THE DCIT, AKOLA CIRCLE, Akola V. THE WASHIM URBAN CO-OP. BANK LTD, WASHIM

ITA 233/NAG/2013

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 1007 (ITAT-NAGPUR)
• Duration Of Justice: 2 year(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 27-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMIT BHATTACHARYA
• Keywords: Bad and doubtful debts
• Section: 143(3); 145

Judgement Text

1 ITA NO. 233/NAG/2013 IN THE INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR. BEFORE SHRI MUKUL K. SHRAWAT, JUDICIAL MEMBER AND SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER. I.T.A. NO.233/NAG/2013 ASSESSMENT YEAR :2009-10. DY. COMMISSIONER OF INCOME-TAX, THE WASHIM URBAN CO.OP.BANK LTD. AKOLA CIRCLE, AKOLA.. V/S. LATE RAMKRISHNA RATHI MARG, RAVIVAR BAZAR, WASHIM . PAN AAAJT0115F APPELLANT. RESPONDENT. APPELLANT BY : SHRI AMIT BHATTACHARYA. RESPONDENT BY : SH RI K.P. DEWANI. DATE OF HEARING - 08-05-2015 DATE OF PRONOUNCEMENT: 5 TH JUNE,2015 O R D E R PER SHRI MUKUL K. SHRAWAT, J.M. THIS IS AN APPEAL FILED BY THE REVENUE ARISING FR OM THE ORDER OF LEARNED CIT(APPEALS)-I, NAGPUR DATED 21-03-2012. THE GRO UNDS RAISED BY THE REVENUE ARE REPRODUCED BELOW: 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) ERRED IN HOLDING THAT THE PROVISIONS OF RULE 6E/SEC.43D WERE APPLICABLE AND THE OVERDUE INTEREST OF NPA TO THE EXTENT OF ` .10.93 CRORES NOT ALLOWED TO BE ADDED TO THE INCOME OF THE ASSESSEE BANK. 2 ITA NO. 233/NAG/2013 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) ERRED IN NOT ACCEPTING THE DECISION OF HONBLE ITAT LUCKNOW BENCH, IN THE CASE OF THE HAMIRPUR DISTRICT CO-OPERATIVE BANK LTD. V/S. DCIT (2012) 25 TAXMAN 306 WHERE IN IT HAS BEEN HELD THAT JUST BECAUSE THE ACCOUNT IS AN NPA ACCOUNTS IT DOES NOT FORM A VALID GROUND FOR NON R ECOGNITION OF INTEREST INCOME ACCRUED THEREON AND THE DEDUCTION FOR PROVI SION FOR BAD AND DOUBTFUL DEBTS CAN BE GIVEN ONLY AS P;ER THE PROVI SIONS OF SEC. 36(1)(VIIA) OF IT ACT 1961. 2. THE SHORT ISSUE AS DISCUSSED IN THE CORRESPONDIN G ASSESSMENT ORDER PASSED UNDER SECTION 143(3) DATED 22-11-2011 WAS THAT THE ASSESSEE BEING A COOPERATIVE BANK IS WHETHER ENTITLED FOR INTEREST ON NPA AS PR OVIDED UNDER SECTION 43D OF I.T. ACT. THE ASSESSING OFFICER HAS NOTED THAT THE ASSES SEE WAS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING. THEREFORE, INTEREST ACCRUED O N NPA (NON PERFORMING ASSETS) WAS TO BE CREDITED ON ACCRUAL BASIS IN THE PROFIT & LOSS ACCOUNT. HE HAS COMMENTED THAT THE ASSESSEE HAD NOT CREDITED THE IN TEREST ACCRUED