The ACIT, Circle-7, Ahmedabad V. Ashish N.Soparkar, Ahmedabad

ITA 2759/AHD/2011

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 9124 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 year(s) 4 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 23-02-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 08-11-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SONIA KUMAR
• Keywords: Business income; Salary income

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, AHMEDABAD BEFORE SHRI SHAILENDRA K. YADAV, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER ./ ITA NOS. 1050 & 2759/AHD/2011 / ASSESSMENT YEAR: 2007-08 & 2008-09 ACIT, CIRCLE-7, AHMEDABAD .. APPELLANT VS SHRI ASHISH N. SOPARKAR LANE -13, BUILDING NO. 246, SATYAGRAH CHHAVANI, SATELLITE ROAD, AHMEDABAD .. RESPONDENT PAN : ALRPS 6235 P ./ ITA NOS. 1051 & 2760/AHD/2011 / ASSESSMENT YEAR: 2007-08 & 2008-09 ACIT, CIRCLE-7, AHMEDABAD .. APPELLANT VS SHRI JAYANTIBHAI M. PATEL, LANE -18, BUILDING NO. 359, SATYAGRAH CHHAVANI, SATELLITE ROAD, AHMEDABAD .. RESPONDENT PAN : AEHPP 7163 E CO NO. 261/AHD/2011 (IN ITA NO.2760/AHD/2011) / ASSESSMENT YEAR: 2008-09 SHRI JAYANTIBHAI M. PATEL, LANE -18, BUILDING NO. 359, SATYAGRAH CHHAVANI, SATELLITE ROAD, AHMEDABAD .. CROSS OBJECTOR PAN : AEHPP 7163 E (ORIGINAL RESPONDENT) VS ACIT, CIRCLE-7,AHMEDABAD .. RESPONDENT (ORIGINAL APPELLANT) ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 2 - REVENUE BY SMT. SONIA KUMAR , SR DR ASSESSEE(S) BY SHRI S.N. SOPARKAR, AR / DATE OF HEARING 23/02/2016 /DATE OF PRONOUNCEMENT 30/03/2016 / O R D E R PER BENCH : THESE FOUR APPEALS FILED BY THE REVENUE ARE DIRE CTED AGAINST RESPECTIVE ORDERS OF THE COMMISSIONER OF IN COME TAX (APPEALS)-XIV, AHMEDABAD OF EVEN DATED 29.11.2010 F OR ASSESSMENT YEARS 2007-08 AND 2008-09 IN RESPECT OF TWO DIFFERENT ASSESSEES AND THE PRESENT CROSS OBJECTION IS PRESENTED AT THE INSTANCE OF ASSESSEE IN APPEAL OF THE REVENU E, I.E., ITA NO. 2760/AHD/2011 IN ASSESSMENT YEAR 2008-09. THES E APPEALS AND CROSS-OBJECTION INVOLVE COMMON ISSUES, THESE WERE HEARD TOGETHER AND ARE BEING DISPOSED OF BY THIS CO NSOLIDATED ORDER FOR THE SAKE OF CONVENIENCE. ITA NO.1050/AHD/2011 : AY 2007-08: BY REVENUE ASSESSEE : SHRI ASHISH N. SOPARKAR 2. IN THIS APPEAL, THE REVENUE HAS TAKEN FOLLOWING GROUNDS:- 1. THE LD. COMMISSIONER OF INCOME-TAX (A) HAS ERRED IN LAW AND ON FACTS IN DIRECTING THE AO TO TREATED THE STCG OF RS.58,61,267/- AND LTCG OF RS.61,56,417/- ON SALE OF SHARES/MUTUAL FUNDS AS RETURNED BY ASSESSEE, INSTEAD OF BUSINESS INCOME AS ASSESSED BY AO. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. COMMISSIONER OF INCOME TAX (A) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER. ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 3 - 3. IT IS, THEREFORE, PRAYED THAT THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (A) MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 2.1 THE MAIN ISSUE BEFORE US, AS EMERGING FROM THE ORDER OF THE ASSESSING OFFICER, IS WITH REGARD TO THE TREATM ENT OF SHORT TERM CAPITAL GAIN (STCG) OF RS.58,61,267/- AND LONG TERM CAPITAL GAIN (LTCG) OF RS.67,56,417/-, TOTALING TO RS.1,26,17,683/- ON SALE OF SHARES/MUTUAL FUNDS. T HE ASSESSING OFFICER HAS TREATED THE ABOVE INCOME AS B USINESS INCOME ON FOLLOWING REASONS:- I. THE ASSESSEE IS DEALER IN SHARES II. THE MAGNITUDE OF PURCHASE AND SALES, THE SUBSTANTIA L NATURE OF THE TRANSACTIONS, THE RATIO BETWEEN PURCH ASE AND SALES AND THE HOLDING REFLECT DEALING IN SHARES RATHER THAN INVESTMENT. III. THE MOTIVE TO EARN PROFIT IS EVIDENT IN THE RATIO O F PURCHASE TO SALES IV. WHERE THE INTENTION IS TO CLAIM EXEMPTION THE HOLDI NG PERIOD HAS BEEN EXTENDED TO SLIGHTLY OVER 12 MONTHS . V. FROM THE MAGNITUDE OF TRANSACTIONS ENTERED INTO BY THE ASSESSEE DURING THE YEAR THE ASSESSEE WAS REGULARLY AND SYSTEMATICALLY PURCHASING AND SELLING SHARES/UNITS OF MUTUAL FUNDS TO EARN PROFIT VI. THE PURCHASE AND SALE OF SHARES WAS DONE WITH A MOTIVE OF EARNING A PROFIT RATHER THAN TO DERIVE IN COME BY WAY OF DIVIDEND. VII. THE TRANSACTIONS ENTERED INTO BY THE ASSESSEE ARE I N THE NATURE OF COMMERCIAL TRANSACTIONS ENTERED INTO WITH A VIEW TO EARN PROFITS VIII. NOT ONLY WERE THE TRANSACTIONS IN LARGE NUMBERS BUT WERE CARRIED OUT IN A PLANNED, SYSTEMATIC AND ORGANIZED MANNER. 2.2 MATTER WAS CARRIED BEFORE THE FIRST APPELLATE A UTHORITY, WHEREIN VARIOUS CONTENTIONS WERE RAISED ON BEHALF O F THE ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 4 - ASSESSEE AND HAVING CONSIDERED THE SAME, THE CIT(A) HAS GRANTED RELIEF TO THE ASSESSEE AND THE SAME HAS BEE N OPPOSED BEFORE US BY THE REVENUE, INTER ALIA, SUBMITTING THAT THE CIT(A) HAS ERRED IN DIRECTING THE ASSESSING OFFICER TO TRE AT THE STCG OF RS.58,61,267/- AND LTCG OF RS.61,56,417/- ON SALES OF SHARES/MUTUAL FUNDS AS RETURNED BY THE ASSESSEE INS TEAD OF BUSINESS INCOME AS ASSESSED BY THE ASSESSING OFFICE R AND ACCORDINGLY, LD. DEPARTMENTAL REPRESENTATIVE PLEADE D THAT THE ORDER OF THE CIT(A) BE SET ASIDE AND THAT OF THE AS SESSING OFFICER BE RESTORED. ON THE OTHER HAND, LD. AUTHOR IZED REPRESENTATIVE FOR THE ASSESSEE SUPPORTED THE ORDER OF THE CIT(A). 2.3 WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND THAT THE ASSESSEE DERI VES INCOME FROM SALARY, PROPERTY, SHARE OF PROFIT FROM PARTNER SHIP FIRM IN ADDITION TO CAPITAL GAIN ON SALE OF SHARES AND MUTU AL FUNDS AND INCOME FROM OTHER SOURCES. THE SHARES WERE HELD BY THE ASSESSEE FOR FAIRLY A LONG PERIOD OF TIME. IT IS NO TICED THAT, IN THE PAST, THE REVENUE HAS ACCEPTED THE HOLDING OF SHARE S AS INVESTMENT AND PROFIT THEREON HAS BEEN ASSESSED UND ER THE HEAD CAPITAL GAIN AND SHARES SHOWN AS INVESTMENT IN THE BOOKS OF ACCOUNTS/BALANCE-SHEET. THE TRANSACTIONS WERE ON DELIVERY BASIS. THE CIT(A) HAD GONE THROUGH THE DE TAILS PRODUCED BEFORE HIM ON BEHALF OF THE ASSESSEE AT