ACIT, Jaipur V. BOB HOUSING FINANCE LIMITED, Jaipur

ITA 247/JPR/2010

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 82813 (ITAT-JAIPUR)
• Duration Of Justice: 4 year(s) 7 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-10-2014
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 19-03-2010
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: A K KHANDELWAL
• Keywords: Principle of natural justice; Bad and doubtful debts
• Section: 28

Judgement Text

ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 1 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH, JAIPUR (BEFORE SHRI R.P. TOLANI AND SHRI T.R. ME ENA) ITA NO. 247/JP/2010 ASSESSMENT YEAR: 2006-07 PAN : AABCB 6464 B THE ACIT VS. M/S. BOB HOUSING FINANCE LTD. CIRCLE- 6 38/A, ASHOK MARG, C-SCHEME JAIPUR JAIPUR (APPELLANT) (RESPONDENT) DEPARTMENT BY: SHRI A.K. KHANDELWAL ASSESSEE BY : NONE DATE OF HEARING: 01-09-2014 DATE OF PRONOUNCEMENT: 31-10-2014 ORDER PER R.P. TOLANI, JM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE LD. CIT- III, JAIPUR, DATED 31-11-2009 FOR THE ASSESSMENT YE AR 2006-07 RAISING FOLLOWING GROUNDS OF APPEAL. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN:- (I) HOLDING THAT INCOME UNDER THE OTHER CHARGES EXCEPT PRE-CLOSURE CHARGES IS TREATED AS INCOME FROM BUSIN ESS OF LONG TERM HOUSING FINANCING AND THUS IN RESTRICTING THE ADDITION MADE BY THE AO U/S 36(1)(VIII). ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 2 (II) DELETING ENTIRE ADDITION MADE ON ACCOUNT OF I NTEREST SUSPENSE ACCOUNT AND IN NOT APPRECIATING THAT THE A SSESSEE CREDITED INTEREST ON NPA DURING THE YEAR AS PER THE LEDGER OF INTEREST SUSPENSE ACCOUNT AS UNDER:- 30-09-05 BY INT. ON EMI DIRECT FINANCE RS. 1,15,29 ,837/- BEING AMOUNT OF UNREALIZED INTE REST ON NPA A/CLOSING STOCK FOR SEPT. 2005 TRANSFERRED. 31-12-05 BY INT. ON EMI DIRECT FINANCE RS. 94,26 ,439/- BEING THE AMOUNT OF PROVISION FOR QUARTER ENDING ON 31-12-05. 31-03-06 BY INT. ON EMI DIRECT FINANCE RS. 15,03 ,243/- BEING INTEREST ON NPA ACCOUNTS TRANSFERRED TO INTEREST SUSPENSE ACCOUNT FOR THE YEAR 2005-06 THE ASSESSEE SHOULD HAVE INCLUDED THIS INTEREST ON ACTUAL BASIS AS PER PROVISIONS OF SECTION 43D OF THE ACT. 2.1 NONE APPEARED ON BEHALF OF THE ASSESSEE IN SPIT E OF SEVERAL EARLIER NOTICES AND THE SERVICE OF NOTICE OF THIS HEARING. CONSEQUENTLY WE ARE LEFT WITH NO ALTERNATIVE BUT TO DECIDE THE APPEAL ON MER ITS, EX PARTE QUA THE ASSESSE, AFTER HEARING LD. DR AND AFTER PERUSAL OF THE MATERIALS AVAILABLE ON RECORD. 3.1 BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE I S A HOUSING FINANCE COMPANY AND IT CLAIMED DEDUCTION U/S 36(1)(VIII) OF THE ACT. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE AO ASKED THE ASSESSEE TO JUSTIFY THE ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 3 CLAIM OF DEDUCTION U/S 36(1)(VIII) OF THE ACT. IN R EPLY, THE ASSESSEE FILED ONLY A CALCULATION SHEET AND NO OTHER SUBMISSION WAS FIL ED BEFORE THE AO. IT MAY BE PERTINENT TO REPRODUCE THE RELEVANT PART OF SEC TION 36(1)(VIIII) OF THE ACT. SEC. 36(1) THE DEDUCTIONS PROVIDED FOR IN THE FOL LOWING CLAUSES SHALL BE ALLOWED IN RESPECT OF THE MATTERS DEALT WITH THEREI N, IN COMPUTING THE INCOME REFERRED TO IN SECTION 28 - (VIII) IN RESPECT OF ANY SPECIAL RESERVE CREATED AND MAINTAINED BY A SPECIFIED ENTITY, AN AMOUNT NOT EXC EEDING TWENTY PER CENT. OF THE PROFITS DERIVED FROM ELIGIB LE BUSINESS COMPUTED UNDER THE HEAD 'PROFITS AND GAINS OF BUSIN ESS OR PROFESSION' (BEFORE MAKING ANY DEDUCTION UNDER THIS CLAUSE) CARRIED TO SUCH RESERVE ACCOUNT : PROVIDED THAT WHERE THE AGGREGATE OF THE AMOUNTS CARRIED TO SUCH RESERVE ACCOUNT FROM TIME TO TIME E XCEEDS TWICE THE AMOUNT OF THE PAID UP SHARE CAPITAL AND OF THE GENERAL RESERVES OF THE SPECIFIED ENTITY, NO ALLOWANCE UNDE R THIS CLAUSE SHALL BE MADE IN RESPECT OF SUCH EXCESS. EXPLANATION.- IN THIS CLAUSE, (A) 'SPECIFIED ENTITY' MEANS,-. .. (E) 'HOUSING FINANCE COMPANY' MEANS A PUBLIC COMPAN Y FORMED OR REGISTERED IN INDIA WITH THE MAIN OBJECT OF CARRYING ON THE BUSINESS OF PROVIDING LONG-TERM FIN ANCE FOR CONSTRUCTION OR PURCHASE OF HOUSES IN INDIA FOR RESIDENTIAL PURPOSES ; ACCORDING TO THE AO, THE WORDING OF SECTION 36(1)(V III) PROVIDES THE CREATION OF SPECIAL RESERVE FOR ELIGIBLE BUSINESS O F THE ASSESSEE BEING FROM LONG TERM FINANCE. HOWEVER, FROM THE ASSESSEE'S CAL CULATION SHEET AO FOUND THAT INCOME FROM VARIOUS OTHER INELIGIBLE ACTIVITIE S WERE ALSO INCLUDED IN THE ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 4 CLAIM OF DEDUCTION FROM ELIGIBLE BUSINESS. IN VIEW THEREOF, THE AO DISALLOWED THE AMOUNT BY FOLLOWING OBSERVATION. IN VIEW OF THE ABOVE, THE INCOME GENERATED FROM T HE SECURITIZED HOUSING LOANS OF ASSESSEE AND OTHER CHA RGES RECEIVED ARE COVERED UNDER THE CRITERIA OF SECTION 36(1)(VIII) OF INCOME TAX ACT BECAUSE THE MAIN HOUSES IN INDIA FOR RESIDENTIAL PURPOSES. A COPY OF THE OBJECT CLAUSE IS ENCLOSED H EREWITH AS PER ANNEXURE C . SO FAR AS INCOME FROM SECURITIZED ASSETS IN CONCERN ED ASSESSEES EXPLANATION IS ACCEPTABLE. HOWEVER, ASSES SEE HAS NOT BEEN ABLE TO EXPLAIN AS TO HOW OTHER CHARGES REPRES ENTS INCOME FORM LONG TERM FINANCE. FOR E.G. CONVERSION CHARGES , LIMIT REDUCTION CHARGES, OVERDUE AND PENAL INTEREST. PRE- CLOSURE CHARGES, RE-PHASEMENT CHARGES, UNPAID PENALTY AND I NCIDENTAL CHARGES ARE SUCH THAT THEY REPRESENTS INCOME