ITO, New Delhi V. M/s Tarun Enterprises Pvt. Ltd., Delhi

ITA 2652/DEL/2009

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 7013 (ITAT-DELHI)
• Duration Of Justice: 6 year(s) 8 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: H
• Next Hearing Date: 26-10-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 01-06-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: O P MEERA
• Assessee Lawyers: AMIT GOEL
• Keywords: Unexplained cash credit; Tangible material; Accommodation entries; Onus to prove
• Section: 143(3); 133(6); 68; 69

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH H NEW DELHI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA NO. 2652/DEL/2009 AY: 20 06-07 INCOME TAX OFFICER, VS TARUN ENTERPRISES PVT. LTD., WARD 16(1), 5036, EXCELSIOR CINEMA STREET, NEW DELHI. SIRKIWALAN, DELHI. (PAN: AAACT2713N) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI O.P.MEERA, SR. D.R. RESPONDENT BY : SHRI AMIT GOEL, CA ORDER PER SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER THIS APPEAL IS FILED BY THE DEPARTMENT AGAINST THE ORDER DATED 20.03.2009 PASSED BY THE LD. CIT(A)-XIX, NEW DELHI FOR ASSESSMENT YEAR 2006-07. 2. THE ASSESSEE IS A COMPANY ENGAGED IN THE BUSINES S OF TRADING IN HARDWARE GOODS. THE RETURN OF INCOME FO R THE YEAR UNDER CONSIDERATION WAS FILED DECLARING INCOME OF R S.7,50,355/-. THE ASSESSING OFFICER COMPLETED THE ASSESSMENT U/S 143(3) OF THE INCOME TAX ACT, 1961 (HEREINAFTER CALLED THE ACT) AT AN INCOME OF RS.52,50,355/- AFTER ADDING RS. 45.00 LACS ON ACCOU NT OF SHARE CAPITAL AS UNEXPLAINED SUM U/S 68 OF THE ACT. THE LD. CIT (A), I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 2 ON APPEAL, DELETED THIS ADDITION. NOW, THE DEPARTM ENT IS IN APPEAL AGAINST THE DELETION BY THE LD. CIT (A). 3. IT IS SEEN FROM THE RECORDS THAT DURING THE YEAR , THE ASSESSEE COMPANY HAD SHOWN RECEIPT OF SHARE APPLICA TION MONEY/SHARE CAPITAL OF RS. 45.00 LACS FROM THE FOLL OWING COMPANIES IN ITS BOOKS:- S.NO. NAME AMOUNT (RS.) 1. IKA PROCESSORS DISTRIBUTORS PVT. LTD. 11,00,000/ - 2. JUNOON CAPITAL SERVICES PVT. LTD. 10,00,000/ - 3. REENA OIL INDUSTRY PVT. LTD. 5,00,000/ - 4. REENA PLASTIC PIPES PVT. LTD. 10,00,000/ - 5. AT ALL TIMES YOURS SECURITIES PVT. LTD. 4,00,000/ - 6. INSTANT TRAVELS & TOUR PVT. LTD. 5,00,000/ - TOTAL 45,00,000/ - 4. THE ASSESSING OFFICER HAS OBSERVED IN HIS ASSESS MENT ORDER THAT THE DIRECTORS OF THE SIX INVESTING COMPANIES W ERE NOT PRODUCED FOR EXAMINATION. HE HAS ALSO OBSERVED THA T THE INVESTMENTS MADE IN THE SHARES OF THE ASSESSEE COMP ANY WERE NOT REFLECTED IN THE RESPECTIVE BALANCE SHEETS OF T HE SIX INVESTMENT COMPANIES. THE