ON NPA ON THE GROUND THAT THE INTEREST WAS NOT REALIZED AND T O BE ACCOUNTED FOR ON CASH(RECEIPTS) BASIS. ACCORDING TO THE ASSESSING OF FICER, SUCH HYBRID SYSTEM OF ACCOUNTING WAS NOT PERMISSIBLE AS PER THE AMENDED P ROVISIONS OF SECTION 145(1) OF I.T. ACT. HE HAS NOTED THAT THERE WAS A NET ACCR UED UNREALIZED INTEREST ON NPA AMOUNTING TO ` .10,93,40,690/- WHICH WAS DIRECTLY CREDITED TO THE BALANCE SHEET AND AN EQUAL AMOUNT WAS CREDITED TO THE OVERDUE I NTEREST RESERVE ACCOUNT WITHOUT PASSING ANY DEBIT OR CREDIT ENTRY IN THE PR OFIT & LOSS ACCOUNT. THE ASSESSEE HAS EXPLAINED THE WORKING OF OVERDUE INTER EST RESERVE (OIR) THAT INTEREST RECEIVED ACCOUNT IS CREDITED AND PARTY ACCOUNT IS DEBITED AND IN CASE OF NPA ACCOUNT THE INTEREST RECEIVED ACCOUNT IS DEB ITED AND PARTY ACCOUNT IS CREDITED AND AT THAT TIME THE SAME AMOUNT IS CREDIT ED IN OIR AND DEBITED IN INTEREST RECEIVABLE ACCOUNT. WHEN THE INTEREST IS A CTUALLY RECEIVED, IT IS CREDITED TO 3 ITA NO. 233/NAG/2013 INTEREST RECEIVED ACCOUNT BY DEBITING THE CORRESPON DING PARTY ACCOUNT. AT THAT TIME THE CONTRA ENTRIES HAVE ALSO BEEN PASSED IN O IR AND INTEREST RECEIVABLE ACCOUNT. FOR THE SAKE OF REFERENCE VERBATIM REPROD UCED FROM PAGE 2 OF ASSTT. ORDER : THE WORKING OF OIR ACCOUNT IS AS UNDER :- WHEN TH E INTEREST IS CHARGED TO NPA ACCOUNT INTEREST RECEIVED ACCOUNT IS CREDITE D AND PARTY ACCOUNT IS DEBITED AND AT THE SAME TIME INTEREST RECEIVED ACC OUNT IS DEBITED AND PARTY ACCOUNT IS CREDITED AND BY THE SAME AMOUNT O VERDUE INTEREST RESERVE (OIR) ACCOUNT IS CREDITED AND OVERDUE INTE REST RECEIVABLE (OIR) IS DEBITED. 2.1 THE ASSESSING OFFICER HAS MADE A DETAILED DISC USSION ON THE SUBJECT. HOWEVER, THE ASSESSEE WAS OF THE VIEW THAT CERTAIN PRUDENTIAL NORMS HAVE BEEN ENACTED TO BY RBI WHICH WERE APPLICABLE TO NBFC (N ON BANKING FINANCIAL CORPORATION) AS WELL. THE ASSESSING OFFICER WAS OF THE VIEW THAT IN THE CASE OF THE ASSESSEE IT WAS MANDATORY TO ACCOUNT THE INTEREST O N ACCRUED BASIS ON NPA AND IF THE ASSESSEE WANTS TO CLAIM A DEDUCTION AS BAD DEBT THEN THE SAME IS PERMISSIBLE AS PER THE PROVISIONS OF SECTION 36(1)(VIIA) OF I.T . ACT. HE HAS CONCLUDED THAT SINCE THE ASSESSEE HAD ALREADY MADE A PROVISION FOR OVERD UE AND DOUBTFUL OF RECOVERY OF DEBT AS WELL AS THE INTEREST RECEIVABLE OF ` .10.93 CRORES, THEREFORE ENTITLED TO DEDUCTION UNDER SECTION 36(1)(VIA) AT THE RATE OF 7 .5% OF THE I.T. ACT OF THE GROSS PROFIT TOTAL INCOME. HOWEVER, FINALLY FOR THE YEAR UNDER CONSIDERATION THE TOTAL ACCRUED INTEREST ON NPA WAS TAXED. BEING AGGRIEVED, THE MATTER WAS CARRIED BEFORE THE FIRST APPELLATE AUTHORITY. 