EARNED BY ASSESSEE ON HAPPENING OF A PARTICULAR EVENT. THE IN COME IS REALIZED AS SOON AS THE EVENT HAS HAPPENED, FOR E.G . PRE-CLOUSRE CHARGES ARE DEFINITELY RELATED TO CLOSURE OF LONG T ERM FINANCING ENTERED WITH THE CONSUMERS. ON RECEIPT RELATED PRE- CLOSURE CHARGES THE ASSESSEE IS BOUND TO CLOSE DOWN THE LON G TERM FINANCE GIVEN TO THE CONSUMER, HENCE IS IN THE NATU RE OF SHORT TERM FINANCING INCOME. IN VIEW OF THE ABOVE, THE DEDUCTION CLAIMED U 36(1) (VIII) IS RE-WORKED CONSIDERING OTHER CHARGES AS INCOME IN THE SHORT TERM. CALCULATION OF SPECIAL RESERVES FOR FINANCIAL YEAR 2004-05 RS. RS. 1.TOTAL INCOME 2. CALCULATION OF PROPORTION OF INCOME FROM LONG TERM HOUSING FINANCE AND OTHER INCOME A. TOTAL INCOME 352451327 LESS: 37986969 ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 5 AS PER RETURN OF INCOME 21395485 ADD: OTHER CHARGES 59382454 B SHORT TERM AND OTHER INCOME INCOME 293068873 C.(1) OPERATIVE INCOME FROM LONG TERM (A-B) 83.15 C.(II) SHARE OF LONG TERM TOTAL INCOME (C/A) CALCULATION OF %AGE OF NET PROFIT ATTRIBUTABLE TO LONG FINANCE ON PRORATA BASIS 3. NET PROFIT BEFORE INCOME TAX (TAXABLE) 4. PROPORTIONATE SHARE OF PROFIT ATTRIBUTABLE TO LONG TERM FINANCE {C(11)*3} 71551037 DEDUCTION U/S 36(1)(VIII) (40% OF 4) 28620415 AS THE ASSESSEE HAS CLAIMED DEDUCTION U/S 36(1)(VII I) AT RS. 3,35,59,338/- HENCE, THE DIFFERENCE BETWEEN DED UCTION CLAIMED AND ALLOWABLE RS. 49,38,923/- IS ADDED TO T HE INCOME OF THE ASSESSEE. 4.1 APROPOS SECOND ISSUE RAISED BY THE REVENUE, THE RELEVANT OBSERVATIONS OF THE AO ARE AS UNDER:- A. IN SCHEDULE -9, THE ASSESSEE HAS DECLARED THE LOAN AND ADVANCES (SUNDRY DEBTORS) OF RS. 12,61,31,570/- BY DEDUCTING THE AMOUNT OF RS. 6,96,15,506/- UNDER THE HEAD OF INTEREST SUSPENSE. B AS PER SCHEDULE 9 PARA 4E IN NOTES ON ACCOUNTS REPORTED THAT THE INTEREST ON NON-PERFORMING ASSETS IS RECOGNIZED ON REALIZATION BASIS AS PROFIT RATE NHB DIRECTIONS ACCORDINGLY THE TOTAL INTEREST NOT RECOGNIZED SHOWN UNDER THE HEAD OF INTEREST SUSPENSE AMOUNTING TO RS. 696.10 LACS. ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 6 C. AS PER SCHEDULE 9 PARA 10 IN NOTES ON ACCOUNTS THE ASSESSEE COMPANY FOLLOWS THE ACCRUAL METHOD OF ACCOUNTING AS ITS ACCOUNTING POLICY. IN VIEW OF THE ABOVE THE ASSESSEE WAS REQUIRED TO EXPLAIN THE JUSTIFICATION AND REASONABILITY AND AS TO WHY THE SAME SHOULD NOT BE TREATED AS THE INCOME AND DECLAR ED FOR TAXATION. SHRI M.K. KAKKAR, MANAGER OF ASSESSING C OMPANY VIDE THEIR LETTER DATED 16-12-2008 SUBMITTED THAT I NTEREST SUSPENSE ACCOUNTS IS THE ACCOUNT IN WHICH THE HE TR ANSFERRED THE UNREALIZED AMOUNT ON THE INTEREST PERTAINING TO THOSE LOANS ACCOUNT WHERE THERE IS NOT RECOVERY