MESERS HIM AGRI FESH PVT. LTD, JALANDHAR V. INCOME TAX OFICER WARD-1(2), JALANDHAR

ITA 224/ASR/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 0325 (ITAT-AMRITSAR)
• Duration Of Justice: 3 year(s) 2 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-07-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 18-04-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Fair market value; Valuation report
• Section: 143(2); 73; 56

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. BEFORE SH. LALIET KUMAR, JUDICIAL MEMBER AND DR. M. L. MEENA, ACCOUNTANT MEMBER I.T.A. NO. 224/ASR/2018 AS SESSMENT YEAR: 2014-15 M/S HIM AGRI FESH PVT. LTD., 518, J.P. NAGAR, JALANDHAR [PAN: AACCH 8112M] (APPELLANT) VS. INCOME TAX OFFICER, WARD-1(2), JALANDHAR (RESPENDENT) APPELLANT BY SH. SUDHIR SEHGAL, ADV. RESPONDENT BY SMT. RATINDER KAUR, D. R. DATE OF HEARING 06.07.2021 DATE OF PRONOUNCEMENT 07.07.2021 ORDER PER LALIET KUMAR, J.M. THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 22.02.2018 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS)- 1, JALANDHAR IN RESPECT OF A.Y. 2014-15. 2. GROUNDS OF APPEAL: 1. THAT THE LD. CIT(A) HAS ERRED IN CONFIRMING THE ORDER OF THE ASSESSING OFFICER BY MAKING THE ADDITION OF RS. 80,33,892/- AS INCOME FR OM OTHER SOURCES AND TAXING THE SAME AS REVENUE INCOME. ITA NO. 224/ASR/2018 2 2. THAT THE LD. CIT(A) HAS WRONGLY TREATED THE AMOU NT OF SHARE PREMIUM AS INCOME FROM OTHER SOURCES AND WRITTEN SUBMISSIONS AS FILED DURI NG THE COURSE OF ASSESSMENT PROCEEDINGS HAVE NOT BEEN CONSIDERED APPROPRIATELY. 3. THAT THE LD. CIT(A) HAS FAILED TO APPRECIATE THE FACT THAT THE DETAIL OF THE PARTIES FROM WHOM SHARE PREMIUM RECEIVED, HAVE BEEN GIVEN VIZ-A- VIZ IDENTITY, BANK STATEMENTS, ITR RETURNS AND IT HAS WRONGLY BEEN STATED THAT NO DETA IL OF THE PARTIES FROM WHOM THE SHARE PREMIUM RECEIVED, HAVE BEEN GIVEN. 4. THAT THE ADDITION HAS BEEN CONFIRMED AGAINST THE FACTS AND CIRCUMSTANCES OF THE CASE. 5. THAT THE APPELLANT CRAVES LEAVE TO ADD OR AMEND THE GROUNDS OF APPEAL BEFORE THE APPEAL IS FINALLY HEARD OR DISPOSED OFF. BRIEF FACTS 1. THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION , FILED ITS RETURN OF INCOME ON 28.01.2015 DECLARING INCOME OF RS. 62,070 /-. THE CASE OF THE ASSESSEE WAS SELECTED UNDER CASS AND NOTICE U/S EC 143(2) OF THE ACT WAS ISSUED IN THE CASE OF THE ASSESSEE COMP ANY. THE REASON FOR SELECTION OF THE CASE OF THE ASSESSEE WA S 'LARGE SHARE PREMIUM RECEIVED DURING THE YEAR'. 2. DURING THE ASSESSMENT PROCEEDINGS, THE AO DOUBTE D THE ISSUE OF SHARES (2,12,200 IN NUMBER) AT PREMIUM OF RS. 40 I. E AN AMOUNT OF RS. 84,88,000/. 3. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THO UGH THE ASSESSING OFFICER ASKED THE ASSESSEE TO FILE CERTIFICATE AS P ER RULE 11UA BUT, THE ASSESSEE BEFORE THE ASSESSING OFFICER HAD SUBMI TTED THAT RULE 11UA WAS NOT APPLICABLE TO THE CASE OF THE ASSESSEE . ITA NO. 224/ASR/2018 3 4. AS THE ASSESSEE FAILED TO COMPLY WITH PROVISIONS OF RULE 11 UA, THEREFORE THE ASSESSING OFFICER HAD CALCULATED THE FAIR MARKET VALUE OF SHARE OF ON HIS OWN AS PER THE BOOK VALUE AT A PRIC E OF RS. 12.14/- (CALCULATION FORMING PART OF THE ORDER). ON THIS BA SIS ADDITION WAS THUS MADE BY THE AO AT THE RATE OF (50-12.14 I.E RS . 37.86 PER SHARE). TOTAL ADDITION OF RS. 80,33,892/- WAS THUS MADE TO THE TOTAL INCOME OF THE ASSESSEE BY INVOKING THE PROVISIONS OF SEC 56(2 )(VIIB) OF THE ACT. 5. FEELING AGGRIEVED BY THE ORDER PASSED BY THE ASS ESSING OFFICER, APPEAL WAS FILED BEFORE THE CIT(A) BUT THE SAME WAS DISMISSED. THE LEARNED CIT APPEALS HAD REITERATED THE FINDING RECO RDED BY THE ASSESSING OFFICER AND CONFIRMED THE ADDITION MADE B Y THE ASSESSING OFFICER. IT WAS THE CASE OF THE ASSESSEE BEFORE US THAT THE REPORT OF THE CHARTERED ACCOUNTANT EVIDENCING THE VALUE OF SH ARES AS PER RULE 11UA OF THE ACT WAS DULY FILED BEFORE THE CIT(A) BU T THE SAME WAS NOT CONSIDERED BY HER AND NO COMMENT WERE EVEN GIVE N ON THE SAME. RELEVANT PORTION OF THE ORDER PASSED BY CIT(A ) READS AS UNDER :- 5. I HAVE CAREFULLY CONSIDERED THE FACTS OF THE CA SE AND SUBMISSIONS OF THE APPELLANT. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE FILED RETURN OF INCOME FOR ASSESSMENT YEAR 2014-15 ON 28.01.2015 DECLARING INCOME OF RS.62,070/-. THE CASE WAS SELECTED FOR LIMITED SCRUTINY UNDER CASS WITH THE REASONS THAT (I) LARGE SHARE P REMIUM RECEIVED DURING THE YEAR. DURING THE YEAR UNDER CONSIDERATION THE ASSESSEE CO MPANY HAS ISSUED 2,12,200 NEW SHARES @ RS.10/- AMOUNTING TO RS.21,22,000/- AT A PREMIUM OF RS.84,88,000/- @ RS.40/-. DURING THE ASSESSMENT PROCEEDINGS, THE ASSESSING OFFICER REQUI RED THE ASSESSEE TO FURNISH CERTIFICATE UNDER RULE 11UA OF THE I.T. RULES. BEFORE THE ASSES SING OFFICER IT WAS STATED THAT THE UNIT WAS A NEW ONE AND WAS YET TO START THE OPERATIONS. THE SHARE PREMIUM WAS CALCULATED ON THE BASIS OF THE MARKET GOODWILL OF THE DIRECTORS AND NATURE OF THE BUSINESS OF THE COMPANY AS IT INVOLVES STORAGE OF APPLES WITH THE AID OF HIGHLY T ECHNICAL MACHINERY AND UNDER CONTROLLED ITA NO. 224/ASR/2018 4 TEMPERATURES. THIS TYPE OF FACILITY WAS ONE OF THE FIRST TO BE ESTABLISHED IN THE SHIMLA REGION WHERE THE APPLES ARE STORED FOR PROCUREMENT. IT WAS STATED BY THE ASSESSEE THAT NO FAIR MARKET VALUE WAS REQUIRED TO BE CALCULATED UNDER RULE 11UA OF THE INCOME TAX RULES. IN ITS SUPPORT, THE ASSESSEE HAS PLACED RELIANCE