3. BEFORE THE LEARNED CIT(APPEALS) THE ARGUMENTS HA VE BEEN REITERATED AND THEREUPON IT WAS HELD AS UNDER : 4 ITA NO. 233/NAG/2013 AS REGARDS THE ASSESSING OFICERS CONTENTION THA T THE CIRCULAR MAY NOT HOLD GOOD. HOWEVER, IT IS NECESSARY TO NOTE THAT T HE CIRCULAR HAS NOT BEEN WITHDRAWN TILL DATE. THE APPELLANT IS A NON SCHEDU LED BANK CARRYING ON BUSINESS UNDER THE LICENSE ISSUED BY THE RESERVE B ANK. IN MY CONSIDERED OPINION THE GUIDELINES ISSUED IN THE CIRCULAR IS S QUARELY APPLICABLE IN THE APPELLANTS CASE. IN THIS CONTEXT IT IS WORTH NOT ING THAT THE HONBLE SUPREME COURT IN THE DECISION REPORTED IN 82 ITR 9 13 (SC) IN THE CASE OF ELLERMAN LINES LTD. V/S. CIT HAS HELD THAT THE CIR CULAR AND NOTIFICATION ISSUED BY THE BOARD ARE BINDING ON THE INCOME TAX AUTHORI TIES. THE HONBLE COURT HAS CONSIDERED THE QUESTION OF EFFECT OF INSTRUCTI ON ISSUED UNDER 5(8) OF THE I.T. ACT 1922 AND HELD GHAT DECISION OF THE HONBL E SUPREME COURT IN NAVNIT LAI C. JAVERI V/S. K.K. SEN, 56 ITR 198 IS RELEVAN T. IT IS CLEAR THAT A CIRCULAR OF THE KIND WHICH WA S ISSUED BY THE BOARD WOULD BE BINDING ON ALL OFFICERS AND PERSONS EMPL OYED IN THE EXECUTION OF THE ACT UNDER SECTION 5(8) OF THE AC T. THIS CIRCULAR POINTED OUT TO ALL THE OFFICERS THAT IT WAS LIKEL Y THAT SOME OF THE COMPANIES MIGHT HAVE ADVANCED LOANS TO THEIR SHAR EHOLDERS AS A RESULT OF GENUINE TRANSACTIONS OF LOANS, AND THE IDEA WAS NOT TO AFFECT SUCH TRANSACTIONS AND NOT TO BRING THEM WITHIN TH E MISCHIEF OF THE NEW PROVISION, THE DIRECTIONS GIVEN IN THAT CIRCULAR CLEARLY DEV IATED FROM THE PROVISIONS OF THE ACT, YET THIS COULD HELD THAT T HE CIRCULAR WAS BINDING ON THE INCOME-TAX OFFICER. CONSIDERING THE FACT OF THE CASE IT WOULD BE NECE SSARY TO COMPUTE THE INCOME THAT IS TO BE BROUGHT TO TAX BEING INTE REST ON CERTAIN AMOUNTS CLASSIFIED AS NPAS. IN ACCORDANCE WITH THE PROVISI ONS OF CIRCULAR DATED 09.10.1984 IT WAS CONFIRMED BY THE ASSESSING OFFIC ER REGARDING THE AGE OF NPA AND AMOUNT OF INTEREST ACCRUED THEREON. THE AS SESSING OFFICER HAS CONFIRMED REGARDING THE CORRECTNESS OF THE FIGURES BY RANDOMIZED VERIFICATION WITH A RIDER THAT NO CERTIFICATION BY ANY INDEPENDENT SOURCE. WITH REGARD TO THE INDEPENDENT CERTIFICATION, THE APPELLANT HAS STATED THAT THE ACCOUNTS HAVE BEEN AUDITED BY THE STATUTORY AU DITORS AND IN THE COURSE OF AUDIT THE VERIFICATION OF NPA ACCOUNTS WERE CER TIFIED INCLUDING THE AGE OF THESE NPA ACCOUNTS AND ARGUED THAQT THERE IS NO R EQUIREMENT OF CERTIFICATE FROM AN INDEPENDENT CHARTERED ACCOUNTANT. THEREFOR E, IN MY CONSIDERED OPINION, THE APPELLANT IS JUSTIFIED IN NOT RECOGNIZ ING THE INTEREST ON NPAS AS 5 ITA NO. 233/NAG/2013 REVENUE. ACCORDINGLY, THE ADDITION MADE BY THE ASS ESSING OFFICER IS HEREBY DELETED. THUS, ALL THE GROUNDS ARE ALLOWED. 