TRIUMPH INTERNATIONAL FINANCE INDIA LTD, MUMBAI V. ASST CIT CEN CIR 40, MUMBAI

ITA 2705/MUM/2012

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 2124 (ITAT-MUMBAI)
• Duration Of Justice: 7 year(s) 6 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: G
• Assessment Year: 2004-2005
• Appeal Filed On: 20-04-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: DR P DANIEL
• Keywords: Bad and doubtful debts; Procedural lapse; Set aside
• Section: 271(1)(c); 143(3); 274

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH G, MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NO.2705/M/2012 ASSESSMENT YEAR: 2004-05 ITA NO.2706/M/2012 ASSESSMENT YEAR: 2005-06 M/S.TRIUMPH INTERNATIONAL FINANCE INDIA LTD., OXFORD CENTRE, 10 SHROFF LANE, COLABA CAUSEWAY, MUMBAI 400 005 PAN: AAACE0308A VS. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 40, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400020 (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : SHRI NEELKANTH KHANDELWAL, A.R. REVENUE BY : DR. P. DANIEL, D.R. DATE OF HEARING : 01.10.2019 DATE OF PRONOUNCEMENT : 08.11.2019 O R D E R PER G. MANJUNATHA, ACCOUNTANT MEMBER: THESE TWO APPEALS FILED BY THE ASSESSEE ARE DIRECT ED AGAINST SEPARATE, BUT IDENTICAL ORDERS OF THE COMMISSIONER OF INCOME TAX (APPEALS)-36, MUMBAI BOTH DATED 16.03.2012 AND THEY PERTAIN TO ASSESSMENT YEARS 2004-05 & 2005-06. SIN CE, THE FACTS ARE IDENTICAL AND ISSUES ARE COMMON, FOR THE SAKE OF CONVENIENCE, THESE APPEALS ARE HEARD TOGETHER AND A RE DISPOSED OF BY THIS CONSOLIDATED ORDER. ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 2 ITA NO.2705/M/2012 2. THE ASSESSEE HAS RAISED MORE OR LESS COMMON GROU NDS OF APPEAL IN BOTH ASSESSMENT YEARS. THEREFORE, FOR TH E SAKE OF BREVITY, GROUNDS OF APPEAL FILED FOR A.Y. 2004-05 A RE REPRODUCED AS UNDER: 1. THE COMMISSIONER OF INCOME-TAX (APPEALS) - 36 , MUMBAI (HEREINAFTER REFERRED TO AS THE CIT(A)), ERRED IN UPHOLDING THE ACTION OF THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 40, MUMBAI (HEREINAFTER REFERRED TO AS THE ASSESSING OFFICER) IN LEVYING PENALTY OF RS 14,17,46,607 UNDE R SECTION 271(L)(C) OF THE ACT. THE APPELLANTS CONTEND THAT ON THE FACTS AND IN TH E CIRCUMSTANCES OF THE CASE AND IN LAW, THE ASSESSING OFFICER OUGHT NOT TO HAVE LEV IED THE IMPUGNED PENALTY UNDER SECTION 271(L)(C) OF THE ACT. 2. THE APPELLANTS CONTEND THAT THE CIT(A) HA S NOT DISPOSED OF THE FOLLOWING GROUND OF APPEAL - ' THE ASSESSING OFFICER HAS ERRED IN LEVYING PENALTY ON THE BASIS OF INCOME- TAX, INCLUDING SURCHARGE. THE APPELLANTS CONTEND THAT SURCHARGE ON INCOME-TAX CANNOT BE CONSIDERED IN LEVYING THE PENALTY AS THE SAME IS NOT PART OF ' TAX' AND THE CIT(A) OUGHT TO HAVE DISPOSED OF THE SAID GROUND OF APPEAL. 