ON THE CA SE OF GREEN INFRA LTD VS ITO, ITAT MUMBAI BENCH, 38 TAXMANN.COM 253. THE ASSESSING OFF ICER NOTED THAT THE CASE REFERRED AND RELIED UPON BY THE ASSESSEE PERTAINED TO ASSESSMENT YEAR 2009-10 PRIOR TO INTRODUCTION OF NEW PROVISIONS IN THE INCOME TAX ACT I.E. SEC56 (2)(VII B) READ WITH RULE 11UA WHICH WAS INTRODUCED W.E.F 29.11.2012. THE CASE OF THE ASSESS EE UNDER APPEAL IS ASSESSMENT 2014-15, THEREFORE, THE AMENDED PROVISIONS OF THE INCOME TAX ACT 1961 WERE APPLICABLE IN THE CASE OF THE ASSESSEE IN THE YEAR UNDER CONSIDERATION. THE ASSESSING OFFICER HAS CALCULATED THE SHARE PREM IUM RECEIVED IN EXCESS OF FAIR MARKET VALUE AT RS.80,33,892/- UNDER RULE 11UA READ WITH S EC. 56(2)(VIIB) OF THE INCOME TAX ACT 1961 AND MADE ADDITION OF THE SAME. DURING APPEAL PROCEEDINGS, REITERATED THE SUBMISSIO NS MADE BEFORE THE ASSESSING OFFICER. THE ASSESSEE IS A PRIVATE LIMITED COMPANY. IT HAS NEITH ER SUBMITTED THE DETAILS OF THE PARTIES FROM THE SHARE PREMIUM WAS RECEIVED NOR HAS GIVEN DETAIL S TO SUPPORT ITS CONTENTION THAT THE SHARE PREMIUM WAS BASED ON THE GOODWILL OF DIRECTORS AND THE NATURE OF THE BUSINESS OF THE COMPANY. THE ASSESSEE HAS PLACED RELIANCE ON THE DE CISION OF MUMBAI BENCH OF ITAT WHICH PERTAINS TO ASSESSMENT YEARS PRIOR TO THE AMENDMENT OF THE INCOME TAX ACT. IN THE CASE OF THE M/S GREEN INFRA VS ITO, ITAT MUMBAI RELIED UPON BY THE ASSESSEE, THE HONBLE TRIBUNAL NOTED THAT THERE WAS NOT A SINGLE EVIDENCE WHICH CO ULD LEAD TO THE ENTIRE TRANSACTION AS SHAM AND THAT THE SHARE HOLDERS IN ALL THE RELATED TRANS ACTIONS UNDER ISSUE WERE DIRECTLY OR INDIRECTLY RELATED TO THE GOVT. OF INDIA. IN THE CASE OF THE A SSESSEE IT IS A PRIVATE LIMITED COMPANY. THE ASSESSEE HAS NOT BROUGHT ON RECORD IN THE APPEAL PR OCEEDINGS TO SHOW THE GENUINENESS OF THE SHARE PREMIUM RECEIVED NOR HAS BROUGHT ON RECORD AN Y FACTS TO JUSTIFY THE RECEIPT OF PREMIUM ON THE BASIS OF GOODWILL OF THE DIRECTORS OR TECHNI QUES EMPLOYED BY THE COMPANY. THE ASSESSEE HAS NOT EXPLAINED HOW THE DECISION OF VODAFONE INDIA SERVICES PRIVATE LTD. VS. VOI 50 TAXMANN 2014 WAS APPLICABLE IN ITS CASE WHIC H PERTAINED TO EARLIER YEARS BEFORE THE AMENDMENT WAS MADE IN THE INCOME TAX ACT, 1961. IN VIEW OF THE ABOVE, THE ADDITION MADE BY THE ASSE SSING OFFICER IS UPHELD AND APPEAL OF THE ASSESSEE IS DISMISSED. 