The DCIT, Central Circle-1(3), Ahmedabad V. M/s. V.K.A. Finance & Investement Co., Ahmedabad

ITA 2917/AHD/2010

• Counselvise Citation: 291720514 RSA 2010
• Duration Of Justice: 4 year(s) 9 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-08-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 29-07-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 20-10-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRADIPKUMAR MAJUMDAR
• Assessee Lawyers: S N SOPAKAR
• Keywords: Unexplained cash credit
• Section: 131; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, AHMEDABAD BEFORE SHRI G.D. AGRAWAL VICE PRESIDENT AND SHRI S.S. GODARA JUDICIAL MEMBER ITA S NO . 2917 & 2934 / AHD/ 2010 A. Y .2006 - 07 1. DY. CIT, CENTRAL CIRCLE - 1(3), AHMEDABAD. 2. M/S. VKA FINANCE & INV ESTMENT CO., 306, ISCON MALL, STAR BAZAR BUILDING, JODHPUR CHAR RASTA, SATELLITE ROAD, AHMEDABAD. PAN: AAEFV 7787K VS M/S. VKA FINANCE & INVESTMENT CO., 306, ISCON MALL, STAR BAZAR BUILDING, JODHPUR CHAR RASTA, SATELLITE ROAD, AHMEDABAD. ITO, WARD 10(4), AHMEDABAD. (APPELLANT) (RESPONDENT) REVENUE BY : S HRI PRADIP KUMAR MAJUMDAR , SR. D.R. , ASSESSEE(S) BY : S.N. SOPAKAR, A.R. / DATE OF HEARING : 29 / 0 7 /201 5 / DAT E OF PRONOUNCEMENT: 07 / 0 8 /201 5 / O R D E R PER S.S. GODARA , JUDICIAL MEMBER TH ESE CROSS APPEAL S FILED BY THE REVENUE AND ASSESSEE FOR A.Y . 200 6 - 0 7 , ARISE FROM ORDER OF THE CIT(A) - XVI , AHMEDABAD , DATED 23.08.2010 PASSED I N CASE NO .CIT(A) - ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 2 - XVI /WD - 10(4)/093/08 - 09, IN PROCEEDINGS UNDER SECTION 143(3 ) OF THE INCOME TAX ACT , 1961, IN SHORT THE ACT . 2. THE REVENUE S SOLE SUBSTANTIVE GROUND IN ITS APPEAL CHALLENGES THE CIT(A) ORDER RESTRICTING SECTION 68 ADDITION OF UNEXPLAINED CASH CREDIT OF RS.3 9,79,773/ - TO RS.15,33,376/ - BY GRANTING RELIEF OF RS.24,26,370/ - . IT PRAYS FOR RESTORATION OF THE ENTIRE ADDITION AMOUNT. THE ASSESSEE S CROSS APPEAL RAISES THREE SUBSTANTIVE GROUND. THE FIRST ONE ASSAILS THE REMAINING ADDITION AMOUNT OF RS.15,33,376/ - . I TS REMAINING TWO GROUNDS SEEK TO DELETE INTEREST DISALLOWANCES OF RS.8,82,025/ - IN RESPECT OF INVESTMENTS MADE FOR MACHINERY PURCHASES AND RS.1.6 LAC RE LATING TO AMOUNTS GIVEN TO M/S. HERITAGE BOARD PVT. LTD. AND THE ONE OUTSTANDING QUA SHARE TRANSACTIONS WITH M/S. AMAY ASSOCIATES. 