The ACIT, Circle-4, Surat V. M/s. Salasar Nylon Pvt.Ltd., Surat

ITA 2997/AHD/2008

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 6894 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 7 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-04-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 30-03-2011
• Assessment Year: 2005-2006
• Appeal Filed On: 25-08-2008
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G S SOURYAWANSI
• Assessee Lawyers: RAMESH MAL
• Keywords: Capital receipt; Onus to prove

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH 'D' BEFORE SHRI MUKUL SHRAWAT,JM & SHRI A N PAHUJA,AM ITA NO. 2997 /AHD/2008 (ASSESSMENT YEARS:-2005-06) ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4, ROOM NO.223, AAYAKAR BHAVAN, MAJURA GATE, SURAT. (APPELLANT) V/S M/S. SALASAR NYLON PVT. LTD., 5007, WORLD TRADE CENTRE, RING ROAD,SURAT. . (RESPONDENT) PAN: AAGCS 9367 P [APPELLANT] [RESPONDENT] REVENUE BY :- SHRI G.S. SOURYAWANSI, D.R ASSESSEE BY:- SHRI RAMESH MALPANI , AR ( (( ( )/ )/)/ )/ ORDER A.N. PAHUJA : THIS APPEAL BY THE REVENUE AGAINST AN ORDER DATED 23-6- 2008 OF THE LD. C.I.T.(A)-III, SURAT, RAISES THE FOLLOWING GROUNDS:- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF TH E CASE AND IN LAW, THE LD. CIT(A)-III, SURAT HAS ERRED IN DELETING THE ADDITIO N OF RS.53,00,000/- MADE BY THE ASSESSING OFFICER ON ACCOUNT OF CASH CR EDIT U/S. 68 OF THE I.T. ACT. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF T HE CASE, THE LD. CIT(A)-III, SURAT OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSI NG OFFICER. 3. IT IS THEREFORE PRAYED THAT THE ORDER OF THE LD. CIT(A)-III, SURAT MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE R ESTORED. 2. FACTS, IN BRIEF, AS PER THE RELEVANT ORDE RS ARE THAT RETURN DECLARING INCOME OF RS.9,96,000/- FILED ON 28-10-2005 BY THE ASSESS EE, MANUFACTURING YARN ON JOB WORK BASIS, WAS SELECTED FOR SCRUTINY WITH THE SERVICE OF A NOTICE U/S. 143(2) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED T O AS THE ACT) ON 26-10-2006. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE AS SESSING OFFICER[AO IN SHORT] ITA.NO.2997/AHD/2008 2 NOTICED THAT THE ASSESSEE RECEIVED AN AMOUNT OF RS. 53 LAKHS IN THE YEAR UNDER CONSIDERATION FROM THE FOLLOWING PARTIES TOWARDS S HARE APPLICATION MONEY :- SR. NO. APPLICANTS. OPENING BALANCE. FRESH RECEIVED DURING THE YEAR. AMOUNT RETURNED. SHARES ALLOTTED. CLOSING BALANCE. 1. M/S. RICH POINT FINANCIAL SERVICES PVT.LTD. KOLKATTA. 2500000 2500000 2000000 1000000 2000000 2. M/S. PRERANA SUPPLY PVT.LTD., KOLKATTA. 1500000 600000 2100000 0 0 3. HANUMAN COKE PLANT PVT. LTD. KOLKATTA. 