3. THE BRIEF FACTS OF THE CASE ARE THAT ASSESSEE CO MPANY IS ENGAGED IN THE BUSINESS OF TRADING IN SHARES AND SE CURITIES FILED ITS RETURN OF INCOME FOR ASSESSMENT YEAR 2004-05 ON 01.11.2004 DECLARING NET LOSS OF RS.39,76,46,982/-. THE CASE WAS SELECTED FOR SCRUTINY AND THE ASSESSMENT HAS BEEN COMPLETED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961 ON 08.08 .2006, DETERMINING THE TOTAL INCOME AT RS.82,78,455/- BY M AKING VARIOUS ADDITIONS INCLUDING BAD DEBTS DISALLOWED. THE ASSESSEE CARRIED THE MATTER IN APPEAL BEFORE THE LD. CIT(A). THE LD. CIT(A), FOR REASONS RECORDED IN HIS APPELLATE ORDER , PARTLY ALLOWED THE APPEAL FILED BY THE ASSESSEE. THE ASSESSEE CAR RIED MATTER IN ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 3 FURTHER APPEAL BEFORE THE ITAT. THE TRIBUNAL, VIDE ITS ORDER DATED 19.04.2013 IN ITA NO.6879/M/2018 PARTLY ALLOW ED THE APPEAL FILED BY THE ASSESSEE, WHERE IT HAS DELETED ADDITIONS MADE BY THE AO TOWARDS BAD DEBTS IN PART AND SET ASIDE T HE ISSUE OF BAD DEBTS IN RESPECT OF TRIMP SECURITIES LTD. AMOUN TING TO RS.11,42,56,769/-. SIMILARLY, THE ITAT HAS SET ASI DE THE ISSUE OF PROVISION FOR BAD DEBTS AMOUNTING TO RS.97,27,36 8/-. IN SO FAR AS ADDITIONS MADE BY THE AO TOWARDS DECREASE IN VALUE OF STOCK AND PRIOR PERIOD EXPENSES, THE TRIBUNAL HAS U PHELD THE FINDINGS OF THE AO. 4. MEANTIME, THE AO HAD INITIATED PENALTY PROCEEDIN GS UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961 AND C ALLED UPON THE ASSESSEE TO EXPLAIN AS TO WHY PENALTY SHALL NOT BE LEVIED IN RESPECT OF VARIOUS ADDITIONS MADE DURING ASSESSMENT PROCEEDINGS FOR FURNISHING OF INACCURATE PARTICULAR S OF INCOME AND ALSO CONCEALMENT OF INCOME. THE AO, AFTER CONS IDERING THE SUBMISSIONS OF THE ASSESSEE, HELD THAT THE ASSESSEE HAS CONCEALED/FURNISHED INACCURATE PARTICULARS OF ITS I NCOME IN RESPECT OF BAD DEBTS WRITTEN OFF, PROVISION FOR BAD DEBTS, WRITE OFF OF BAD LOANS, LOSS ON DECREASE IN VALUE OF STOCK AN D ADDITIONS TOWARDS PRIOR PERIOD EXPENSES AND ACCORDINGLY LEVIE D PENALTY OF RS.14,17,46,607/- WHICH IS 100% OF TAX SOUGHT TO BE EVADED. THE ASSESSEE CARRIED THE MATTER IN APPEAL BEFORE TH E FIRST APPELLATE AUTHORITY. THE LD. CIT(A) FOR DETAILED R EASONS RECORDED IN HIS APPELLATE ORDER DATED 16.03.2012 CONFIRMED T HE PENALTY LEVIED BY THE AO ON VARIOUS ADDITIONS AND DISMISSED THE APPEAL FILED BY THE ASSESSEE. AGGRIEVED BY THE LD. CIT(A) S ORDER, THE ASSESSEE IS IN APPEAL BEFORE US. ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 4 5. THE LD. A.R. FOR THE ASSESSEE, AT THE TIME OF HE ARING, REFERRING TO PETITION FILED FOR ADMISSION OF ADDITI ONAL GROUND SUBMITTED THAT THE ASSESSEE HAS FILED A PETITION RA ISING ADDITIONAL GROUND OF APPEAL CHALLENGING VALIDITY OF PENALTY ORDER PASSED BY THE AO CONSEQUENT TO VAGUE NOTICE ISSUED UNDER SECTION 274 READ WITH SECTION 271 OF THE INCOME TAX ACT, 1961 AND ADDITIONAL GROUND FILED BY THE ASSESSEE GOES TO CHALLENGE THE JURISDICTION OF THE AO IN LEVYING THE PENALTY AND H ENCE, THE SAME MAY BE ADMITTED AND DECIDED ON MERITS. THE LD. A.R . FURTHER SUBMITTED THAT IF YOU GO THROUGH COPY OF NOTICE ISS UED UNDER SECTION 274 READ WITH SECTION 271 OF THE INCOME TAX ACT, 1961 IT IS VERY CLEAR THAT THE AO IS NOT CLEAR WHETHER HE I S INITIATING PENALTY FOR CONCEALMENT OF INCOME OR FOR FURNISHING OF INACCURATE PARTICULARS OF INCOME. THEREFORE, FURTHER PROCEEDIN GS CONSEQUENT TO VAGUE NOTICE IS VOID AB-INITIO AND LIABLE TO BE QUASHED. IN THIS REGARD, HE HAS RELIED UPON PLETHORA OF JUDICIAL DEC ISIONS INCLUDING THE HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. SAMSON PERINCHERY IN ITA NO.1154 OF 2014 DATED 05.0 1.2017. 