6. NOW FEELING AGGRIEVED BY THE ORDER PASSED BY THE CIT APPEAL THE ASSESSEE IS BEFORE US ON THE GROUNDS MENTIONED HERE INABOVE. ITA NO. 224/ASR/2018 5 7. AT THE OUTSET IT IS SUBMITTED THAT THE ASSESSEE HAS ISSUED THE SHARES @ RS. 50/- PER SHARE WHICH INCLUDES RS. 40 AS SHARE PREMIUM. THE ASSESSEE DURING THE COURSE OF ASSESSMENT PROCEEDING S WAS NOT ABLE TO SUBMIT THE REPORT AS MADE BY THE CHARTERED ACCOU NTANT AS PER DISCOUNTED CASH FLOW METHOD DUE TO THE NEGLIGENCE O F THE COUNSEL. FURTHER IT WAS SUBMITTED THAT ASSESSEE HAD DULY FIL ED THE COPY OF THE SAID VALUATION REPORT WITH THE CIT(A) BUT THE SAME WAS NEITHER CONSIDERED BY HER NOR ANY COMMENT WAS GIVEN ON THE SAME. 8. IT WAS FURTHER SUBMITTED THAT THE VALUE OF SHARE S AS PER THE SAID METHOD WAS RS. 50.06/- PER SHARE. THE DISCOUNTED CA SH FLOW METHOD IS AN APPROVED METHOD AS PER RULE 11UA OF TH E INCOME TAX RULES. 9. HE HAD RELIED UPON THE FOLLOWING DECISION:- (A) ITO VS UNICERSAL POLYSACK (INDIA) PVT LTD. IN I TA NO. 609/JP/2017 (B) RAMESHWARAM STRONG GLASS P LTD. VS ITO IN ITA NO. 172 ITD 571 (JAIPUR BENCH) DATED 12.07.2018 (PB PG-21-39) (C) VODAFONE M-PESA LTD. VS PCIT AS REPORTED IN 92 TAXMANN.COM 73 (BOM HC) (D) CINESTAAN ENTERTAINMENT P LTD VS ITO AS REPORTE D IN 106 TAXMANN.COM 300 (DEL TRIB). (PB PG-60-83) ITA NO. 224/ASR/2018 6 (E) KARMIC LABS PVT LTD. VS ITO (MUMBAI BENCH) IN I TA NO. 3955/MUM/2018 ORDER DATED 28.07.2020. (PB PG-87 - 103) (F) DCIT VS M/S OZONELAND AGRO PVT. LTD. (PB PG-45- 49) (G) M/S INNVITI PAYMENT SOLUTIONS PVT. LTD. VS ITO IN ITA NO. 1278/BANG/2018 (PB PG-84-86) AND WHEREIN, T HE HON'BLE ITAT BENCH HAS HELD AS UNDER:- (H) 'THE AO CAN SCRUTINIZE THE VALUATION REPORT AND THE IF THE AO IS NOT SATISFIED WITH THE EXPLANATION OF THE ASSESSEE, HE HAS TO RECORD THE REASONS AND BASIS FO R NOT ACCEPTING THE VALUATION REPORT SUBMITTED BY THE ASS ESSEE AND ONLY THEREAFTER-, HE CAN GO FOR OWN VALUATION O R TO OBTAIN THE FRESH VALUATION REPORT FROM AN INDEPENDE NT VALUER AND CONFRONT THE SAME TO THE ASSESSEE. BUT T HE BASIS HAS TO BE DCF METHOD AND HE CANNOT CHANGE THE METHOD OF VALUATION WHICH HAS BEEN OPTED BY THE ASSESSEE. FURTHER, FOR SCRUTINIZING THE VALUATION R EPORT, THE FACTS AND DATA AVAILABLE ON THE DATE OF VALUATI ON ONLY HAS TO BE CONSIDERED AND ACTUAL RESULT.' 10. ON THE OTHER HAND, THE LD. DR FOR THE REVENUE H AD RELIED UPON THE ORDER PASSED BY THE LOWER AUTHORITIES. AT THE O UTSET, ON THE ENQUIRY OF THE BENCH, IT WAS FAIRLY ACCEPTED BY THE DR THAT THE PAPER BOOK FILED BY THE ASSESSEE IS CORRECT AND IS IN ACC ORDANCE WITH THE ITA NO. 224/ASR/2018 7 RULES OF ITAT. FURTHER ON POINTED ENQUIRY BY THE BE NCH, IT WAS SUBMITTED THAT THOUGH THE REPORT OF THE CHARTERED A CCOUNTANT IN RESPECT OF VALUATION OF THE SHARES UNDER DCF METHOD WAS ON THE RECORD OF THE LEARNED CIT APPEAL, HOWEVER FOR THE R EASON BEST KNOWN TO HER THE SAME WAS NOT REFERRED TO BY THE CIT(A). 