1000000 600000 1600000 0 0 4. M/S. OLYPAB TRADERS PVT. LTD., BANGAL. - 1600000 600000 0 1000000 TOTAL. 5300000 2.1. IN ORDER TO ASCERTAIN THE GENUINENES S OF SHARE APPLICATION MONEY, THE A.O. ISSUED COMMISSION U/S. 131(1)(D) OF THE ACT TO ADDITIONAL DIRECTOR OF INCOME TAX (INV.), UNIT-I, KOLKATTA,WHO AFTER MAKING NECES SARY INQUIRIES REPORTED AS UNDER:- AS DIRECTED I MADE ENQUIRY REGARDING THE ALLEGED SHARE INVESTMENT OF SOME KOLKATTA BASED COMPANIES/PERSONS IN THE SURAT BASED COMPANIES REFERRED TO IN YOUR LETTER. EXCEPT THE KOLKATTA BAS ED SHARE HOLDERS OF SUMAN POLY SILK PVT. LTD., NAMELY BHUDAPEST TRADERS PVT. LTD., DIVYA CHOPRA, MANISHA CHOPRA, RANJAN DEVI CHOPRA AND SUND ARLAL CHOPRA AND ONE SHAREHOLDER COMPANY, NAMELY BHANDARI FINANCIAL SERVICES P. LTD., OF SALASAR YARNS PVT. LTD., ALL OTHER ALLEGED SHAREHOL DERS OF SHREE SHIV VIJAY PROCESSORS PVT. LTD., SALASAR YARNS PVT. LTD., AND SALASAR NYLONS LTD., REFERRED TO IN YOUR LETTER, ARE UNAVAILABLE NOT ONL Y AT THE GIVEN ADDRESS BUT ALSO AT THE ADDRESS AVAILABLE FROM OUR PAN DATA-BAS E. PRERANA SUPPLY PVT. LTD., SHOWS 2 DIRECTORS, NAMELY NUPUR MITRA OF AA 273 ALT LAKE, KOLK- ITA.NO.2997/AHD/2008 3 64 AND NIRAJ AGARWAL OF 159 RABINDRA SARANI, KOLKAT A. NIRAJ AGARWAL IS NOT AVAILABLE AT THE GIVEN ADDRESS. NUPUR MITRA, A SCHO OL TEACHER, DENIED HAVING ANY ASSOCIATION WITH PRERANA SUPPLY PVT. LTD . DESPITE OUR WHOLE- HEARTED EFFORTS THESE ALLEGED INVESTORS COULD NOT B E TRACED. AS SUCH, SHARE HOLDERS, NAMELY, SAHI AGENCIES (SHIPPING) PVT. LTD. , PRERANA SUPPLY PVT. LTD., MITRA FINANCE LEASE PVT. LTD. AND RICH POINT FINANCIAL SERVICES PVT. LTD., COULD NOT BE SAID TO BE GENUINE. BHANDARI FINANCIAL SERVICES P. LTD. HAS SHOWN THE INVESTMENT OF RS.10 LAKHS MADE IN THE SHARES OF SALASAR YARNS PVT. LTD. , OUT OF APPLICATION MONEY RECEIVED ON ACCOUNT OF SHARE APPLICATION FROM ADMICE VINIMAY PVT. LTD. THE NATURE OF THE TRANSACTION, I.E. DEPOSIT OF SHARE APPLICATION MONEY FROM ADMICE ON THE SAME DATE WHEN THE CHEQUES WERE CLEARED POINTS TO THE INVOLVEMENT OF SHARE OPERATORS, MORE SO, AS THE SHARE APPLICATION MONEY RECEIVED BY BHANDARI FINANCIAL SERVICES PVT. LTD. IS TRANSFER FROM ANOTHER ACCOUNT OF SAME BANK, ABN AMRO WHERE, IN TH E CASES OF OTHER INVESTIGATIONS, WE FOUND THAT CASH IS/ARE DEPOSITED IN CERTAIN ACCOUNT(S) FOR ROUTING A FEW OTHER ACCOUNTS MAINTAINED WITH TH E SAME BANK TO REACH THE BENEFICIARY. BHUDAPEST TRADERS PVT. LTD., PAID MONEY BY CHEQUE FOR ACQUISITION OF THE SHARES. THE SOURCE OF INVESTMENT WAS STATED TO BE S ALE OF SHARES, SHARE APPLICATION AND REFUND OF ADVANCES FROM OTHER COMPA NIES. DOCUMENTS COLLECTED FROM THE INVESTORS AS WELL AS INSPECTORS REPORTS ARE ENCLOSED. 