4. BEFORE US, FROM THE SIDE OF THE REVENUE, LEARNE D D.R. MR. AMITAVA BHATTACHARYA APPEARED AND SUPPORTED THE GROUNDS RAI SED BY REFERRING A DECISION OF ITAT, LUCKNOW BENCH PRONOUNCED IN THE CASE HAMI RPUR DISTRICT COOP. BANK 148 ITD 233 (LUCK). LEARNED D.R. HAS VEHEMENTLY PLE ADED THAT THE RBI GUIDELINES ARE ONLY APPLICABLE IN RESPECT OF SCHEDULE BANK BUT THE ASSESSEE IS COOPERATIVE BANK. THEREFORE, THE EXCEPTION PRESCRIBED UNDER SEC TION 43D IS NOT APPLICABLE TO THE ASSESSEE. 5. ON THE OTHER HAND, FROM THE SIDE OF THE RESPONDE NT ASSESSEE, LEARNED A.R. MR. K.P. DEWANI APPEARED AND INFORMED THAT A CONSIS TENT VIEW HAS BEEN TAKEN BY VARIOUS COURTS AS WELL AS BY ITAT WHEREIN IT IS HEL D THAT THE BANKS WHICH ARE FOLLOWING RBI GUIDE LINES ARE ALSO ENTITLED FOR THE EXCEPTION PRESCRIBED UNDER SECTION 43D OF THE I.T. ACT. IN SUPPORT, THE CASE L AWS SUPPORTED ARE AS UNDER: (1) (2012) 114 ITR (TRIB) 175 (AHM), KARNAVATI COO-OP. BANK LTD. V/S. DY.CIT (2) (2014) 166 TTJ 0375 (PUNE) ACIT V/S. THE OMERGA JANTA SAHAKARI BANK LTD. 6. IN THE LIGHT OF THE ABOVE FACTUAL AND LEGAL ARGU MENTS RAISED BEFORE US, WE HAVE TO ADDRESS THE CONTROVERSY THAT WHETHER THE AS SESSEE IS ELIGIBLE FOR THE EXCEPTION AS PRESCRIBED UNDER SECTION 43D OF I.T. A CT. AT THE OUTSET, WE MAY LIKE 6 ITA NO. 233/NAG/2013 TO REFER THE DECISION OF KARNAVATI CO-OP BANK LTD. 114 ITR (TRIB.) 175 (AHM) WHEREIN THE ISSUE WAS IDENTICAL THAT WHETHER INTERE ST ON ACCRUAL BASIS IN RESPECT OF NON PERFORMING ASSETS (NPA) OF A COOPERATIVE BAN K ARE TO BE TAXED OR NOT. IT WAS HELD THAT IN A SITUATION WHEN THE ASSESSEE IS A COOPERATIVE BANK, HOWEVER, GOVERNED BY RBI GUIDE LINES THEN THE PROVISIONS OF SECTION 43D IS TO BE APPLIED. EVEN THE ITAT, PUNE BENCH IN THE CASE OF OMERGA JAN TA SAHAKARI BANK LTD. 166 TTJ 375 HAS HELD THAT THE ASSESSEE, A COOPERATIVE BANK, OPERATING UNDER THE LICENSE FROM RBI AND GOVERNED BY THE CIRCULARS OF RESERVE B ANK OF INDIA IS ENTITLED FOR RELIEF. ON THE BASIS OF THOSE CIRCULARS, THE SAID C OOPERATIVE BANK HAD NOT ACCOUNTED FOR THE INTEREST INCOME OF NPA. IT WAS HE LD THAT INTEREST INCOME RELATABLE TO NPA WAS NOT INCLUDIBLE ON ACCRUAL BASI S SINCE THE INTEREST INCOME HAD NOT ACCRUED TO THE ASSESSEE IN THAT PERIOD. BOTH TH