FORTHCOMING AND THIS AMOUNT IS TAKEN IN THE P&L ACCOUNT ONLY IF THE AMOU NT IS RECOVERED. THIS AMOUNT DOES NOT PERTAIN TO P&L ACCO UNT. ONLY IF ANY AMOUNT RECOVERED IN SUCH ACCOUNT WHERE THE A MOUNT IS STANDING THE INTEREST SUSPENSE ACCOUNT THEN THE ACC OUNT WILL GO TO INCOME HEAD I.E. P&L ACCOUNTS. THE SUBMISSION OF THE ASSESSEE IS NOT FOUND TENABLE FOR THE FOLLOWING REA SONS. (1) AS MENTIONED ABOVE THE ASSESSEE FOLLOWS THE ACCRUAL METHOD OF ACCOUNTING AS ITS ACCOUNTING POLI CY. (2) THE ASSESSEE HAS ACCOUNTED FOR INTEREST AND WHI CH WAS NOT DECLARED TO INCOME BUT SHOWN AS INTEREST SU SPENSE ACCOUNT. (3) THE ASSESSEE REGULARLY CLAIMED THE BAD DEBTS WRITTEN OFF AND DEBITED TO THE P&L THROUGH SCHEDULE 8 UNDER THE HEAD BAD DEBTS WRITTEN OFF. IN VIEW OF THE ABOVE, IT IS CLEAR THAT THE INTEREST SUSPENSE ACCOUNT IN THE INCOME OF THE A DURING THE YEAR UNDER CONSIDERATION AND AS WHEN ITS INCOME BAD DEBTS SHOU LD BE WRITTEN OFF, AS THE ASSESSEE REGULARLY CLAIMING THE BAD DEBTS WRITTEN OFF AND DURING THE YEAR HE HAS CLAIMED AS B AD DEBTS OF RS. 4,65,43,878/-. THEREFORE, THE INCOME OF RS. 6,9 6,15,506/- IS ADDED BACK TO THE INCOME OF THE ASSESSEE. ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 7 4.2 AGGRIEVED, THE ASSESSEE PREFERRED FIRST APPEAL WHERE THE PRAYED RELIEF WAS GIVEN BY THE LD. CIT(A) IN RESPECT OF DEDUCTIO N CLAIMED U/S 36(1)(VIII) OF THE ACT BY FOLLOWING OBSERVATIONS. 3.1 ON PERUSAL OF THE ASSESSMENT ORDER, IT IS OBS ERVED THAT THE AO HAS MADE THE IMPUGNED DISALLOWANCE, FOL LOWING A SIMILAR DISALLOWANCE MADE IN THE APPELLANTS CASE I N THE ASSESSMENT YEAR 2005-06, ON THE GROUND THAT APPELLA NTS INCOME UNDER THE HEAD OTHER CHARGES COULD NOT BE SAID TO BE ASSESSEE'S INCOME FROM THE BUSINESS OF THE LONG TER M HOUSING FINANCE. 3.2 HOWEVER, LD. A.R. POINTED OUT THAT THE ASSESSEE HAD CONTESTED THE SAID DISALLOWANCE IN ASSESSMENT YEAR 205-06 AND IN APPEAL THE LD. CIT(A)-II, JAIPUR HAD ALLOWED PAR T RELIEF BY HOLDING THAT THE APPELLANTS INCOME UNDER THE HEAD OTHER CHARGES EXCEPT THE PRE-CLOSURE CHARGED INCLUDED T HEREON, WAS TO BE TREATED AS APPELLANTS INCOME FROM THE BU SINESS OF LONG TERM HOUSING FINANCE. IN SUPPORT, LD. A.R. PLA CED A COPY OF THE SAID DECISION OF LD. CIT(A) IN ITA NO. 903/0 7-08 DATED 8- 10-2008, GIVEN IN THE APPELLANTS CASE FOR ASSESSME NT YEAR 2005-06 ON RECORD. 