3. IN THE LIGHT OF THE AFORESAID REPORT OF T HE ADDL. D.I.T.(INV.), UNIT-I, KOLKATA, THE ASSESSING OFFICER SHOW CAUSED AS TO WHY THE AFO RESAID AMOUNT OF RS. 53 LACS BE NOT ADDED UNDER SECTION 68 OF THE ACT. IN R ESPONSE THE ASSESSEE SUBMITTED VIDE LETTER DATED 26-12-2007 THAT ALL T HE SHAREHOLDERS BEING IN EXISTENCE, NO ADDITION COULD BE MADE. HOWEVER, IN T HE LIGHT OF AFORESAID FINDINGS OF THE ADDL. DIT (INV.) AND RELYING UPON THE DECIS IONS IN CIT VS. NIVEDAN VANIJYA NOYOJAN LTD. (2003) 263 ITR 623(CAL.), HINDUSTAN TE A TRADING CO. LTD. V. CIT (2003) 263 ITR 289(CAL), RUBY TRADERS AND EXPORTERS LTDS CASE (2003) 263 ITR 300 (CAL). CIT V. P. MOHANKALA (2007) 291 ITR 278(S C), SUMATI DAYAL V.CIT BANGALORE (1995)(SUPP.)(2 SCC 453)., CIT V. DURGA PRASAD MORE (1971) 82 ITR 540 (SC), CIT V. PRECISION FINANCE PVT. LTD. (19 94) 208 ITR 465 (CAL.),CIT VS. KORLAY TRADING CP. LTD.,232 ITR 820(CAL.) AND NEMI CHAND KOTHARI V. CIT (2003) 264 ITR 254 (GAU.), THE ENTIRE AMOUNT OF RS .53 LAKHS WAS ADDED U/S. 68 OF THE ACT. ITA.NO.2997/AHD/2008 4 4. ON APPEAL, THE LD. CIT (A) DELETED THE ADD ITION IN THE FOLLOWING TERMS:- I HAVE GONE THROUGH THE SUBMISSIONS AND T HE DOCUMENTS. IT IS SEEN THAT ALL THESE COMPANIES WERE REGISTERED UNDER THE COMPANIES ACT AND ARE REGULARLY ASSESSED TO TAX IN CALCUTTA. IT IS ALSO SEEN THAT THE AO ISSUED NOTICES DIRECTLY TO THESE COMPANIES A T THE GIVEN ADDRESSES WHICH WERE DULY SERVED AND DETAILS REPLY TO THESE NOTICES WERE FURNISHED BY THESE APPLICANT COMPANIES TO THE A.O. IT IS FURTHER TO BE NOTED THAT ONE OF THE APPLICANT COMPANIES, M/ S. HANUMAN COKE PLANT PVT. LTD., IS A NON BANKING FINANCIAL COMPANY REGISTERED WITH THE RBI WHICH WOULD GRANT THE CERTIFICATE ONLY AFTE R THOROUGH INQUIRY AND INVESTIGATION. IT IS NOT UNDERSTOOD AS TO HOW A NBFC REGISTERED BY THE RBI COULD BE SAID TO BE INGENUINE OR NON-EXI STENCE. THIS WOULD MEAN THAT THE REPORT OF ADIT, CALCUTTA IS NOT RELIABLE AT ALL. DOCUMENTS FURNISHED IN RESPECT OF RICH POINT FINANC IAL SERVICES REVEALED THAT THE COMPANY IS REGULARLY ASSESSED TO TAX AND HAD CLAIMED REFUND IN THEIR I.T. RETURNS. THE COPY OF R EFUND VOUCHER RECEIVED FROM THE DEPARTMENT AND OTHER CORRESPONDEN T RECEIVED BY POST HAVE ALSO BEEN FILED BEFORE ME. IN RESPECT OF M/S. PRERNA SUPPLY CO., AUDITED FINANCE STATEMENT AND ACKNOWLEDGEMENT OF I.T. RETURNS WERE FILED. IN THIS CASE THE ADIT REPORT IS THAT T HERE WERE TWO DIRECTORS, NAMELY NUPUR MITRA AND NIRAJ AGARWAL. HO WEVER, AS PER THE COPY OF THE LETTER FROM THE COMPANY, THESE TWO PERSONS WERE DIRECTORS LONG