6. LD. SENIOR COUNSEL APPEARED FOR THE REVENUE ON T HE OTHER HAND, STRONGLY OPPOSING THE ADDITIONAL GROUND FILED BY THE ASSESSEE SUBMITTED THAT THE ADDITIONAL GROUND FILED BY THE ASSESSEE SHOULD NOT BE ADMITTED, BECAUSE THE ASSESS EE HAS NOT BEEN ABLE TO SATISFY AS TO WHY SAID GROUND COULD NO T HAVE BEEN RAISED EARLIER. THE LD. D.R. FURTHER SUBMITTED THAT THE PENALTY PROVISIONS UNDER SECTION 271(1)(C) REQUIRES SATISFA CTION OF THE CONCERNED TAX AUTHORITY TO THE EFFECT THAT THE ASSE SSEE HAS EITHER CONCEALED THE PARTICULARS OF INCOME OR FURNISHED IN ACCURATE PARTICULARS OF INCOME AND SUCH SATISFACTION MUST BE ARRIVED AT IN THE COURSE OF ANY PROCEEDINGS UNDER THE ACT. THE A O HAS ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 5 ARRIVED AT CLEAR SATISFACTION IN RESPECT OF VARIOUS ADDITIONS MADE DURING THE COURSE OF ASSESSMENT PROCEEDINGS AND THE REFORE SUBSEQUENT ISSUE OF NOTICE IS ONLY PROCEDURAL ASPEC T AND ANY DEFECT IN SAID NOTICE IS A PROCEDURAL LAPSES WHICH CANNOT BE CONSIDERED AS FATAL TO QUASH PENALTY ORDER PASSED B Y THE AO. 7. WE HAVE HEARD BOTH THE PARTIES AND CONSIDERED MA TERIAL AVAILABLE ON RECORD, INCLUDING ADDITIONAL GROUND FI LED BY THE ASSESSEE. WE FIND THAT ADDITIONAL GROUND FILED BY T HE ASSESSEE CHALLENGING THE VALIDITY OF PENALTY ORDER PASSED BY THE AO GOES TO ROUTE OF THE MATTER IN QUESTIONING JURISDICTION OF THE AO IN LEVYING PENALTY UNDER SECTION 271(1)(C) OF THE INCO ME TAX ACT, 1961 AND HENCE, WE ARE OF THE CONSIDERED VIEW THAT THE ADDITIONAL GROUND FILED BY THE ASSESSEE DESERVES TO BE HEARD ON MERIT AND ACCORDINGLY ADMITTED ADDITIONAL GROUNDS F OR HEARING. IN SO FAR AS ADDITIONAL GROUND FILED BY THE ASSESSE E IN LIGHT OF NOTICE ISSUED UNDER SECTION 274 READ WITH SECTION 2 71 OF THE INCOME TAX ACT, 1961, WE FIND THAT THE AO HAS ARRIV ED AT CLEAR SATISFACTION TO THE EFFECT THAT THE ASSESSEE HAS EI THER CONCEALED THE PARTICULARS OF INCOME OR FURNISHED INACCURATE P ARTICULARS OF INCOME WHICH IS THE CONDITION PRECEDENT FOR LEVY OF PENALTY AND SUCH SATISFACTION MUST BE ARRIVED AT IN THE COURSE OF ANY PROCEEDINGS. SINCE, THE AO HAS ARRIVED AT SATISFAC TION REGARDING VARIOUS ADDITIONS MADE BY THE AO AND CAME TO THE CO NCLUSION THAT THE ASSESSEE HAS CONCEALED PARTICULARS OF INCO ME/FURNISHED INACCURATE PARTICULARS OF INCOME, SUBSEQUENT ISSUE OF NOTICE IS A PROCEDURAL ASPECT AND DEFECT IN SUCH PROCEDURAL ASP ECT CANNOT BE CONSIDERED AS FATAL SO AS TO HOLD THAT PENALTY P ROCEEDINGS ARE VOID AB-INITIO. ALTHOUGH, THE ASSESSEE HAS CITED NU MBER OF JUDICIAL PRECEEDENTS, WE FIND THAT IN THE CASE LAWS CONSIDERED BY ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 6 THE ASSESSEE, A CATEGORICAL FINDING WAS RECORDED BY THE TRIBUNALS/COURTS IN LIGHT OF SATISFACTION ARRIVED A T BY THE AO DURING ASSESSMENT PROCEEDINGS AND NOTICE ISSUED UND ER SECTION 274 READ WITH SECTION 