3. BOTH PARTIES REITERATE THEIR RESPECTIVE PLEADINGS QUA THE COMMON ISSUE OF THE IMPUGNED ADDITION OF RS.39,79,773/ - . THEY SUPPORT THE CIT(A) ORDER TO THE EXTENT IT IS IN THEIR FAVOUR. THE ASSESSING OFFICER NOTICED THE ASSESSEE S UNSECURED LOANS TO THE TUNE OF RS.39,79,773/ - FROM 15 CREDITORS, NAMELY, SHRI NIRANJAN KUMAR D. AGRAWAL, LEELABEN N. SHAH, SHRI NITIN KUMAR K. SHAH, SHRI VIJAY KUMAR GANPATRAM, SHRI SUNIL J. BHARTIYA, SHRI SANJAY KUMAR S. JAIN, SHRI RATANLAL B. BHARWAD, ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 3 - SHRI NARENDRA KUMAR M. JAIN, USHA P. AGRAWAL, INDRAKUMAR D. AGRAWAL, RATANA DEVI K AGRAWAL, HANSHABEN B. RATHOD, JITENDRA S. MALI, RAKESH KUMAR J. SHAH AND ALPABEN N. SHAH TO THE EXTENT OF RS.1,62,501/ - , RS.6,32,313/ - , RS.4 , 11 , 759/ - , RS.1 , 07 , 542/ - , RS.1 , 3 3 , 340/ - , RS.1 , 61 , 540/ - , RS.2 , 14 , 816/ - , RS.1 , 61 , 540/ - , RS.2 , 01 , 249/ - , RS.3 , 78 , 899/ - , RS.2 , 16 , 964/ - , RS.3 , 83 , 578/ - , RS.3 , 79 , 663/ - , RS.2 , 71 , 205/ - AND RS.1 , 62 , 834/ - ; RESPECTIVELY . HE SOUGHT NECESSARY DETAILS THEREOF. THE ASSESSEE PLACED ON RECORD ITS BOOKS OF ACCOUNT, CREDITORS PAN DETAILS, CONFIRMATIONS, BANK ACCOUNT PASS BOOKS AND INCOME TAX RETURNS. IT WOULD HIGHLIGHT THAT ALL THE TRANSACTIONS IN QUESTION HAD BEEN ROUTED THROUGH BANKING CHANNEL / ACCOUNT PAYEE CHEQUE S . THE ASSESSING OFFICER FRAMED A REGULAR ASSESSMENT ON 20.10.2008 REJECTING THE SAME ON THE ISSUE OF GENUINENESS/CREDITWORTHINESS BY DOUBTING THE CREDITORS CAPACITY IN VIEW OF LOW AMOUNT S STATED IN THEIR BANK PASS BOOKS . A ND ALSO HELD THAT SOME OF THE BANK RECORDS DEMONSTRATED SUMS DEPOSITED THE REIN TO BE WITH IN VERY SHORT SPAN OF TIME OF 2 - 3 DAYS PRIOR TO ASSESSEE S TRANSACTIONS. HE ACCORDINGLY ADDED THIS ENTIRE SUM OF RS.39,79,773/ - AS ASSESSEE S UNEXPLAINED CREDITS U/S.68 OF THE ACT. 4. THE ASSESSEE PREFERRED APPEAL. THE CIT(A) HAS PARTLY AC CEPTED ITS CONTENTIONS AS UNDER: ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 4 - 3.2.1 DURING THE APPELLATE PROCEEDINGS, THE AO WAS ASKED TO SUBMIT THE REMAND REPORT AFTER EXAMINING ALL THE LENDERS REGARDING THE SOURCE OF ADVANCE TO THE APPELLANT. THE AO HAS SUBMITTED THE REMAND REPORT VIDE LETTER DT 26 - 2 - 2010. COPY OF THIS REMAND REPORT WAS GIVEN TO THE APPELLANT FOR HIS COMMENTS. THE REMAND REPORT SUBMITTED BY THE AO AND HIS COMMENTS IN RESPECT OF 15 LENDERS IS AS UNDER : - NO. NAME OF THE DEPOSITOR (S/SHRI) AMT I NVOLVED RS. S U MMON S ISSUED U/ S. 131 OF THE ACT ON REMARKS 1. NIRANJAN D . AGARWAL 1,62,501 12 - 02 - 10 SUMMONS ISSUED BY SPEED POST. HOWEVER THE SAME WAS UNSERVED & RETURNED TO THIS OFFICE ON 19 - 2 - 10 WITH THE REMARKS OF POSTAL DEPTT THAT 'NOT KNOWN '. 