AGO BUT HAVE NO CONNECTION WITH THE COMPANY AT PRESENT. SIMILARLY, IN THE CASE OF OLYPAB TRADERS, A COPY OF THE ENVELOPE WITH REFUND VOUCHERS SENT TO THE PARTY AT THE GIVEN ADDRESS BY THE A.O. CALCUTTA WAS ALSO FILED WHICH SHOWS THA T THE SAID COMPANY WAS IN EXISTENCE. A PERUSAL OF THE BALANCE SHEET OF THESE COMPANIES ALSO INDICATES THAT AMPLE FUNDS WERE AVAI LABLE WITH THEM RANGING FROM RS.2 CRORES TO MORE THAN RS.9 CRORES I N THE CASE OF THESE FOUR COMPANIES. THEREFORE, I AM OF THE VIEW T HAT THE GENUINENESS OF THE SHARE APPLICANT, THEIR CREDITWOR THINESS AND THE TRANSACTIONS ARE ESTABLISHED AND THERE IS NO CASE F OR ANY ADDITION U/S. 68 OF THE I. T. ACT IN THIS CASE. THE LD. AR ALSO DREW MY ATTENTION TO THE JUDG MENT OF HONBLE SUPREME COURT IN THE CASE OF CIT VS. LOVELY EXPORT PVT. LTD. 216 CTR 195 AND DECISION OF VARIOUS HIGH COURTS REGARDING T HIS ISSUE WHICH HAS BEEN DECIDED IN FAVOUR OF THE APPELLANT. I HAVE GON E THROUGH THE DECISION OF THE HONBLE SUPREME COURT WHEREIN IT HA S BEEN HELD THAT THE SHARE APPLICATION MONEY IS RECEIVED BY THE ASSE SSEE COMPANY FROM ALLEGED BOGUS SHAREHOLDERS, WHOSE NAMES ARE GI VEN TO THE A.O., THE DEPARTMENT IS FREE TO PROCEED TO RE-OPEN THEIR INDIVIDUAL ASSESSMENTS, IN ACCORDANCE WITH LAW BUT IT CANNOT B E REGARDED AS UNDISCLOSED INCOME OF THE ASSESSEE COMPANY U/S. 68 OF THE I.T. ACT. ITA.NO.2997/AHD/2008 5 THAT BEING THE CASE, I HOLD THAT EVEN IN LAW, NO AD DITION U/S. 68 OF THE I. T. ACT CAN BE MADE IN RESPECT OF SHARE APPLICATION MONEY RECEIVED BY THE APPELLANT COMPANY. THEREFORE, ADDITION MADE U/S . 68 OF THE I.T. ACT IS DIRECTED TO BE DELETED. 5.. THE REVENUE IS IN APPEAL BEFORE US A GAINST THE AFORESAID FINDINGS OF THE LD. C.I.T.(A).THE LD. D.R. SUPPORTED THE ORDER OF THE AO WHILE THE LD. A.R. ON BEHALF OF THE ASSESSEE RELIED UPON THE FINDINGS OF THE LD. CIT(A) IN THE LIGHT OF DECISIONS IN CIT VS. LOVELY EXPORT PVT. LTD. 216 CT R 195(SC) AND DECISION DATED 12.6.2009 IN ACIT VS. SALASAR YARN PVT. LTD. IN ITA NO.2919/AHD./2008 AND FURTHER CONTENDED THAT SHAREHOLDERS BEING ASSESSED TO TAX BY THE DEPARTMENT, NO ADDITION COULD BE MADE U/S. 68 OF THE ACT. 6. WE HAVE HEARD BOTH THE PARTIES AND GONE THROUG H THE FACTS OF THE CASE AS ALSO THE DECISIONS RELIED UPON. AS IS A PPARENT FROM THE AFORESAID ORDER DATED 12.6.2009 IN THE CASE OF A S ISTER CONCERN M/S SALASAR YARN PVT. LTD., THE ITAT, WHILE ADJUDICATIN G A SIMILAR ISSUE, RELIED UPON DECISIONS IN DIVINE LEASING AND FINANC E LTD.,299 ITR 268(DEL.),A-ONE HOUSING COMPLEX LTD. VS. ITO,299 IT R(AT) 327(DELHI),CIT VS. ELECTRO POLYCHEM LTD.,294 ITR 66 1(MAD.), CIT VS. ILLAC INVESTMENT P