3.3 I HAVE CAREFULLY CONSIDERED THE FACTS OF THE CA SE AND SUBMISSION OF LD. AR I HAVE ALSO GONE THROUGH T HE DECISION OF LD. CIT(A)-II, JAIPUR, ON THIS ISSUE, GIVEN IN T HE APPELLANTS OWN CASE FOR ASSESSMENT YEAR 2005-06 AND I CONCUR W ITH THE REASONING AND DECISION GIVEN BY THE LD. CIT(A) THER EIN. ACCORDINGLY, RESPECTFULLY FOLLOWING THE SAID DECISI ON OF LD. CIT(A)-II, JAIPUR, THE APPELLANT IS SIMILARLY GIVEN A PART RELIEF OF THIS GROUND IN THIS YEAR ALSO. 5.1 APROPOS SECOND ISSUE REGARDING INTEREST SUSPENS E ACCOUNT, THE RELIEF WAS GIVEN LD. CIT(A) BY OBSERVING AS UNDER:- ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 8 2.3 I HAVE CAREFULLY CONSIDERED THE FACTS IN THE CASE AND SUBMISSIONS OF THE LD. AR . I HAVE ALSO GONE TH ROUGH THE RELEVANT DETAILS CONTAINED IN THE PUBLISHED ANNUAL REPORTS OF THE APPELLANT COMPANY FOR THE FINANCIAL YEARS 2004- 05 AND 2005-06 AS WELL AS THE OTHER RELEVANT DETAILS/ DOCU MENTS FILED BY THE LD. AR IN SUPPORT OF THIS GROUND OF APPEAL. ON PERUSAL OF THE SAME, I FIND THAT THE CONTENTIONS RAISED BY THE LD. AR , IN SUPPORT OF THIS GROUND OF APPEAL, ARE CORRECT AND H ENCE, ACCEPTABLE. IN THIS REGARD, IT IS NOTED THAT THE AP PELLANT COMPANY HAS BEEN REGULARLY SHOWING THE INTEREST ON NON- PERFORMING ASSETS ON REALIZATION BASIS, AND NOT ON ACCRUAL BASIS, AS PER THE DIRECTIONS OF THE NATIONAL HOUSIN G BANK (NHB). FURTHER, IT IS NOTED THAT AS PER THE PARA 1 0 OF THE NOTES ON ACCOUNTS (SCHEDULE-19), THE SAID ACCOUNTING POLI CY HAD BEEN DISCLOSED IN THIS YEAR (AS WELL AS IN THE LAST YEAR ), WHEREIN IT HAS BEEN STATED THAT THE APPELLANT COMPANY WAS FOLL OWING THE ACCRUAL METHOD OF ACCOUNTING AS THE ACCOUNTING POLI CY, EXCEPT IN CASE OF NPAS, WHERE THE COMPANY WAS STATUTORILY REQUIRED TO ACCOUNT INCOME ON CASH RECEIPT BASIS, AS PER NHB DI RECTIONS. THEREFORE, THE APPELLANT COMPANY WAS JUSTIFIED IN R ECOGNIZING THE INTEREST ON NPAS, AS INCOME, ONLY ON REALIZATIO N BASIS AND TAKING THE NON-REALIZED ACCRUED INTEREST AMOUNT ON NPAS TO THE INTEREST SUSPENSE ACCOUNT. IN ADDITION, IT IS OBSER VED THAT THE LO AO APPEARS TO HAVE INCORRECTLY APPRECIATED THAT THE APPELLANT COMPANY HAD ACCRUED INTEREST OF RS. 6,92,15,506/- I N THIS YEAR, WHICH HAD BEEN TAKEN TO THE INTEREST SUSPENSE ACCOU NT, BECAUSE THE SAID AMOUNT WAS THE ACCUMULATED CLOSING BALANCE (AS ON 31-03-2006) IN THE SAID INTEREST SUSPENSE ACCOUNT. ON GOING THROUGH THE INTEREST SUSPENSE ACCOUNT, IT IS SEEN T HAT OPENING BALANCE IN THE SAID ACCOUNT (AS ON 1-04-2005) WAS R S. 7,72,16,389/- AND THE CLOSING BALANCE (AS ON 31-03- 2006) WAS RS. 6,96,15,506/- AND THEREFORE, ACTUALLY THERE WAS A REDUCTION OF RS. 76,00,883/- IN THAT ACCOUNT DURING THIS YEAR . HENCE, THERE IS SUBSTANCE IN THE SUBMISSION OF LD. AR THAT THERE WAS A REALIZATION OF RS. 76,00,883/-, OUT OF THE DUE INTE REST ON NPAS IN THIS YEAR, WHICH HAD BEEN TAKEN TO THE P&L ACCOU NT. THEREFORE, IN ACCORDANCE WITH THE ABOVE DISCUSSION, IT IS HELD THAT THE IMPUGNED ADDITION OF RS. 6,96,15,506/- WAS NOT WARRANTED IN THE FACTS OF THE APPELLANTS CASE. ACC ORDINGLY, THE ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 9 AO IS DIRECTED TO DELETE THAT ADDITION. CONSEQUENTL Y, THIS GROUND OF APPEAL IS ALLOWED. 