E TRIBUNALS HAVE ALSO DISCUSSED A DECISION OF HONBLE SUPREME COURT PRONOUNCED IN T HE CASE OF SOUTHERN TECHNOLOGIES LTD. 320 ITR 577 (SC). THE HONBLE COU RT HAS EXPRESSED THAT IN ESSENCE RBI DIRECTIONS WERE PRUDENTIAL NORMS ISSUE D WHICH DEALS ESSENTIALLY IN RESPECT OF RECOGNITION OF INCOME. THE GUIDELINES W ERE IN RESPECT OF NBFCS TO DISCLOSE THE AMOUNT OF NPA IN THEIR FINANCIAL ACCOU NTS. BY VIRTUE OF SECTION 45Q AN OVERRIDING EFFECT IS GIVEN TO SAID DIRECTIONS VIS-A -VIS PRINCIPLES OF INCOME RECOGNITION. THE HONBLE COURT HAS OBSERVED THAT TH E ACCOUNTING POLICIES ADOPTED BY NBFC CANNOT DETERMINE THE TAXABILITY OF INCOME . IT WAS HELD THAT THE ASSESSING OFFICER HAS TO CONSIDER THE DIRECTIONS OF RESERVE BANK OF INDIA AS PER SECTION 45Q OF RESERVE BANK OF INDIA ACT AND EXAMIN E THE ISSUE AS PER THE PRUDENTIAL NORMS ISSUED BY RBI IN CONNECTION WITH T HE INCOME RECOGNITION OF A BANK. THE COURT HAS ALSO COMMENTED THAT IN SUCH A S ITUATION THE PROVISIONS OF SECTION 145 HAD NO ROLE TO PLAY. 7 ITA NO. 233/NAG/2013 7. THEREFORE, WE HEREBY CONCLUDE THAT IN A SITUATIO N WHEN THE BENCHES OF THE TRIBUNAL HAVE FOLLOWED THE DECISIONS OF HONBLE HIG H COURTS AND HONBLE SUPREME COURT, THEREFORE, THE DECISION OF ITAT, LUCKNOW BEN CH BEING ON DIFFERENT FACTS IS NOT APPLICABLE ON THE FACTS OF THIS CASE, SPECIALL Y WHEN THE RESPECTED COORDINATE BENCH LUCKNOW (HAMIRPUR DIST. COOPERATIVE BANK 148 ITR 233) HAS ALSO ENDORSED THE VIEW OF SOUTHERN TECHNOLOGIES (SUPRA), AS PER THE FOLLOWING OBSERVATIONS: ACCRUAL (OR OTHERWISE) OF AN INCOME (OR EXPENDITU RE) IS MATTER OF FACT, TO BE DECIDED SEPARATELY FOR EACH CASE, ON THE BASIS OF THE ASSESSMENT OF THE OBTAINING FACTS AND CIRCUMSTANCES. THE SAME CANNOT BE STATED AS AN ACCOUNTING POLICY WHICH BY ITS VERY NATURE IS TO BE APPLIED UNIFORMLY, EXCEPT WHERE IT IS STATED IN BROAD TERMS, BEARING THE NECESSARY INGREDIENTS OF THE QUALIFYING CRITERION, I.E. EXISTENCE OF A R EASONABLE CERTAINTY AS TO ULTIMATE REALIZATION AT THE TIME OF RAISING THE CL AIM OR EVEN AS AT THE END OF THE ACCOUNTING PERIOD. CLEARLY, THE SAME WOULD REQ UIRE AN ASSESSMENT OF THE RELEVANT FACTS, AND INCOME TO THAT EXTENT SHAL L NOT BE RECOGNIZED UNLESS THERE IS REASONABLE CERTAINTY OF REALIZATION. THE SAME WOULD NECESSARILY REQUIRE EXAMINATION OF THE FACTS AND CIRCUMSTANCES OF EACH CASE, AND TAKING A DECISION HAVING REGARD THERETO. THIS STANDS ENDO RSED BY THE HONBLE APEX COURT IN THE CASE OF SOUTHERN TECHNOLOGIES LTD. (S UPRA). THE ADOPTED ACCOUNTING POLICY, I.E., RECOGNIZING INCOME ON NPA ACCOUNTS