11. WE HAVE HEARD THE RIVAL CONTENTIONS OF THE PART IES AND PERUSED THE MATERIAL ON RECORD. AS IS EMANATING FROM THE R ECORD THAT THE ASSESSEE HAD FILED THE VALUATION REPORT OF THE SHAR E DULY CERTIFIED BY THE CHARTERED ACCOUNTANT BEFORE THE LEARNED CIT APP EAL HOWEVER THE LEARNED CIT APPEAL HAD NOT DISCUSSED THE SAME AND C ONFIRMED THE ADDITION MADE BY THE ASSESSING OFFICER. IN OUR VIEW THIS APPROACH OF THE LEARNED CIT APPEAL CANNOT BE COUNTENANCED. FURT HER WE ARE ALSO OF THE OPINION THAT ONCE THE ASSESSEE HAD OPTED TO VALUATION OF SHARES UNDER RULE 11 UA BY FOLLOWING THE DCF METHOD , THEN IT IS NOT OPEN FOR THE ASSESSING OFFICER OR TO THE CIT(A) TO ADOPT A DIFFERENT METHOD OF VALUATION, FOR DETERMINING THE FAIR MARKE T VALUE. AS PER RULE 11 UA, THE CHOICE IS GIVEN TO THE ASSESSEE NOT TO T HE ASSESSING OFFICER. THE ASSESSING OFFICER IS DUTY BOUND TO EXA MINE THE WORKING OF THE DCF METHOD BUT HAS NO RIGHT TO CHANGE THE METHO D OF CALCULATING THE FAIR MARKET VALUE OF THE SHARES. ONCE THE ASSES SEE HAS EXERCISED ITA NO. 224/ASR/2018 8 ITS OPTION OF OPTING FOR DCF METHOD, THEN THE SAID METHOD IS REQUIRED TO BE APPLIED HOWEVER THE ASSESSING OFFICER IS HAVI NG THE POWER TO REVIEW THE CALCULATIONS AND CORRECT ADOPTION OF THE PARAMETERS APPLIED BY THE ASSESSEE FOR THE PURPOSE OF ARRIVING AT VALUATION OF THE SHARES BY APPLYING THE DCF METHOD. 12. IN THE CASE OF THE ASSESSEE ALSO, THE REPORT HA S DULY BEEN SUBMITTED VIDE DCF METHOD AND THE ASSESSING OFFICER HAS APPLI ED HIS OWN METHOD AND HAS COMPUTED A DIFFERENT VALUE OF SHARE. 13. IN OUR VIEW EXPLANATION TO S. 56(2)(VIIB) OF T HE ACT PROVIDES THAT THE FAIR MARKET VALUE (FMV) OF UNQUOTED EQUITY SHARES F OR THE PURPOSE OF 56(2)(VIIB) OF THE ACT SHALL BE THE VALUE AS DETERM INED IN ACCORDANCE WITH SUCH METHOD AS MAY BE PRESCRIBED. THE PRESCRIB ED METHODS OF VALUATIONS ARE GIVEN UNDER RULE 11 UA OF INCOME TAX RULES, 1962 (HEREIN AFTER REFERRED AS 'RULES'). THE RELEVANT EX TRACT IS AS UNDER: (2) NOTWITHSTANDING ANYTHING CONTAINED IN SUB-CLAUS E (B) OF CLAUSE (C) OF SUB-RULE (1), THE FAIR MARKET VALUE O F UNQUOTED EQUITY SHARES FOR THE PURPOSES OF SUB-CLAUSE (I) OF CLAUSE (A) OF EXPLANATION TO CLAUSE (VIIB) OF SUB-SECTION (2) OF SECTION 56 SHALL BE THE VALUE, ON THE VALUATION DATE, OF SUCH UNQUOT ED EQUITY SHARES AS DETERMINED IN THE FOLLOWING MANNER UNDER CLAUSE (A) OR CLAUSE (B), AT THE OPTION OF THE ASSESSEE, NAMEL Y: ITA NO. 224/ASR/2018 9 (A) OR (A) THE FAIR MARKET VALUE OF THE UNQUOTED EQUITY SH ARES DETERMINED BY A MERCHANT BANKER OR AN ACCOUNTANT AS PER THE DISCOUNTED FREE CASH FLOW METHOD HENCE THE LAW HAS SPECIFICALLY CONFERRED AN OPTION UPON THE ASSESSEE THAT FOR THE PURPOSE OF S. 56(2)(VIIB) OF THE ACT AN ASSESSEE CAN ADOPT ANY OF THE METHODS MENTIONED U/R 11UA(2) OF THE RULES. FROM RULE 11UA, IT IS CLEAR THAT EITH ER THE BREAK UP VALUE METHOD (CLAUSE 'A') OR DCF METHOD (CLAUSE 'B') CAN BE APPLIED FOR THE PURPOSE OF S. 56(2)(VIIB) EXPL. A(I) OF THE ACT, AT THE OPTION OF THE ASSESSEE. 