2 SMT . LILABEN N . SHAH 6,32,313 SUMMONS' ISSUED BY SPEED POST. HOWEVER THE SAME WAS UNSERVED & RETURNED TO THIS OFFICE ON 19 - 2 - 10 WITH THE REMARKS OF POSTAL DEPTT THAT 'NOT KNOWN' ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 5 - 3 NITINKUMAR KSHAH 4,11,759 SUMMONS ISSUED & SERVE D UPON THE ASSSSEE BY SPEED POST. HOWEVER ASSESSEE NEITHER ATTENDED THIS OFFICE NOR FURNISHED ANY WRITTEN SUBMISSION REGARDING THE ISSUE OF LOAN TRANSACTION WITH M/S. VKA FINANCE & INV CO. A'BAD THOUGH IT WAS SPECIFICALLY MENTIONED IN THE SUMMONS ISSUED U/S. 131 OF THE I . T . ACT. 4 VIJAYKUMAR GANPATRAO 1,07,542 SUMMONS ISSUED & SERVED UPON THE ASSSSEE BY SPEED POST. HOWEVER ASSESSEE NEITHER ATTENDED THI S OFFICE NOR FURNISHED ANY WRITTEN SUBMISSION REGARDING THE ISSUE OF LOAN TRANSACTION WITH M/S. VKA FINANCE & INV CO. A'BAD THOUGH IT WAS SPECIFICALLY MENTIONED IN THE SUMMONS ISSUED U/S. 131 OF THE IT ACT. 5 SUNIL 3 BHARTIYA 1,33, 340 NEITHER ATTENDED NOR FURNISHED ANY WRITTEN SUBMISSION. 6 SANJAYKUMAR S JAIN 1,61,540 NEITHER ATTENDED NOR FURNISHED ANY WRITTEN SUBMISSION. 7 RATANLAL B BHARWAD 2,14,816 NEITHER ATTENDED NOR FURNISHED ANY WRITTEN SUBMISSION. ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 6 - 8 NARENDRAKUM AR M JAIN 1,61,540 NEITHER ATTENDED NOR FURNISHED ANY WRITTEN SUBMISSION. 9 USHA P AGARWAL 2,01,249 NEITHER ATTENDED NOR FURNISHED ANY WRITTEN SUBMISSION. 10 INDRAKURNAR D AGARWAL 3,78,899' SUMMONS ISSUED AND SERVED BY SPEED POST. HOWEVER THE SAME WAS UNSERVED AND RETURNED TO THIS OFFICE ON 19 - 2 - 10 WITH REMARK OF POSTAL DEPTT THAT 'NOT KN OWN'. 11 RATNADEVI K AGARWAL 2,16,964 THE ASSESSEE FILED WRITTEN SUBMISSION IN THE FORM OF LEDGER ACCOUNT AND BANK STATEMENT BUT FAILED TO ATTEND ON THE DATE OF HEARING 12 HANSABEN RATHOD 3,83,578 NEITHER ATTENDED NOR FURNISHED ANY WRITTEN SUBMISSION. 13 JITENDRA S . MALI 3,79,663 SUMMONS ISSUED AND SERVED BY SPEED POST. HOWEVER THE SAME WAS UNSERVED AND RETURNED TO THIS OFFICE ON 19 - 2 - 10 WITH REMA RK OF POSTAL DEPTT . THAT 'NOT KNOWN' 14 RAKESHKUMAR JSHAH 2,71,205 NEITHER ATTENDED NOR FURNISHED ANY WRITTEN SUBMISSION. ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 7 - 15. ALPABEN N SHAH 1,62,834 SUMMONS ISSUED & SERVED UPON THE ASSSSEE BY SPEED POST. HOWEVER ASSESSEE NEITHER ATTENDED THIS OFFICE NOR FURNISHED ANY WRITTEN SUBMISSION REGARDING .THE ISSUE OF LOAN TRANSACTION WITH M/S. VKA FINANCE &INV CO. A'BAD THOUGH IT WAS SPEC IFICALLY MENTIONED IN THE SUMMONS ISSUED U/S. 131 OF THE IT ACT. 3.2.2 IN RESPONSE TO THE REMAND REPORT THE APPELLANT REPEATED THE SUBMISSIONS MADE EARLIER WHICH HAS BEEN QUOTED ABO VE, THE SAME IS THEREFORE NOT REPEATED AGAIN. 