ONLY SUBJECT TO REALIZATION, DOES NOT SERVEAS A VALID QUALIFYING C ATEGORY AS THERE COULD BE OTHER MITIGATING FACTORS, MAKING IT REASONABLE TO EXPECT REALIZATION DESPITE THE ACCOUNT BEING A NPA. FURTHER, ON FACTS, IT IS FOUND THAT THERE HAS BEEN IN FACT RECOGNITION OF INCOME, AND THE ASSESSEES CLAIM IS ONLY QUA PROVISION FOR BAD AND DOUBTFUL DEBTS WITH REFEREN CE TO TOTAL ASSETS, INCLUDING THE INTEREST INCOME BOOKED AND DEBITED T O THE ACCOUNT OF RESPECTIVE BORROWER, AND QUA WHICH THE ASSESSEE IS ENTITLED TO AND HAS CLAIMED DEDUCTION U/S 36(1)(VIIA) 8. AN ORDER OF ITAT, AHMEDABAD BENCH HAS ALSO BEEN CITED BEFORE US PRONOUNCED IN THE CASE OF KARNAVATI COOPERATIVE BAN K 144 TTJ 769 (AHD) WHEREIN THE IDENTICAL ISSUE HAS BEEN DEALT WITH AT LENGTH A ND THE CBDT INSTRUCTIONS HAVE 8 ITA NO. 233/NAG/2013 ALSO BEEN CONSIDERED. IT IS ALSO WORTH TO MENTION T HAT IN THIS DECISION AS WELL THE CASE OF SOUTHERN TECHNOLOGIES 320 ITR 577 (SC) HAS BEEN DISCUSSED AND FOLLOWED. WE HAVE ALSO NOTED THAT THE DECISION OF U.CO. BANK 237 ITR 889 (SC) WAS ALSO DISCUSSED FOR THE LEGAL PROPOSITION THAT A BENEFICI AL CIRCULAR IS NOT TO BE TREATED AS INCONSISTENT WITH THE PROVISIONS OF STATUTE AND BIN DING ON THE AUTHORITIES. ACCORDING TO THE HONBLE COURT, THE INTEREST IN RES PECT OF STICKY ADVANCES ARE TO BE TAXED ONLY WHEN ACTUALLY RECEIVED AS PRESCRIBED BY CBDT CIRCULAR. 8.1 THERE IS ONE MORE DECISION OF ITAT, BENGALORE B ENCH-B, BENGALORE BEARING ITA NO.1528/BANG/1013 ASSTT. YEAR 2009-10 ORDER DAT ED 13 TH OF FEB., 2015 PRONOUNCED IN THE CASE OF ACIT V/S. BAGALKOT DISTRI CT CENTRAL COOPERATIVE BANK WHEREIN IT WAS HELD THAT THE COOPERATIVE BANK BEING GOVERNED BY RBI GUIDELINES, THE PROVISIONS OF SECTION 43D OF THE ACT ARE ALSO A PPLICABLE TO SUCH COOPERATIVE BANKS AND THERE IS NOTHING IN THE SECTION WHICH MAK ES THE INTEREST INCOME OF COOPERATIVE BANK FROM NPAS TAXABLE ON ACCRUAL BAS IS. 9. WE, THEREFORE, HOLD THAT THE DECISIONS AS CITED BEFORE US SQUARELY COVER THE ISSUE IN FAVOUR OF THE ASSESSEE. WE HEREBY CONF IRM THE FINDING OF LEARNED CIT(APPEALS) AND DISMISS THIS GROUND OF THE REVENUE . 10. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 5 TH DAY OF MAY, 2013. SD/- SD/- (SHAMIM YAHYA) (MUKUL K. SHRAWAT) ACCOUNTANT MEMBER JUDICIAL MEMBER. NAGPUR, DATED: 5 TH JUNE, 2015. 9 ITA NO. 233/NAG/2013 COPY OF ORDER FORWARDED TO : 1. THE ASSESSEE. 2. REVENUE. 3. THE CIT(A) 4. THE CIT, NAGPUR. 5. THE D.R., ITAT, NAGPUR. 6. GUARD FILE. T RUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, NAGPUR WAKODE. .