ASSESSING OFFICER WAS OF THE OPINION THAT THE CREDITWORTHINESS OF THE SIX COMPANIES WAS NOT PROVED. THE ASSESSING OFFICER, HOWEVER, DID ADMIT THAT ON E NQUIRY, CONFIRMATIONS, PROFIT/LOSS ACCOUNT AND BALANCE SHEE T WERE I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 3 FURNISHED BY THE INVESTING COMPANIES. HE ACCORDIN GLY ADDED BACK THE ENTIRE SUM RECEIVED FROM THE SIX COMPANIES U/S 68 OF THE ACT. 5. THE LD. CIT (A), ON APPEAL, HOWEVER OBSERVED THA T THE ASSESSEE HAD FILED THE FOLLOWING DOCUMENTS IN THE C OURSE OF ASSESSSMENT PROCEEDINGS TO PROVE THE TRANSACTIONS: A) NAME AND ADDRESS OF THE SHAREHOLDERS B) INCOME TAX PARTICULARS OF THE SHAREHOLDERS C) SHARE APPLICATION FORMS D) CONFIRMATION OF SHAREHOLDERS WITH REGARD TO SHARE C APITAL SUBSCRIBED BY THEM E) AFFIDAVITS OF THE SHAREHOLDERS WITH REGARD TO THE S HARE CAPITAL SUBSCRIBED BY THEM F) RESOLUTION OF THE BOARD OF DIRECTORS OF THE SHAREHO LDER WITH REGARD TO INVESTMENTS MADE IN THE SHARE CAPITA L OF THE ASSESSEE COMPANY 6. THE LD. CIT (A) HELD THAT THE ASSESSING OFFICER HAD NOT VERIFIED THE DETAILS FURNISHED BY THE ASSESSEE AND THE INCOME TAX RECORDS OF THE SHAREHOLDERS/INVESTING COMPANIES. H E ALSO HELD THAT THE ASSESSING OFFICER HAD NOT CONTROVERTED THE SE FACTS BEFORE PROCEEDING TO MAKE THE ADDITION. THUS, AS PER THE LD. CIT (A), I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 4 THE ASSESSEE HAD DISCHARGED ITS BURDEN OF PROVIDING BASIC DETAILS REQUIRED FOR VERIFICATION OF THE IDENTITY OF THE CR EDITOR, CREDITWORTHINESS OF THE CREDITOR AND GENUINENESS OF THE TRANSACTION. HE ALSO OBSERVED THAT THE SHARE APPLI CANTS WERE ALSO ALLOTTED SHARES AND THE DETAILS WERE MADE AVAI LABLE. HE ALSO OBSERVED THAT THE ASSESSING OFFICER HAD NOT BROUGHT ANYTHING ON RECORD TO DISPUTE THE FACTS/DETAILS FURNISHED BY TH E ASSESSEE DESPITE CONDUCTING INDEPENDENT INQUIRIES IN TERMS O F SECTION 133(6) OF THE ACT. HE, ACCORDINGLY, DELETED THE EN TIRE ADDITION. 7. THE LD. DR STRONGLY SUPPORTED THE ASSESSING OFFI CERS ORDER AND AGAIN POINTED OUT THAT IN SPITE OF AVAILING TIM E, THE ASSESSEE DID NOT PRODUCE THE DIRECTORS OF THE SIX INVESTING COMPANIES. HE ALSO REITERATED THAT THE BALANCE SHEETS OF THE INVE STING COMPANIES DID NOT REFLECT THEIR INVESTMENTS IN THE ASSESSEE COMPANY AND HENCE THERE WAS NO GENUINE SUBSCRIPTION TO THE SHARE CAPITAL AS HAS BEEN ALLEGED BY THE ASSESSEE. 