271 AND CAME TO THE CONCLUSIO N THAT IN ABSENCE OF PROPER NOTICE PENALTY LEVIED UNDER SECTI ON 271(1)(C) CANNOT BE SUSTAINED. IN THIS CASE, THE AO HAS ARRI VED AT CLEAR SATISFACTION HAVING REGARD TO VARIOUS ADDITIONS MAD E DURING ASSESSMENT PROCEEDINGS AND HENCE WE ARE OF THE CONS IDERED VIEW THAT NON STRIKING OFF IN APPLICABLE PORTION IN THE NOTICE IS NOT FATAL SO AS TO HOLD THAT PENALTY PROCEEDINGS INITIA TED BY THE AO AND CONSEQUENT PENALTY ORDER IS VOID AB-INITIO AND LIABLE TO BE QUASHED. ACCORDINGLY, ADDITIONAL GROUND FILED BY T HE ASSESSEE IS HEREBY REJECTED. 8. COMING TO THE ISSUE ON MERIT, THE LD. A.R. FOR T HE ASSESSEE, AT THE TIME OF HEARING, SUBMITTED THAT ALTHOUGH THE AO HAS LEVIED PENALTY IN RESPECT OF 5 ADDITIONS INCLUDING WRITE OFF OF BAD DEBTS, PROVISION FOR BAD DEBTS, WRITTEN OFF OF BAD LOANS, DECREASE IN VALUE OF STOCK AND PRIOR PERIOD EXPENSES, THE TR IBUNAL IN QUANTUM PROCEEDINGS HAS ALLOWED PARTIAL RELIEF TO T HE ASSESSEE IN RESPECT OF BAD DEBTS WRITTEN OFF AND OUT OF TOTA L ADDITIONS MADE BY THE AO OF RS.38,30,66,554/- FROM 8 PARTIES, THE TRIBUNAL HAS DELETED BAD DEBTS CLAIM IN RESPECT OF 7 PARTIES AS LISTED BY THE AO IN HIS ASSESSMENT ORDER AT PARA 4. 1, HOWEVER, IN RESPECT OF BAD DEBTS CLAIM PERTAINS TO TRIM SECURIT IES LTD. THE ISSUE HAS BEEN SET ASIDE TO THE FILE OF THE AO FOR FURTHER VERIFICATION. SIMILARLY, THE TRIBUNAL HAS SET ASID E ADDITIONS MADE BY THE AO TOWARDS PROVISION FOR BAD DEBTS AND BAD LOANS WRITTEN OFF, HOWEVER, CONFIRMED ADDITIONS MADE TOWA RDS DECREASE IN VALUE OF STOCK AND PRIOR PERIOD EXPENSES. THE L D. A.R. FURTHER ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 7 SUBMITTED THAT WHEN THE ISSUE HAS BEEN SET ASIDE TO FILE OF THE AO, THE QUESTION OF LEVY OF PENALTY ON THOSE ADDITI ONS CANNOT ARISE. IN RESPECT OF ADDITIONS CONFIRMED BY THE IT AT, THOUGH ON MERIT, THE CONTENTIONS OF THE ASSESSEE HAVE BEEN RE JECTED BY THE TRIBUNAL BUT YET THE ISSUE OF DECREASE IN VALUE OF STOCK AND PRIOR PERIOD EXPENSES CANNOT COME WITHIN THE AMBIT OF PRO VISIONS OF SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961, BECA USE THE ASSESSEE HAS FURNISHED COMPLETE INFORMATION IN RESP ECT OF THOSE ITEMS. 9. THE LD. D.R., ON THE OTHER HAND, SUBMITTED THAT SINCE THE APPEAL FILED BY THE ASSESSEE HAS BEEN SET ASIDE TO THE FILE OF THE AO IN RESPECT OF CERTAIN ISSUES, THE PENALTY LEVIED BY THE AO MAY ALSO NEEDS TO BE SET ASIDE TO THE FILE OF THE AO TO DECIDE THE ISSUE AFRESH AFTER THE OUTCOME OF QUANTUM PROCEEDINGS PEN DING BEFORE THE AO. 10. WE HAVE HEARD BOTH THE PARTIES, PERUSED THE MAT ERIAL AVAILABLE ON RECORD AND GONE THROUGH THE ORDER OF A UTHORITIES BELOW. IT IS AN ADMITTED FACT THAT IN QUANTUM APPEA L PROCEEDINGS THE TRIBUNAL HAS PARTIALLY ALLOWED APPEAL FILED BY THE ASSESSEE WHERE IT HAS ALLOWED PARTIAL RELIEF IN RESPECT OF B AD DEBTS CLAIM AND IN RESPECT OF ONE PARTY THE ISSUE HAS BEEN SET ASIDE TO THE FILE OF THE AO FOR FURTHER VERIFICATION. WE FIND T HAT IN RESPECT OF DELETION OF ADDITIONS TOWARDS BAD DEBTS, THE QUESTI ON OF LEVY OF PENALTY DOES NOT ARISE BECAUSE THE