LTD.,287 ITR 135(DEL.),UMA P OLYMERS P LTD. VS. DCIT,284 ITR1(AT)(JODHPUR), SHREE BARKHA SYNTHE TICS LTD. VS. ACIT,283 ITR 377(RAJ.), CIT VS. DOWN TOWN HOSPITAL PVT. LTD.,267 ITR 439(GAU.),CIT VS. SOPHIA FINANCE LTD.,205 ITR 9 8(DEL.), AND CIT VS. GOBI TEXTILES LTD.,294 ITR 663(MAD.) AND RE JECTED A SIMILAR REPORT OF ADDL. DIT(INV.),KOLKATTA IN RELATION TO SHAREHOLDERS M/S BHANDARI FINANCIAL SERVICES PVT. LTD., HANUMAN COKE PLANT PVT. LTD., MIRA FINANCE LEASE PVT. LTD., AND SAHI AGENCY SHIPPING PVT. LTD..ACCORDINGLY, IT WAS CONCLUDED THAT ONCE IDENTI TY OF SHAREHOLDERS IS ESTABLISHED , NO ADDITION CAN BE MADE U/S 68 OF THE ACT. IN THE INSTANT CASE ALSO, IDENTITY OF THE SHAREHOLDERS HAS BEEN ESTABLISHED BEFORE THE LD. CIT(A) WHILE DISCARDING THE REPORT O F ADDL. DIT(INV.). ITA.NO.2997/AHD/2008 6 IN THESE CIRCUMSTANCES, THERE APPEARS TO BE NO JUST IFICATION IN ADDING THE AMOUNT U/S 68 OF THE ACT. 6.1 AS REGARDS SHARE CAPITAL, HONBLE DELHI HIGH COURT IN CIT VS. SOPHIA FINANCE LTD.,205 ITR 98(DEL)(FB) , ENUNCIATED THAT S. 68 REPOSES IN THE AO, THE JURISDICTION TO INQUIRE FROM THE ASSESSEE, THE NATU RE AND SOURCE OF THE SUM FOUND CREDITED IN ITS BOOKS OF ACCOUNT. IF THE EXPLANATIO N OFFERED BY THE ASSESSEE IS FOUND NOT TO BE SATISFACTORY, FURTHER ENQUIRIES CAN BE MADE BY THE AO HIMSELF, BOTH IN REGARD TO THE NATURE AND THE SOURCE OF THE SUM CREDITED BY THE ASSESSEE IN ITS BOOKS OF ACCOUNT, SINCE THE WORDING OF S. 68 IS VERY WIDE. THE FULL BENCH OPINED THAT- 'IF THE SHAREHOLDERS EXIST THEN, POSSI BLY, NO FURTHER ENQUIRY NEED BE MADE. BUT IF THE ITO FINDS THAT THE ALLEGED SHAREHO LDERS DO NOT EXIST THEN, IN EFFECT, IT WOULD MEAN THAT THERE IS NO VALID ISSUAN CE OF SHARE CAPITAL. SHARES CANNOT BE ISSUED IN THE NAME OF NON-EXISTING PERSON S........ IF THE SHAREHOLDERS ARE IDENTIFIED AND IT IS ESTABLISHED THAT THEY HAVE INVESTED MONEY IN THE PURCHASE OF SHARES THEN THE AMOUNT RECEIVED BY THE COMPANY W OULD BE REGARDED AS A CAPITAL RECEIPT BUT IF THE ASSESSEE OFFERS NO EXPLA NATION AT ALL OR THE EXPLANATION OFFERED IS NOT SATISFACTORY THEN, THE PROVISIONS OF S. 68 MAY BE INVOKED'. IT IS APPARENT THAT THE HONBLE COURT HAD NOT REFLECTED U PON THE QUESTION AS TO WHETHER THE BURDEN OF PROOF RESTED ENTIRELY ON THE ASSESSEE, AND AT WHICH POINT, IF ANY, THIS BURDEN COULD JUSTIFIABLY BE SHIFTED TO THE AO. THE FULL BENCH, IN FACT, CLARIFIED THAT THEY WERE NOT DECIDING AS TO WHOM AN D TO WHAT EXTENT IS THE ONUS TO SHOW THAT AN AMOUNT CREDITED IN THE BOOKS OF ACCOUN T IS SHARE CAPITAL AND WHEN DOES THAT ONUS STAND DISCHARGED. THIS WILL DEPEND O N THE FACTS OF EACH CASE. RECENTLY, HONBLE APEX COURT