4.1 I HAVE CONSIDERED THE SUBMISSIONS OF THE APPELLANT AND OBSERVATION OF THE AO. FROM THE ABOVE REMAND REPORT, IT IS SEEN THAT IN RESPECT OF FOUR PARTIES THE SUMMONS CHOULD NOT BE SERVED NAMELY SHRI INDRAKUM AR D. AGARWAL, SMT. LILABEN N. SHAH, SHRI HITENDRA S. MALI & NIRANJAN D. AGARWAL, POSTAL DEPARTMENT HAD RETURNED THE SUMMONS WITH THE REMARKS NOT KNOWN 4.2.1 IN RESPECT OF THESE FOUR PARTIES THE REMARKS OF THE AO IN THE ASSESSMENT ORDER ARE THAT NIRANJA N D AGARWAL HAD INCOME OF ONLY RS.1,05,961/ - . AS PER THE INCOME TAX RETURN WHICH IS QUITE SMALL IF IT IS SEEN ON MONTHLY BASIS AFTER MEETING HOUSEHOLD EXPENSES IT IS DIFFICULT TO BELIEVE THAT HE SHOULD HAVE ADVANCED LOAN OF RS.1,62,501/ - . THEREFORE IN RESP ECT OF NIRANJAN D AGARWAL SINCE THE SUMMONS HAVE BEEN RETURNED WITH REMARKS 'NOT KNOWN' NEITHER IDENTITY IS PROVED NOR THE CREDITWORTHINESS IS PROVED, HENCE THE ADDITION OF RS. 1,62,501/ - IN RESPECT OF NIRANJAN D AGARWAL IS CONFIRMED. 4.2.2 WITH RESPECT T O LINABEN N SHAH THE REMARKS OF THE AO IN THE ASSESSMENT ORDER ARE THAT THE INCOME IS ONLY RS. 87,322/ - WHICH IS VERY SMALL AND DOES NOT PROVE THE CREDITWORTHINESS. SHE HAS DEPOSITED CASH OF RS.1,50,000/ - ON 29 - 4 - 2005 AND RS. - 1,80,000/ - ON 5 - 5 - 2005, THE SUM MONS ALSO RETURNED UNSERVED WITH REMARKS NOT KNOWN'. THIS ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 8 - SHOWS NEITHER IDENTITY NOR CREDITWORTHINESS IS PROVED HENCE THE LOAN IN RESPECT OF LINABEN SHAH IS CONFIRMED. 4.2.3 WITH RESPECT TO SHRI INDRAKUMAR AGARWAL THE POSTAL DEPARTMENT RETURNED THE SUMMO NS WITH REMARKS 'NOT KNOWN'. IN THE ASSESSMENT ORDER, IT IS SEEN THAT THE ASSESSEE HAD INCOME AS PER RETURN OF INCOME IS ONLY RS. 1,29,159/ - AND AFTER MEETING HOUSEHOLD EXPENSES HARDLY ANY AMOUNT IS LEFT STILL THIS PARTY HAS DEPOSITED RS. 1,38,000/ - ON 27 - 4 - 2005 AND RS. 2,00,000/ - ON 5 - 5 - 2005 THEREFORE THE CREDITWORTHINESS OF THIS PARTY IS NOT PROVED. THIS LOAN OF RS. 3,78,899/ - IS CONFIRMED. 4.2.4 WITH RESPECT TO SHRI JITENDRA S MALI, IT IS SEEN THAT THE POSTAL DEPATRMENT RETURNED THE SUMMONS UNSERVED WIT H REMARKS 'NOT KNOWN'. IN THE ASSESSMENT ORDER IT IS SEEN THAT THIS DEPOSITOR HAS VERIFY SMALL INCOME OF RS. 57,558/ - FOR THE ENTIRE YEAR AND THEREFORE THIS PARTY DOES NOT HAVE ANY CREDITWORTHINESS TO DEPOSIT CASH OF RS. 2,50,000/ - ON 22 - 4 - 2005 AND CASH OF RS. 1,00,000/ - ON 25 - 4 - 2005. IN VIEW OF THIS REASON THE CREDITWORTHINESS IS NOT PROVED. THIS LOAN OF RS. 3,79,663/ - IS CONFIRMED. 