8. THE LD. AR RELIED ON THE ORDER OF THE LD. CIT (A ) AND SUBMITTED THAT ALL THE NOTICES U/S 133(6) ISSUED BY THE AO TO THE SHAREHOLDERS WERE RESPONDED TO AND THE SHAREHOLDERS FURNISHED THE FOLLOWING DETAILS/DOCUMENTS. HE SUBMITTED THAT IN RESPONSE, THE INVESTING COMPANIES HAD SUBMITTED CONFIRMATIONS OF THEIR I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 5 SUBSCRIPTION IN THE SHARE CAPITAL OF THE COMPANY, C OPIES OF ACKNOWLEDGEMENT OF THEIR INCOME TAX RETURN, COPIES OF THEIR BANK STATEMENT FROM WHICH INVESTMENT IN THE SHARE CAPITA L OF COMPANY WAS MADE BY THEM, COPIES OF THEIR AUDITED STATEMENT OF ACCOUNTS. HE FURTHER SUBMITTED THAT THE ASSESSEE HAD PROVED T HE GENUINENESS OF THE TRANSACTIONS BY FILING THE COPIE S OF THE CHEQUES ISSUED BY THE SHARE APPLICANTS. IT HAS ALS O PROVED THE CREDITWORTHINESS OR THE FINANCIAL STRENGTH OF THE SUBSCRIBER/CREDITOR. IT HAS OFFERED AN EXPLANATION ABOUT THE NATURE AND SOURCE OF MONEY FOUND CREDITED IN ITS BO OK OF ACCOUNT AS ENVISAGED U/S 68. HE SUBMITTED THAT ONCE THE IDE NTITY OF SHARE APPLICANT/SHAREHOLDERS IS PROVED, THERE IS NO CASE FOR ADDITION IN THE HANDS OF THE ASSESSEE COMPANY. IF THERE WAS ANY DOUBT ABOUT THE CREDITWORTHINESS OF SHARE APPLICANT/S, NECESSAR Y ACTION SHOULD HAVE BEEN TAKEN IN THE HANDS OF SHARE APPLIC ANT/S. THE LD. AR STATED THAT ADVERSE INFERENCE CANNOT BE DRAW N AGAINST THE ASSESSEE IF THE INVESTMENT IS NOT PROPERLY SHOWN BY THE SHAREHOLDERS IN THEIR BALANCE SHEET/S. HE SUBMITTED THAT IN VIEW OF THE AFORESAID FACT, THERE WAS NO REASON LEFT FOR THE A.O. TO DRAW ANY ADVERSE INFERENCE. THE ASSESSEE COMPANY CANNOT BE EXPECTED TO KNOW AS TO WHY THE INVESTMENTS MADE BY THEM DID NOT FIGURE I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 6 IN THEIR INVESTMENT DETAILS. HE SUBMITTED THAT THE ASSESSEE COMPANY HAD SPECIFICALLY REQUESTED THE A.O. TO CONF RONT THE SHAREHOLDER COMPANIES WITH THE NECESSARY DOCUMENTAR Y EVIDENCES FURNISHED BY THE ASSESSEE BEFORE HIM AND ALL THE SHAREHOLDERS INDEPENDENTLY AND DIRECTLY CONFIRMED B EFORE THE A.O. ABOUT THEIR HAVING MADE INVESTMENT IN THE SHAR E CAPITAL OF COMPANY. ONCE THE A.O. HAD INDEPENDENTLY ISSUED NOT ICES TO THE SHAREHOLDERS AND IN RESPONSE TO THAT THE SHAREHOLDE RS HAD CONFIRMED THESE INVESTMENTS ALONG WITH DOCUMENTARY EVIDENCES INCLUDING THE BANK STATEMENTS, THERE IS NO LOGIC FO R THE A.O. TO DOUBT THE GENUINENESS OF THE CAPITAL CAPITAL. 9. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULL Y PERUSED THE RELEVANT MATERIAL PLACED ON RECORD. IT IS SEEN THAT THE AO HAS NOT VERIFIED THE DETAILS FURNISHED BY THE ASSESSEE AND I.T. RECORDS OF THE SHAREHOLDERS/INVESTING COMPANIES. THESE FACT S WERE NOT CONTROVERTED BY THE AO. THE ASSESSEE HAS DISCHARGED ITS BURDEN OF PROVIDING BASIC DETAILS WHICH WERE REQUIRED FOR VERIFICATION TO FULFILL THE CONDITIONS VIZ. IDENTITY OF THE CREDITO R, CREDITWORTHINESS OF THE CREDITOR AND GENUINENESS OF TRANSACTION