXTENT. FIRST GROUND OF APPEAL REGARDING DISALLOWANCE ON AMORTIZED PREMIUM I.T.A NO S . 1818 & 2124 /AHD/20 16 A.Y. 2012 - 13 PAGE NO ACIT VS. THE KALUPUR COMMERCIAL CO - OP BANK LTD. 5 8 . DURING THE YEAR UNDER CONSIDERATION, THE ASSESSEE H AS WRITTEN OFF GOVT. SECURITY PREMIUM TO THE EXTENT OF RS. 2 , 10 , 11 , 715/ - . THE ASSESSING OFFICER HAS DISALLOWE D THE PREMIUM AMOUNT AMORTIZED BY THE ASSSESSEE BANK IN RESPECT OF PURCHASE OF SECURITIES UNDER THE CATEGORY HELD TO BE MATURITY STATING THAT DEFINITELY THE SAME IS OF CAPITAL OUTLAY WHICH CANNOT BE ALLOWED AS EXPENDITURE. 9 . AGGRIEVED ASSESSEE FILED AP PEAL BEFORE THE LD. CIT(A). THE LD. CIT(A) HAS DELETED THE ADDITION STATING THAT HIS PREDECESSOR HAS DELETED THE SAME IN THE CASE OF THE ASSESSEE IN THE EARLIER YEARS. 10 . WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON RECORD CAREFULL Y. THE ASSESSEE HAS MADE INVESTMENT IN THE HTM CATEGORY AS PER THE GUIDELINES LAID DOWN BY THE RBI AND CLAIMED AMORTIZATION OF PREMIUM TILL THE PERIOD MATURITY. THE ASSESSING OFFICER HAS DISALLOWED THE CLAIM FOLLOWING THE SIMILAR ADDITION MADE BY HIS PRE DECESSORS ON THE GROUND THAT THE PREMIUM AMOUNT PAID FOR ACQUIRING THE CAPITAL INVESTMENT CANNOT BE ALLOWED AS DEDUCTION EXPENDITURE. THE LD. CIT(A) HAS DELETED THE ADDITION BY FOLLOWING THE DECISION OF HIS PREDECESSORS. WE HAVE NOTICED THAT AS PER RBI G UIDELINES DATED 16 TH OCT, 2000, THE INVESTMENT PORTFOLIO OF THE BANK IS REQUIRED TO BE CLASSIFIED UNDER TH REE CATEGORIES VIZ. HELD TO MATURITY (HTM) , HELD FOR TRADING (HFT) AND AVAILABLE FOR SALE (ATS). INVESTMENT CLASSIFIED UNDER HTM CATEGORY NEEDS TO B E MARKED TO MARKET AND ARE CARRIED AT ACQUISITION COST UNLESS THESE ARE MORE THAN THE FACE VALUE IN WHICH CASE THE PREMIUM SHOULD BE AMORTIZED OVER THE REMAINING PERIOD. A LLOWAB LE OF AMORTIZED EXPENSES ON PREMIUM ON GOVERNMENT SECURITIES HAS BEEN PROVIDE D U/S. 36(1)(II) OF THE ACT AND EXPLAINED BY CBDT VIDE INSTRUCTION NO. 17 OF 2008 DATED 26 - 11 - 2008. THE HON BLE HIGH COURT OF GUJARAT VIDE (2014) 43 TAXMANN.COM 161 (GUJARAT) IN THE CASE OF CIT, RAJKOT - II VS. RAJKOT DIST. CO - OP. BANK LTD. HELD THAT INSTR UCTIONS CLEARLY PROVIDE FOR AMORTIZATION OF PREMIUM PAID ON SECURITIES WHEN THE SAME ARE ACQUIRED AT THE RATE HIGHER THAN THE FACE VALUE. SUCH AMORTIZATION WOULD HAVE TO BE FOR THE REMAINING PERIOD OF MATURITY. IN VIEW I.T.A NO S . 1818 & 2124 /AHD/20 16 A.Y. 2012 - 13 PAGE NO ACIT VS. THE KALUPUR COMMERCIAL CO - OP BANK LTD. 6 OF THE ABOVE STATED FACTS AND LEGAL FINDING, WE DO NOT FIND ANY INFIRMITY IN THE DECISION OF THE LD. CIT (A). THEREFORE, THE APPEAL OF THE REVENUE IS DISMISSED ON THIS ISSUE. SECOND GROUND OF APPEAL PERTAINING TO DISALLOWANCE U/S. 14A OF THE ACT. AND G ROUND NUMBER 3 OF APPEAL OF THE AS SESSEE. 