TH E TIME OF APPELLATE PROCEEDINGS WITH REGARD TO STCG/LTCG AND RIGHTLY HELD THAT ON THE IDENTICAL FACTS THE ASSESSING OFFI CER COULD NOT BE DEVIATED FROM THE VIEW ADOPTED IN EARLIER YEAR. THEREFORE, THE CIT(A), AFTER CONSIDERING THE FACTS AND CIRCUMSTANC ES OF THE ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 5 - CASE AND MOREOVER, RELYING THE RATIO OF DECISION OF HONBLE GUJARAT HIGH COURT IN THE CASE OF DCIT VS. SMT. DIV YABEN C. SHAH IN TAX APPEAL NO.104 & 105 OF 2001 AND ALSO IN VIEW OF THE CBDT CIRCULAR NO.4/2007 DATED 15.06.2007, RIGHT LY HELD THAT THE ASSESSEE CANNOT BE SAID TO HAVE BEEN TRADI NG IN SHARES. HE ACCORDINGLY RIGHTLY DIRECTED THE ASSESS ING OFFICER TO ACCEPT THE IMPUGNED AMOUNTS RETURNED BY THE ASSESSE E UNDER THE HEAD STCG AND LTCG, AS THE CASE MAY BE. SIMIL AR VIEW HAS BEEN TAKEN BY AHMEDABAD A BENCH OF THE TRIBUN AL IN THE CASE OF M/S. RAJA INDUSTRIES VS. ACIT IN IT(SS)A NO S. 141 & 146/AHD/2012 FOR AY 2009-10, WHEREIN THE TRIBUNAL H ELD AS UNDER:- 22. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUS ED THE MATERIAL AVAILABLE ON RECORD. WE FIND THAT LD. CIT(A) WHILE DECIDING THE ISSUE AGAINST THE ASSESSEE HAS G IVEN A FINDING THAT ASSESSEE HAS TREATED THE SHARES TRANSA CTION AS INVESTMENTS IN F.Y. 06-07 & 07-08 AND THE ASSESS EE BY PASSING A JOURNAL ENTRY ON 31.03.2009 ACCOUNTED FOR THE NOTIONAL LOSS OF VALUE OF CLOSING INVENTORY OF SHARES. BEFORE US, ASSESSEE COULD NOT CONTROVERT THE FINDIN GS OF LD. CIT(A). IN VIEW OF THE AFORESAID FACTS, WE FIN D NO REASON TO INTERFERE WITH THE ORDER OF THE LD. CIT(A ) AND THUS THE GROUND OF ASSESSEE OF ASSESSEE IS DISMISSE D. THUS, THE APPEAL OF ASSESSEE IS DISMISSED. 2.4 THE LD. AUTHORIZED REPRESENTATIVE ALSO DREW OUR ATTENTION TO THE ORDER OF THE HONBLE KARNATAKA HIGH COURT IN THE CASE OF CIT VS. KAPUR INVESTMENTS (P) LTD, REPORTED IN [201 5] 61 TAXMANN.COM 91 (KAR), WHICH SUPPORTS THE ORDER OF T HE CIT(A), WHEREIN THE ASSESSEE-COMPANY WAS ENGAGED IN THE BUS INESS OF FINANCE AND FILMS. FOR THE RELEVANT YEAR, THE ASSES SEE TOOK A LOAN AND HAD INVESTED BORROWED FUNDS IN SHARES THRO UGH THE ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 6 - PORTFOLIO MANAGEMENT SCHEME OF M. THE ASSESSING OFFICER OPINED THAT THE ASSESSEE HAD DERIVED HUGE PROFITS B ECAUSE OF REGULAR TRANSACTIONS AND, THEREFORE, TERMED SAME AS BUSINESS INCOME OF THE ASSESSEE. THE CIT(A) AS WELL AS TRIBU NAL HELD THAT PROFIT ON SALE OF SHARES WAS ASSESSABLE AS CAPITAL GAIN AND THEREFORE, ALLOWED ASSESSEES CLAIM. ON REVENUES APPEAL, THE HONBLE KARNATAKA HIGH COURT HELD THAT THE TRIBUNAL WAS JUSTIFIED IN ASCERTAINING PROFIT FROM SALE OF SHARE S, AS CAPITAL GAINS. 