AS L AID DOWN BY HIGHER JUDICIAL AUTHORITIES FOR EXAMINING THE ISSUE U/S. 68 OF THE ACT. IN THE CASE OF CIT VS. DIVINE LEASING & FINANC E LTD. 207 CTR I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 7 38, THE HONBLE JURISDICTIONAL HIGH COURT HAS OBSER VED AS UNDER:- THERE CANNOT BE TWO OPINIONS ON THE ASPECT THAT T HE PERNICIOUS PRACTICE OF CONVERSION OF UNACCOUNTED MONEY THROUGH THE MASQUERADE OR CHANNEL OF INVESTMENT IN THE SHARE CAPITAL OF A COMPANY MUST B E FIRMLY EXCORIATED BY THE REVENUE. EQUALLY, WHERE TH E PREPONDERANCE OF EVIDENCE INDICATES ABSENCE OF CULPABILITY AND COMPLEXITY OF THE ASSESSEE IT SHOUL D NOT BE HARASSED BY THE REVENUES INSISTENCE THAT IT SHOULD PROVE THE NEGATIVE. IN THE CASE OF PUBLIC IS SUE, THE COMPANY CONCERNED CANNOT BE EXPECTED TO KNOW EVERY DETAILS PERTAINING TO THE IDENTITY AS WELL AS FINANCIAL WORTH OF EACH OF ITS SUBSCRIBERS. THE COMPANY MUST, HOWEVER, MAINTAIN AND MAKE AVAILABLE TO THE ASSESSING OFFICER FOR HIS PERUSAL, ALL THE INFORMATION CONTAINED IN THE STATUTORY SHARE APPLICATION DOCUMENTS. IN THE CASE OF PRIVATE PLACEMENT THE LEGAL REGIME WOULD NOT BE THE SAME. A DELICATE BALANCE MUST BE MAINTAINED WHILE WALKING THE TIGHTROPE OF SECTION 68 AND 69 OF THE INCOME TA X ACT. THE BURDEN OF PROOF CAN SELDOM BE DISCHARGED T O THE HILT BY THE ASSESSEE; IF THE ASSESSING OFFICER HARBOURS DOUBTS OF THE LEGITIMACY OF ANY SUBSCRIPTI ON HE IS EMPOWERED, NAY DUTY-BOUND, TO CARRY OUT THOROUGH INVESTIGATIONS. BUT IF THE ASSESSING OFFIC ER FAILS TO UNEARTH ANY WRONG OR ILLEGAL DEALINGS, HE CANNOT OBDURATELY ADHERE TO HIS SUSPICIONS AND TREA T THE SUBSCRIBED CAPITAL AS THE UNDISCLOSED INCOME OF THE COMPANY. FURTHER, A DISTILLATION OF THE PRECEDENTS YIELDS T HE FOLLOWING PROPOSITION OF LAW IN THE CONTEXT OF SECT ION 68 OF THE INCOME TAX ACT. THE ASSESSEE HAS TO PRIMA FA CIE PROVE (1) THE IDENTITY OF THE CREDITOR/SUBSCRIBER; (2) THE GENUINENESS OF THE TRANSACTION, NAMELY : WHETHER IT HAS BEEN TRANSMITTED THROUGH BANKING OR OTHER INDISPUTABLE CHANNELS; (3) THE CREDIT WORTHINESS OR FINANCIAL STRENGTH OF THE CREDITOR/SUBSCRIBER; (4) IF I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 8 RELEVANT DETAILS OF THE ADDRESS OF PAN IDENTITY OF THE CREDITOR/SUBSCRIBER ARE FURNISHED TO THE DEPARTMENT ALONG WITH COPIES OF THE SHAREHOLDERS REGISTER, SHA RE APPLICATION FORMS, SHARE TRANSFER REGISTER ETC. IT WOULD CONSTITUTE ACCEPTABLE PROOF OR ACCEPTABLE EXPLANATION BY THE ASSESSEE; (5) THE DEPARTMENT WOULD NOT BE JUSTIFIED IN DRAWING AN ADVERSE INFERE NCE ONLY BECAUSE THE CREDITOR/SUBSCRIBER FAILS OR NEGLE CTS TO RESPOND TO ITS NOTICE; (6) THE ONUS WOULD NOT ST AND DISCHARGED IF THE CREDITOR/SUBSCRIBER DENIED OF REPUDIATED THE TRANSACTION SET UP BY THE ASSESSEE N OR SHOULD THE ASSESSING OFFICER TAKE SUCH REPUDIATION AT FACE VALUE AND CONSTRUE IT, WITHOUT MORE, AGAINST T HE ASSESSEE; (7) THE ASSESSING OFFICER IS DUTY- BOUND TO INVESTIGATE THE CREDIT WORTHINESS OF THE CREDITOR/SUBSCRIBER THE GENUINENESS OF THE TRANSACT ION AND THE VERACITY OF THE REPUDIATION. 