14. IN THE PRESENT CASE, IT IS NOT DENIED THAT THE ASSESSEE ADOPTED CLAUSE (B) OF RULE 11UA(2) OF THE RULES AND ACCORDINGLY OBTAIN ED A VALUATION REPORT FROM A CHARTERED ACCOUNTANT. SINCE THE LAW H AS PRESCRIBED THE SPECIFIC METHOD FOR VALUATION I.E DISCOUNTED CASH F LOW METHOD (HEREINAFTER ALSO REFERRED AS 'DCF'), SO HE WAS FRE E (AND RATHER ENTITLED) TO CHOOSE THIS METHOD. THE METHOD OF VALUATION COUL D BE CHALLENGED BY THE AO ONLY IF IT WAS NOT A RECOGNIZED METHOD OF VA LUATION (AS PER RULE 11UA (2) OF THE RULES).THE VERY PURPOSE OF CERTIFIC ATION OF DCF VALUATION BY A MERCHANT BANKER OR CHARTERED ACCOUNTANT IS TO ENSURE THAT THE VALUATION IS FAIR AND REASONABLE. 15. IN THE PRESENT CASE AS MENTIONED HEREINABOVE T HE LOWER AUTHORITIES HAVE NOT EXAMINED THE METHOD ADOPTED BY THE ASSESSEE FOR THE PURPOSES OF ARRIVING AT THE FAIR MARKET VALUE OF THE SHARES AND HAVE MADE THE ITA NO. 224/ASR/2018 10 ADDITIONS ON THE BASIS OF BOOK VALUE OF THE SHARES. THE SAID ACTION OF THE ASSESSING OFFICER AS WELL AS OF THE CIT(A) CANNOT B E APPROVED AS ONCE THE ASSESSEE HAS OPTED FOR DCF METHOD, THEN IT IS N OT OPEN FOR THE ASSESSING OFFICER/CIT APPEAL TO CHANGE THE METHOD O F VALUATION THE SHARES. 16. IN THE LIGHT OF THE ABOVE WE DEEM IT APPROPRIA TE TO REMAND BACK THE MATTER TO THE FILE OF THE ASSESSING OFFICER WITH A DIRECTION TO CONSIDER THE VALUATION REPORT DATED 6 JANUARY 2014 FORMING PART OF THE PAPER BOOK BASED ON DCF METHOD AND DETERMINE THE FAIR MARKET V ALUE OF THE SHARES ALLOTTED BY THE ASSESSEE. FOR THE ABOVE SAID PURPOS ES, THE ASSESSING OFFICER SHALL BE BOUND BY THE DECISION RENDERED IN THE CASE OF M/S INNOVITI PAYMENT SOLUTIONS PVT. LTD. VS ITO IN ITA NO. 1278/BANG/2018, (2019) 102 TAXMANN.COM 59 IN WHICH ONE OF THE MEMBE R( NAMELY JM) WAS CO-AUTHOR AND HE IS DIRECTED TO DECIDED AFRES H THE CASE OF THE ASSESSEE AFTER AFFORDING THE OPPORTUNITY OF HEARING TO THE ASSESSEE AND CONSIDERING THE DOCUMENT IF ANY FILED BY THE ASSESS EE. 17. THE ASSESSEE IS ALSO DIRECTED TO PARTICIPATE IN THE ASSESSMENT PROCEEDINGS AND PROVIDE ALL INFORMATION AS MAY BE S OUGHT BY THE ASSESSING OFFICER IN THE REMAND PROCEEDINGS. IN THE LIGHT OF THE ABOVE THE APPEAL OF THE ASSESSE E IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 07.07.2021 SD/- SD/- (DR. M. L. MEENA) (LALIET KUMAR) ACCOUNTANT MEMBER JUDICIAL MEMBER ITA NO. 224/ASR/2018 11 DATED: 07.07.2021 GP/SR. PS. COPY OF THE ORDER FORWARDED TO: (1)THE APPELLANT (2) THE RESPONDENT (3) THE CIT (4) THE CIT (APPEALS) (5) THE DR, I.T.A.T. TRUE COPY BY ORDER