WHILE AFFIRMING THE O RDER OF THE HONBLE DELHI HIGH COURT IN CIT VS. LOVELY EXPORTS (PVT. ) LTD. & CI T VS. DIVINE LEASING & FINANCE LTD.,299 ITR 268(DEL.) IN 216 CTR (SC) 195 HELD TH AT IF THE SHARE APPLICATION MONEY IS RECEIVED BY THE ASSESSEE COMPANY FROM THE ALLEGED BOGUS SHAREHOLDERS, WHOSE NAMES ARE GIVEN TO THE AO, THEN THE DEPARTMENT IS FREE TO REOPEN THEIR INDIVIDUAL ASSESSMENTS IN ACCORDANCE W ITH LAW. THUS, THE HONBLE APEX COURT HELD THAT IN SUCH CIRCUMSTANCES, THE AMO UNT RECEIVED TOWARDS SHARE ITA.NO.2997/AHD/2008 7 CAPITAL OF THE COMPANY CANNOT BE REGARDED AS UNDISC LOSED INCOME OF THE COMPANY. THIS VIEW WAS LATER REITERATED BY THE HON BLE APEX COURT IN ANOTHER DECISION DATED 21.1.2008 IN CIT VS. SHIPRA RETAILER S(P) LTD. IN CIVIL APPEAL NO.CC451 OF 2008. THE SAID DECISION IN LOVELY EXPOR TS (P) LTD.(SUPRA) HAS RECENTLY BEEN FOLLOWED BY THE HONBLE CHHATISGARH H IGH COURT IN ACIT VS. VENKATESHWAR ISPAT P LTD.,319 ITR 393 & BY HONBLE DELHI HIGH COURT IN BHAVSHAKTI STEEL MINES P LTD.,320 ITR 619(DEL.). 6.2 IN THE INSTANT CASE UNDISPUTEDLY M/S. HANUMA N COKE PLANT PVT. LTD., IS A NON BANKING FINANCIAL COMPANY REGISTERED WITH THE R BI . M/S RICH POINT FINANCIAL SERVICES HAS BEEN FOUND TO BE REGULARLY ASSESSED TO TAX WHILE IN CASE OF M/S. PRERNA SUPPLY CO., AUDITED FINANCE STATEME NT AND ACKNOWLEDGEMENT OF IT RETURNS WERE FILED BEFORE THE AO. SIMILARLY, IN THE CASE OF OLYPAB TRADERS, A COPY OF THE ENVELOPE WITH REFUND VOUCHERS SENT TO T HE PARTY AT THE GIVEN ADDRESS BY THE A.O. CALCUTTA WAS ALSO FILED . IN THESE CIRC UMSTANCES , ,ESPECIALLY WHEN THE EXISTENCE OF AFORESAID SHAREHOLDERS HAS NOT BEE N DOUBTED, IN THE LIGHT OF VIEW TAKEN IN THE AFORESAID DECISIONS , WE HAVE NO AL TERNATIVE BUT TO UPHOLD FINDINGS OF LEARNED CIT(A), DELETING THE AFORESAID ADDITIONS ON ACCOUNT OF SHARE CAPITAL . CONSEQUENTLY, GROUND NO.1 IN THE APPEAL IS DISMISSE D. 7. GROUND NOS. 2 & 3 IN THE APPEAL BEING PRAYER A ND GENERAL IN NATURE ,DO NOT REQUIRE ANY SEPARATE ADJUDICATION AN D ARE, THEREFORE, DISMISSED. 8. IN THE RESULT, APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE COURT TODAY ON 8 -04-2011 SD/- SD/- (MUKUL SHRAWAT) JUDICIAL MEMBER (A N PAHUJA) ACCOUNTANT MEMBER DATED : 8-04-2011 ITA.NO.2997/AHD/2008 8 COPY OF THE ORDER FORWARDED TO: 1. M/S. SALASAR NYLON PVT. LTD.,5007, WORLD TRADE C ENTRE, RING ROAD, SURAT. . 2. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4,R OOM NO.223, AAYAKAR BHAVAN,MAJURA GATE, SURAT. 3. CIT CONCERNED 4. CIT(A)-XI, AHMEDABAD 5. DR, ITAT, AHMEDABAD BENCH-A, AHMEDABAD 6. GUARD FILE BY ORDER DEPUTY REGISTRAR ASSISTANT REGISTRAR ITAT, AHMEDABAD