5.2 AGGRIEVED REVENUE IS IN APPEAL BEFORE US. LD. D R APROPOS FIRST ISSUE CONTENDS THAT LD. CIT(A) HAS DELETED THE ADDITION F OLLOWING HIS ORDER FOR THE ASSESSMENT YEAR 2005-06. THERE IS NO RECORD AVAILAB LE AS TO WHAT IS FINALLY HELD BY ITAT IN ASSESSMENT YEAR 2005-06. SIMILARLY IN RESPECT OF THE SECOND ISSUE I.E. INTEREST SUSPENSE ACCOUNT, THE LD. CIT(A ) HAS REFERRED TO ASSESSMENT YEARS 2005-06 AND 2006-07 AND RELIED ON THE DIRECTIONS OF THE NATIONAL HOUSING BANK. THERE IS NO MENTION ABOUT TH E NATURE OF DIRECTIONS OF NATIONAL HOUSING BANK AND THE SCOPE THEREOF. IT IS APPARENT FROM THE AOS RECORD THAT NO SUBMISSIONS WERE MADE BEFORE TH E AO IN THIS BEHALF. IN THIS EVENTUALITY, BEFORE PROCEEDING TO RELY ON THE NEW CONTENTIONS OF THE ASSESSEE, IT WAS DESIRABLE FOR THE LD. CIT(A) TO CA LL FOR APPROPRIAATE REMAND REPORT FROM THE AO IN THIS BEHALF. IN VIEW THEREOF , THE ORDER OF THE LD. CIT(A) SUFFERS FROM INFIRMITY OF NOT ADHERING TO PR INCIPLES OF NATURAL JUSTICE IN CALLING OF THE REMAND REPORT FROM THE AO. THEREF ORE, THE ORDER OF THE LD. CIT(A) MAY BE SET ASIDE. 5.3 WE HAVE HEARD THE LD. DR AND PERUSED THE MATERI ALS AVAILABLE ON RECORD. FROM THE AO RECORD, IT EMERGES THAT ON BOTH THE ISSUES, THE ASSESSEE GAVE SKETCHY REPLY BEFORE THE AO WHICH RESULTED IN ADDITIONS/ ITA NO. 247/JP/2010 ACIT, CIRCLE- 6 VS. M/S. BOB HOUSING FINANCE LTD. 10 DISALLOWANCES. IT ALSO EMERGES THAT BEFORE THE LD. CIT(A), FRESH PLEA AND DATA WERE FURNISHED AND ON THE BASIS WHEREOF THE LD. CIT (A) HAS GIVEN THE IMPUGNED RELIEF WHICH IS CHALLENGED BY REVENUE. THE LD. CIT(A) HAS FOLLOWED THE ASSESSMENT YEAR 2005-06 WHICH HAS BEEN CHALLENGED BY THE REVENUE AND THE FATE WHEREOF IS NOT KNOWN. THE ASSE SSEE IS NOT PRESENT AND IN THE ENTIRETY OF THE FACTS AND CIRCUMSTANCES, WE ARE OF THE VIEW THAT ENDS OF JUSTICE THE MATTER IS RESTORED BACK TO THE FILE OF THE LD. CIT(A) TO DECIDE THE SAME AFRESH AFTER GIVING ADEQUATE OPPORTUNITY OF BE ING HEARD TO BOTH THE PARTIES AND APPRECIATING THE ITAT ORDERS ON THE ISS UES. 6.0 IN THE RESULT, THE APPEAL OF THE REVENUE IS ALL OWED FOR STATISTICAL PURPOSES . THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 31 -10-2014 SD/- SD/- (T.R. MEENA) (R.P. TOLANI) ACCOUNTANT MEMBER JUDICIAL MEMBER JAIPUR DATED: 31 ST OCT. 2014 *MISHRA COPY FORWARDED TO:- 1.THE ACIT, CIRCLE- 4, JAIPUR 2. M/S. BOB HOUSING FINANCE LTD. , JAIPUR BY ORD ER 3. THE LD. CIT(A) 4. THE LD. CIT 5..THE LD. DR 6.THE GUARD FILE (IT NO. 247/JP/2010) AR ITAT, JAIPUR