ADDITIONS MADE B Y THE AO IS NO LONGER SURVIVED AND HENCE PENALTY LEVIED TO THAT EXTENT CANNOT SURVIVE IN THE EYES OF LAW. ACCORDINGLY, WE DIRECT THE AO TO DELETE PENALTY IN RESPECT OF ADDITIONS DELETED B Y THE TRIBUNAL. IN RESPECT OF ISSUES WHICH HAVE BEEN SET ASIDE TO T HE FILE OF THE ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 8 AO, THE PENALTY PROCEEDINGS CANNOT BE FINALISED UNL ESS THE QUANTUM PROCEEDINGS PENDING BEFORE THE AO HAS BEEN FINALISED. SIMILARLY, IN RESPECT OF ADDITIONS CONFIRMED BY THE AO, ALTHOUGH ISSUES HAS BEEN DECIDED ON MERITS BUT PART OF THE I SSUES ARE STILL NOT ATTAINED FINALITY FROM THIS SIDE OF THE AO, THE REFORE IT IS DIFFICULT TO DECIDE PENALTY UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961 ON PIECE MAIL BASIS IN RESPECT OF EAC H ADDITION. HENCE, WE ARE OF THE CONSIDERED VIEW THAT THE APPEA L FILED BY THE ASSESSEE CHALLENGING THE ORDER OF THE AO IN LEVY OF PENALTY UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961 NEEDS TO GO BACK TO THE FILE OF THE AO TO DECIDE THE PENALTY UNDER SECT ION 271(1)(C) AFTER COMPLETION OF ASSESSMENT PROCEEDINGS IN PURSU ANT TO DIRECTIONS OF THE ITAT IN QUANTUM PROCEEDINGS. HENC E, WE SET ASIDE THE APPEAL FILED BY THE ASSESSEE TO THE FILE OF THE AO AND DIRECT HIM TO TAKE PENALTY PROCEEDINGS AFTER COMPLE TION OF ASSESSMENT PROCEEDINGS IN LIGHT OF OBSERVATIONS OF THE TRIBUNAL ON VARIOUS ISSUES. NEEDLESS TO SAY, THE AO MAY TAK E THE BENEFIT OF PROVISIONS OF SECTION 275 OF THE ACT, AT THE TIM E OF PENALTY PROCEEDINGS. 11. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSE. ITA NO.2706/M/2012 12. THE FACTS AND ISSUES INVOLVED IN THIS APPEAL AR E IDENTICAL TO THE FACTS AND ISSUES WHICH WE HAD CONSIDERED IN ITA NO.2705/M/2012. THE AO HAS LEVIED PENALTY U/S 271(1 )( C) IN RESPECT OF VARIOUS ADDITIONS MADE IN ASSESSMENT PRO CEEDINGS INCLUDING WAIVER OF BANK LOAN AND INTEREST THEREON WITHOUT WAITING FOR OUTCOME OF APPEAL FILED BY THE ASSESSEE BEFORE THE TRIBUNAL. WE FIND THAT THE TRIBUNAL IN SECOND ROUN D OF LITIGATION ITA NO.2705 & 2706/M/2012 M/S. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. 9 HAS ALLOWED RELIEF TO THE ASSESSEE IN RESPECT OF VA RIOUS ADDITIONS MADE BY THE AO ON WHICH PENALTY UNDER SECTION 271(1 )(C) HAS BEEN LEVIED. ONCE ADDITIONS ON WHICH PENALTY LEVIE D BY THE AO HAS BEEN DELETED BY THE TRIBUNAL, THEN THE QUESTION OF PENALTY ON THOSE ADDITIONS FOR CONCEALMENT OF PARTICULARS O F INCOME/FOR FURNISHING OF INACCURATE PARTICULARS OF INCOME DOES NOT ARISE. ACCORDINGLY, WE DIRECT THE AO TO DELETE THE PENALTY LEVIED UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961. 13. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. 14. AS A RESULT, APPEAL FILED BY THE ASSESSEE FOR A .Y. 2004-05 IS TREATED AS PARTLY ALLOWED FOR STATISTICAL PURPOSES AND APPEAL FILED FOR ASSESSMENT YEAR 2005-06 IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 08 .11.2019. SD/- SD/- (RAM LAL NEGI) (G. MANJUNATHA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 08 .11.2019. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.