2.5 IN VIEW OF THE FACTUAL AND LEGAL DISCUSSION ABO VE, WE ARE NOT INCLINED TO INTERFERE WITH THE ORDER OF THE CIT (A) WHO HAS RIGHTLY DIRECTED THE ASSESSING OFFICER TO ACCEPT TH E IMPUGNED AMOUNTS RETURNED BY THE ASSESSEE UNDER THE HEAD THE HEAD LONG TERM CAPITAL GAIN AND SHORT TERM CAPITAL GAINS . ACCORDINGLY, WE UPHOLD THE ORDER OF THE CIT(A) AND DISMISS THIS APPEAL OF THE REVENUE. ITA NO.2759/AHD/2011 : AY 2008-09: BY REVENUE ASSESSEE : SHRI ASHISHBHAI N. SOPARKAR 3. IN THIS REVENUES APPEAL, FOLLOWING GROUNDS WERE RAISED:- 1. THE LD. COMMISSIONER OF INCOME-TAX (A) HAS ERRED IN LAW AND ON FACTS IN DIRECTING THE AO TO TREAT THE INCOM E OF RS.23,97,656/- FROM SALE OF SHARES AND MUTUAL FUNDS AS SHORT TERM CAPITAL GAIN, INSTEAD OF BUSINESS INCOME AS ASSESSED BY THE ASSESSING OFFICER. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. COMMISSIONER OF INCOME TAX (A) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER. ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 7 - 3. IT IS, THEREFORE, PRAYED THAT THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (A) MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 3.1 THE ISSUE RAISED IN THIS APPEAL IS SIMILAR TO T HE ISSUE WE DECIDED IN ASSESSEES CASE FOR ASSESSMENT YEAR 2007 -08, I.E., ITA NO.1050/AHD/2011 (SUPRA). THEREFORE, FACTS AND ISSUES BEING SIMILAR, SO FOLLOWING SAME REASONING WE ARE NOT INCLINED TO INTERFERE WITH THE ORDER OF THE CIT(A) WHO HAS R IGHTLY DIRECTED THE ASSESSING OFFICER TO TREAT THE INCOME OF RS.23, 97,656/- FROM SALE OF SHARES AND MUTUAL FUNDS AS SHORT TERM CAPITAL GAIN, INSTEAD OF BUSINESS INCOME AS ASSESSED BY THE ASSESSING OFFICER. THUS, WE UPHOLD THE ORDER OF THE CIT(A) AN D DISMISS THIS APPEAL FILED BY THE REVENUE. ITA NO.1051/AHD/2011 : AY 2007-08: BY REVENUE ASSESSEE : SHRI JAYANTIBHAI M. PATEL 4. IN THIS REVENUES APPEAL, FOLLOWING GROUNDS WERE RAISED:- 4. THE LD. COMMISSIONER OF INCOME-TAX (A) HAS ERRED IN LAW AND ON FACTS IN DIRECTING THE AO TO TREATING THE ST CG OF RS.29,79,082/- AND LTCG OF RS.22,51,626/- ON SALE O F SHARES/MUTUAL FUNDS AS RETURNED BY ASSESSEE, INSTEA D OF BUSINESS INCOME AS ASSESSED BY AO. 5. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. COMMISSIONER OF INCOME TAX (A) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER. 6. IT IS, THEREFORE, PRAYED THAT THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (A) MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 4.1 THE ISSUE RAISED IN THIS APPEAL IS IDENTICAL TO THE ISSUE WE DECIDED ABOVE IN CASE OF SHRI ASHISH N. SOPARKAR IN ITA ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 8 - NO.1050/AHD/2011 FOR AY 2007-08 (SUPRA), WHEREIN TH E ORDER OF CIT(A) GRANTING RELIEF TO THE ASSESSEE UNDER SAM E FACTS HAS BEEN APPROVED BY US. THEREFORE, FACTS AND ISSUES B EING SIMILAR, SO FOLLOWING SAME REASONING WE ARE NOT INCLINED TO INTERFERE WITH THE ORDER OF THE CIT(A) WHO HAS RIGH TLY DIRECTED THE ASSESSING OFFICER TO TREAT THE STCG OF RS.29,79 ,082/- AND LTCG OF RS.22,51,262/- ON SALES OF SHARES/MUTUAL FU NDS AS RETURNED BY THE ASSESSEE. ACCORDINGLY, WE UPHOLD TH E ORDER OF THE CIT(A) AND DISMISS THIS APPEAL FILED BY THE REV ENUE. ITA NO. 2760/AHD/2011 : AY 2008-09: BY REVENUE ASSESSEE : SHRI JAYANTIBHAI M. PATEL 5. IN THIS REVENUES APPEAL, FOLLOWING GROUNDS WERE RAISED:- 1. THE LD. COMMISSIONER OF INCOME-TAX (A) HAS ERRED IN LAW AND ON FACTS IN DIRECTING THE ASSESSING OFFICER TO TREAT THE INCOME OF RS.33,38,377/- FROM SALE OF SHARES AND MU TUAL FUNDS AS SHORT TERM CAPITAL GAIN, INSTEAD OF BUSINE SS INCOME AS ASSESSED BY THE ASSESSING OFFICER. 