10. WITH REGARD TO THE ISSUE OF SHARE APPLICATIO N MONEY, WHILE DISMISSING THE SLP FILED BY THE DEPARTMENT, THE HON BLE SUPREME COURT IN THE CASE OF CIT VS. LOVELY EXPORTS (P) LTD . (216 CTR 195) OBSERVED AS UNDER: CAN THE AMOUNT OF SHARE MONEY BE REGARDED AS UNDISCLOSED INCOME UNDER S. 68 OF IT ACT, 1961? WE FIND NO MERIT IN THIS SPECIAL LEAVE PETITION FOR THE SIMPLE REASON THAT IF THE SHARE APPLICATION MONEY IS RECEIVED BY THE ASSESSEE COMPANY FROM ALLEGED BOGUS SHAREHOLDERS, WHOSE NAMES ARE GIVEN TO THE AO, THEN THE DEPARTMENT IS FREE TO PROCEED TO REOPEN THEIR INDIVIDUAL ASSESSMENTS IN ACCORDANCE WITH LAW. HENCE, WE FIND NO INFIRMITY WITH THE IMPUGNED JUDGMENT. 11. THE HON'BLE DELHI HIGH COURT IN THE CASE OF CIT VS NIPAN AUTO PVT. LTD. (2014) 361 ITR 155 (DELHI) HELD AS U NDER:- I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 9 10. ..WHEREAS IN THE PRESENT CASE, THE IDENTITY OF THE TWO COMPANIES WHICH ARE SISTER COMPANIES STOOD ESTABLISHED. FURTHERMORE, THIS IS NOT A CASE OF MERE FURNISHING OF COPIES OF BANK ACCOUNTS OF THE SUBSCRIBERS. BUT, IN THE PRESENT CASE, AS NOTED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) THE ASSESSEE HAD FILED THE INCOME-TAX RETURNS OF THE SUBSCRIBER COMPANIES AS ALSO THEIR BANK STATEMENTS AND BALANCE - SHEETS IN ADDITION TO THE CONFIRMATION LETTERS FROM THE SAID TWO COMPANIES. A COPY OF FORM NO. 2 FILED BY T HE ASSESSEE WITH THE REGISTRAR OF COMPANIES REGARDING THE ALLOTMENT OF SHARES TO THE SAID TWO COMPANIES H AD ALSO BEEN FURNISHED. IT IS IN THIS BACKDROP THAT TH E COMMISSIONER OF INCOME-TAX (APPEALS) HAD CONCLUDED THAT THE ASSESSEE HAD BEEN ABLE TO PROVE ITS CASE A ND THAT THE ASSESSING OFFICER COULD NOT SHIFT THE BURD EN BACK ONTO THE ASSESSEE-COMPANY WITHOUT THE ASSESSING OFFICER PRODUCING ANY TANGIBLE MATERIAL T O DOUBT THE VERACITY OF THE DOCUMENTS FURNISHED BY TH E ASSESSEE. THE INCOME-TAX APPELLATE TRIBUNAL CONCURRED WITH THE VIEWS TAKEN BY THE COMMISSIONER OF INCOME-TAX (APPEALS). 