11 . DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSING OFFICER HAS NOTICED THAT ASSESSEE HAS C LAIMED DIVIDEND INCOME OF RS. 1.52 CRORES AND INTEREST EARNED O N OTHER TRUSTEE SECURITIES OF RS . 85 ,91,096/ - AS EXEMPT INCOME. HE OBSERVED TH AT ASSESSEE HAS NOT DISALLOWED ANY EXPENDITURE INCURRED TOWARDS EARNING EXEMPT INCOME AS PER THE PROVISION OF SECTION 14A OF THE ACT. THEREFORE, THE ASSESSING OFFICER HAS WORKED OUT DISALLOWANCE ACCORDING TO SECTION 14A R.W. RULE 8D OF THE ACT AND DISALL OWED AN AMOUNT OF RS. 42,65.343 / - . 12 . AGGRIEVED ASSESSEE FILED APPEAL BEFORE THE LD. CIT(A). THE LD. CIT(A) HAS STAT ED THAT HIS PREDECESSOR IN THE CASE OF THE ASSESSEE ITSELF HAS DECIDED THE SIMILAR ISSUE IN FAVOUR OF THE ASSESSEE. THE LD. CIT(A) HA S DELETED THE ADDITIONS OF RS.33,15,343 MADE BY THE ASSESSIN OFFICER STATING THAT THE ASSESSEE HAS MORE INTEREST FREE FUND AVAILABLE THAN INVESTMENT MADE IN SECURITIES FROM WHICH EXEMPT INCOME ACCRUED. HOWEVER, IN RESPECT OF ADDITION OF RS. 9.5 LACS MADE UNDER RULE 8D(III) HE STATED THAT ASSESSEE HAS NOT FILED ANY SUBMISSION, THEREFORE, HE HAS SUSTAINED THE ADDITION TO THE EXTENT OF RS. 9,50,000/ - IN RESPECT OF ADMINISTRATIVE EXPENSES. 13 . WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON R ECORD CAREFULLY. THE SECOND ISSUE IS PERTAINED TO THE DISALLOWANCE OF EXPENSES U/S. 14A R.W. RULE 8D OF THE ACT INCURRED TOWARDS THE EXEMPT INCOME. TH E LD. CIT(A) HAS DELETED THE ADDITION FOLLOWING THE DECISION OF HIS PREDE CESSORS IN THE CASE OF THE ASSS ESSSE AS THE ASSSESSEE H A S MORE INTEREST FRE E FUND AVAILABLE THAN I.T.A NO S . 1818 & 2124 /AHD/20 16 A.Y. 2012 - 13 PAGE NO ACIT VS. THE KALUPUR COMMERCIAL CO - OP BANK LTD. 7 INVESTMENT MADE IN SECURITIES. WE HAVE ALSO NOTICED THAT THE ASSESSEE HAS ITS OWN FUNDS AS UNDER: - CAPITAL : RS. 60.25 CROES RESERVES: RS. 662.97 CRORES THE ASSESSEE HAS ALSO EXPLAINED BEFORE T H E ASSESSING OFFICER THAT INVESTMENT IN CENTRAL AND STA T E GOVERNMENT SECURITIES WAS STOCK IN TRADE AND PART OF BANKING BUSINESS ONLY. AFTER CONSIDERING THE ABOVE FAC T S THAT INVESTMENT WERE MADE OUT OF THE INTEREST FREE FUNDS AVAILABLE WITH THE ASSESSEE WE DO NOT FIND ANY ERROR IN THE DECISION OF LD. CIT(A) OF RESTRICTING THE DISALLOWANCE TO THE EXTENT OF ADMINISTRATIVE EXPENSES OF RS.9,50000/ . THE LD. COUNSEL HAS NOT PRESSED GROUND NO. 3 OF APPEAL OF THE ASSESSEE. ACCORDINGLY, THE APPEAL OF THE REVENUE IS DISMISSED. 14 . IN THE COMBINED RESULT, THE APPEAL ITA 1818/AHD/2016 OF THE ASSESSEE IS PARTLY ALLOWED AND APPEAL ITA 2124/AHD/2016 OF THE REVENUE IS DISMISSED. ORDER PR ONOUNCED IN THE OPEN C OURT ON 21 - 05 - 201 8 SD/ - SD/ - ( MAHAVIR PRASAD ) ( AMARJIT SINGH ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD : DATED 21 /05 /2018 / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,