4.3 WITH RESPECT TO BALANCE PARTIES, IT IS SEEN THAT THE SUMMONS HAVE BEEN SERVED, SOME OF THEM HAVE REPLIED OTHERS HAVE NEI THER REPLIED NOR ATTENDED. HOWEVER DURING THE COURSE OF ASSESSMENT PROCEEDINGS IN RESPECT OF ALL OF THEM COPY OF BANK STATEMENT, CONFIRMATION, PAN WERE FILED. AS PER DECISION OF SUPREME COURT IN THE CASE OF ORISSA CORPORATION (SUPRA) THE ASSESSES HAS DISCHARGED HIS ONUS IN RESPECT OF THOSE PARTIES. IT IS THE AO WHO HAS TO BRING ON THE RECORDS THAT THE CREDITS / DEPOSITS ARE NOT GENUINE. SINCE THE AO HAS CONDUCTED ENQUIRIES DURING THE .REMAND PROCEEDINGS AND HAS FAILED TO COLLECT ANY ADVERSE MATERIA L EXCEPT SAYING THAT THE SUMMONS WERE SERVED BUT THESES PARTIES HAVE NEITHER ATTENDED NOR FURNISHED ANY SUBMISSION , HENCE THESE LOANS CANNOT BE ADDED BACK TO THE TOTAL INCOME AND THESE LOANS ARE DELETED. 4.4 IN VIEW OF THE ABOVE, LOAN OF SHRI NIRANJAN AG ARWAL RS.1,62,501/, LILABEN SHAH RS.6,32,313/ - , INDRAKUMAR AGARWAL RS.3,78,899/ - , JITENDRA MALI RS.3,79,663/ - ARE CONFIRMED AND BALANCE ARE DELETED. THIS GROUND OF APPEAL IS THEREFORE PARTLY ALLOWED. 5. WE HAVE HEARD BOTH SIDES AND GONE THROUGH THE CASE FILE. T HE CIT(A) HAS CONFIRMED THE ASSESSING OFFICER S ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 9 - ACTION OF ADDING UNSECURED LOANS IN CASE OF FOUR PARTIES WHEREIN LETTER ISSUED STOOD RETURN ED WITH REMARKS NOT KNOWN . HE ACCEPT S THE ASSESSEE S EXPLANATION EVEN IN CASES WHERE THE LETTERS HAVE BEEN S ERVED BUT THE CORRESPONDING CREDITORS HAVE NOT PERSONALLY APPEAR ED BY FOLLOWING CASE LAW OF CIT VS. ORRISA CORPORATION PVT. LTD. (1986) 159 ITR 78 (SC) HOLDING THAT ONCE AN ASSESSEE SUBMITS ALL ASSESSMENTS DETAILS OF ITS CREDITORS, IT IS NOT SUPPOSE D TO DO ANYTHING FURTHER AND THE PRIMARY ONUS OF PROVING IDENTITY, GENUINENESS AND CREDITWORTHINESS STAND DISCHARGED. AND ALSO THAT IT IS REVENUE S JOB THEREAFTER TO REBUT THE SAME. IT IS TO BE SEEN THAT THE ASSESSEE S SUPPORTIVE EVIDENCE IN CASE OF ALL THE CREDI TORS EG. ITS BOOKS OF ACCOUNTS, CREDITORS PAN DETAILS, CONFIRMATIONS, RETURNS AND BANK STATEMENTS ETC. STANDS ON EQUAL FOOTING . WE OBSERVE IN THESE FACTS THAT MERELY BECAUSE SOME OF THEM HAVE NOT BEEN SERVED THE POSTAL LETTERS IN QUESTION DOES NOT FORM A V ALID GROUND IN REJECTING ASSESSEE S PLEA OF GENUINENESS AND