2. THE LD. COMMISSIONER OF INCOME-TAX (A) HAS ERRED IN LAW AND ON FACTS IN DIRECTING THE ASSESSING OFFICER TO TREAT THE INCOME OF RS.78,49,179/- FROM SALE OF SHARES AND MU TUAL FUNDS AS LONG TERM CAPITAL GAIN, INSTEAD OF BUSINES S INCOME AS ASSESSED BY THE ASSESSING OFFICER. 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. COMMISSIONER OF INCOME TAX (A) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER. 4. IT IS, THEREFORE, PRAYED THAT THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (A) MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 5.1 THE ISSUE RAISED IN THIS APPEAL IS IDENTICAL TO THE ISSUE WE DECIDED ABOVE IN CASE OF SHRI ASHISH N. SOPARKAR IN ITA ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 9 - NO.1050/AHD/2011 FOR AY 2007-08 (SUPRA), WHEREIN TH E ORDER OF CIT(A) GRANTING RELIEF TO THE ASSESSEE UNDER SAM E FACTS HAS BEEN APPROVED BY US. THEREFORE, FACTS AND ISSUES B EING SIMILAR, SO FOLLOWING SAME REASONING WE ARE NOT INCLINED TO INTERFERE WITH THE ORDER OF THE CIT(A) WHO HAS RIGH TLY DIRECTED THE ASSESSING OFFICER TO TREAT THE INCOME OF RS.33, 38,377/- FROM SALE OF SHARES AND MUTUAL FUNDS AS SHORT TERM CAPITAL GAIN AND RS.78,49,179/- FROM SALE OF SHARES AND MUT UAL FUNDS AS LONG TERM CAPITAL GAIN OF THE ASSESSEE, INSTEAD OF BUSINESS INCOME AS ASSESSED BY THE ASSESSING OFFICER. ACCORD INGLY, WE UPHOLD THE ORDER OF THE CIT(A) AND DISMISS THIS APP EAL FILED BY THE REVENUE AS WELL. CO NO.261/AHD/2011 (IN ITA NO.2760/AHD/2011) AY 2008-09: BY ASSESSEE -SHRI JAYANTIBHAI M. PATEL 6. AT THE TIME OF HEARING, LD. AUTHORIZED REPRESENT ATIVE FOR THE ASSESSEE SUBMITTED THAT HE IS NOT PRESSING THIS CROSS- OBJECTION; HENCE, THE CROSS-OBJECTION FILED BY THE ASSESSEE IS DISMISSED BEING NOT PRESSED. 7. IN THE RESULT, ALL THE APPEALS FILED BY THE REVE NUE AS WELL AS THE CROSS-OBJECTION FILED BY THE ASSESSEE ARE DI SMISSED AS DISCUSSED ABOVE. ORDER PRONOUNCED IN THE COURT ON 30 TH OF MARCH, 2016 AT AHMEDABAD. SD/- SD/- ( MANISH BORAD ) ACCOUNTANT MEMBER (SHAILENDRA K . YADAV) JUDICIAL MEMBER AHMEDABAD; DATED 30/03/2016 *BT ITA NOS. 1050, 1051, 2759, 2760/AHD/2011 & CO 261/ AHD/2011 ASSESSEE : SHRI ASHISH N. SOPARKAR & SHRI JAYAN TIBHAI MEGHJIBHAI PATEL AY 2007-08 & 2008-09 - 10 - / COPY OF THE ORDER FORWARDED TO : 1. '# / THE APPELLANT 2. $%'# / THE RESPONDENT. 3. && ' / CONCERNED CIT 4. ' ( ) / THE CIT(A), 5. ()* $++ , , / DR, ITAT, AHMEDABAD 6. *, / GUARD FILE. / BY ORDER, //TRUE COPY// / (DY./ASSTT.REGISTRAR) ! , / ITAT, AHMEDABAD