12. WE HAVE CONSIDERED THE RIVAL CONTENTIONS AND FOUND THAT THE IDENTITIES OF THE SHARE APPLICANTS ARE NOT IN DISPU TE. THE HONBLE SUPREME COURT IN CASE OF DIVINE LEASING & FINANCE L TD. (SUPRA) HAS HELD THAT IF THE SHARE APPLICATION MONEY IS REC EIVED BY THE ASSESSEE COMPANY EVEN FROM THE BOGUS SHAREHOLDERS W HOSE NAMES ARE GIVEN TO THE AO THEN THE DEPARTMENT IS FR EE TO PROCEED TO REOPEN THEIR INDIVIDUAL ASSESSMENTS IN ACCORDANC E WITH LAW. THE ADDITION IN REGARD TO THE SHARE CAPITAL CANNOT BE TREATED AS THE UNDISCLOSED INCOME OF THE ASSESSEE IF THE SHARE APPLICATION I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 10 MONEY IS RECEIVED BY THE ASSESSEE COMPANY FROM ALLE GED BOGUS SHAREHOLDERS WHOSE NAMES ARE GIVEN TO THE AO. FURTH ER THE HONBLE SUPREME COURT HAS CATEGORICALLY HELD THAT T HE REVENUE IS FREE TO PROCEED TO REOPEN THE INDIVIDUAL ASSESSMENT S OF SUCH ALLEGED BOGUS SHAREHOLDERS. IN THESE CIRCUMSTANCES, RESPECTFULLY FOLLOWING THE DECISION OF THE HONBLE JURISDICTIONA L HIGH COURT AS ALSO HONBLE SUPREME COURT REFERRED TO SUPRA, THE A DDITION MADE BY THE AO AND DELETED BY THE LEARNED CIT (A) REPRES ENTED BY THE INCREASE IN SHARE CAPITAL OF THE ASSESSEE CANNOT BE TREATED AS UNEXPLAINED CASH CREDITS IN THE HANDS OF THE ASSESS EE. WE HAVE NO HESITATION TO CONCLUDE THAT THE ASSESSEE HAS PRO VIDED NECESSARY DETAILS INCLUDING THE WARD/CIRCLE WHERE T HE SHARE APPLICANTS WERE ASSESSED TO INCOME TAX AND DISCHARG ED THE ONUS CAST ON IT. THE SHARE APPLICANTS WERE ALSO ALLOTTED SHARES AND THE DETAILS WERE MADE AVAILABLE. THE AO HAS NOT BROUGHT ANYTHING ON RECORD TO DISPUTE THE FACTS/DETAILS FURNISHED BY TH E ASSESSEE DESPITE CONDUCTING INDEPENDENT ENQUIRIES IN TERMS O F S. 133(6). THE ASSESSEE CANNOT BE FASTENED WITH TAX LIABILITY FOR FAILING TO DO AN UNREASONABLE AND UNJUSTIFIED ACT OF PRODUCTION O F DIRECTOR/S OF SHAREHOLDERS/DIRECTORS OF INVESTING COMPANIES. MORE OVER THERE IS NO INFORMATION THAT SHAREHOLDERS/INVESTING COMPANIE S ARE I.T.A. NO. 2652/DEL/2009 ASSESSMENT YEAR 2006-07 11 INVOLVED IN PROVIDING ACCOMMODATION ENTRIES. THE AS SESSEE CANNOT BE PENALIZED FOR THE MISTAKES/FAULTS COMMITT ED BY THE SHARE HOLDERS. THE AO HAS NOT FOUND ANY DISCREPANCY IN THE BOOKS OF ACCOUNT AND BANK ACCOUNTS MAINTAINED BY TH E ASSESSEE. 13. THUS, IN OUR CONSIDERED OPINION, IN VIEWS OF FA CTS AS NARRATED ABOVE AND THE JUDICIAL PRONOUNCEMENTS, THE SHARE CAPITAL TO THE EXTENT OF RS.45.00 LAC STANDS EXPLAI NED. HENCE, THE ORDER OF THE LD. CIT(A) DOES NOT CALL FOR ANY INTER FERENCE. THE GROUND OF APPEAL IS DISMISSED. 14. IN THE RESULT, THE APPEAL OF THE DEPARTMENT IS DISMISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 22.02. 2016. SD/- SD/- (J. SUDHAKAR REDDY) (S UDHANSHU SRIVASTAVA ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: THE 22ND OF FEBRUARY, 2016 GS COPY OF THE ORDER FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR BY ORDER ASSTT. REGISTRAR