CREDITWORTHINESS OF THE IMPUGNED CREDIT TO THE EXTENT OF RS.15,33,376/ - AS AFFIRMED IN THE LOWER APPELLATE ORDER. THE REVENUE FAILS TO POINT OUT ANY DISTINCTION ON MERITS IN CASE OF ABOVESTATED FO UR CREDITORS VIS - - VIS THE OTHER ELEVEN PARTIES. WE QUOTE THE DECISIONS OF HON BLE JURISDICTIONAL ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 10 - HIGH COURT REPORTED AS CIT - I VS. CHANAKYA DEVELOPERS (2014) 43 TAXMANN.COM 91 (GUJARAT) AND CIT VS. RANCHHOD JIVABHAI NAKHAVA, (2012) 21 TAXMANN.COM 159 (GUJ. ) REITERATING THE ABOVESTATED VIEW OF THE HON BLE APEX COURT IN THESE FACTS AND HOLD THE ASSESSEE TO HAVE SUCCESSFULLY PROVED GENUINENESS/CREDITWORTHINESS OF ALL THE IMPUGNED UNSECURED LOANS OF RS.39,79,770/ - HEREINABOVE. THE REVENUE S SOLE SUBSTANTIVE GRO UND IN ITS APPEAL FAILS AND ASSESSEE S FIRST GROUND IS ACCEPTED. REVENUE S APPEAL ITA 2917/AHD/2010 IS DISMISSED. 6. THIS LEAVES US WITH THE ASSESSEE S TWO REMAINING GROUNDS CHALLENGING DISALLOWANCE OF INTEREST OF RS.8,82,025/ - AND RS.1,60,000/ - (SUPRA) . IT SUBMITS THAT THE FORMER SUM OF INTEREST MAY BE REMITTED BACK TO THE ASSESSING OFFICER FOR EXAMINING PRO RATA INTEREST COMPONENT AS RELATED TO THE FIRST ISSUE OF UNSECURED LOAN S ; IF ANY. THE REVENUE DOES NOT OBJECT TO THE SAME VERY SERIOUSLY. WE ACCEPT ASSESSEE S PRAYER AND REMIT ITS SECOND GROUND BACK TO THE ASSESSING OFFICER FOR EXAMINING THIS PRO RATA AS PER LAW. THIS GROUND IS TREATED AS ALLOWED FOR STATISTICAL PURPOSES. ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 11 - 7. THE ASSESSEE DOES NOT PRESS FOR ITS THIRD GROUND CHALLENGING INTEREST DISA LLOWANCE OF RS.1,60,000/ - MADE IN THE COURSE OF THE ASSESSMENT AND CONFIRMED WITH THE LOWER APPELLATE ORDER. THE SAME IS ACCORDINGLY DISMISSED AS NOT PRESSED. ASSESSEE S APPEAL ITA 2934/AHD/2010 IS PARTLY ALLOWED. 8. THE REVENUE S APPEAL ITA 2917/ADH/2 010 IS DISMISSED AND THAT OF THE ASSESSEE ITA 2934/AHD/2010 IS PAR T LY ALLOWED. ORDER ACCORDINGLY. ORDER PRONOUNCED IN THE COURT ON THIS DAY, THE 7 TH AUGUST , 201 5 AT AHMEDABAD . SD/ - SD/ - ( G.D. AGRAWAL ) ( S.S. GODARA ) VICE PRESIDENT JUDICIAL MEMBER AHMEDABAD; DATED 07 / 0 8 / 20 1 5 PRABHAT KR. KESARWANI , SR. P . S . / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / CONCERNED CIT ITA S NO. 2917 & 2934 /AHD/ 20 10 M/S. V.K.A. FINANCE INVESTMENT CO. FOR A.Y. 200 6 - 0 7 - 12 - 4. ( ) / THE CIT(A) - III, AHMEDABAD 5. , , / DR, ITAT, AHMEDABAD 6. / GUARD FILE . / BY ORDER, / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD