DCIT CIR 6(2), MUMBAI V. CENTURY TEXTILES AND INDUSTRIES LTD, MUMBAI

ITA 3261/MUM/2009

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 5005 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 3 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-09-2013
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: C
• Next Hearing Date: 03-09-2013
• Assessment Year: 2005-2006
• Appeal Filed On: 15-05-2009
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: A C TEJPAL IZRFKHZ DH LS
• Assessee Lawyers: S M BANDI L; Y P TRIVEDI SHRI P R TOPRANI
• Keywords: Depreciation; Commercial expediency
• Section: 115JB; 37(1)

Judgement Text

M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 1 - VK;DJ VIHYH; VF/KDJ.K LH U;K;IHB EQACBZ ESAA IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUM BAI JH VKJ- DS- XQIRK] U;KF;D LNL; ,OA JH JKTSUNZ FLAG YS[KK LNL; DS LE{K BEFORE SHRI R.K. GUPTA JUDICIAL MEMBER AND SHRI RAJ ENDRA SINGH ACCOUNTANT MEMBER VK;DJ VIHY LA[;K /ITA NO.3261/MUM/2009 FU/KKZJ.K O'KZ @ ASSESSMENT YEAR): - 2005-06 DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 6(2), MUMBAI. R. NO. 563, AAYAKAR BHAVAN, M.K. ROAD, CHURCHGATE, MUMBAI 400 020. CUKE@ VS. M/S. CENTURY TEXTILES AND INDUSTRIES LTD, CENTURY BHAVAN, DR. ANNIE BESANT ROAD, WORLI, MUMBAI 400 030. PAN:- AAACC2659Q VIHYKFKHZ @ APPELLANT IZR;FKHZ @ RESPONDENT VK;DJ VIHY LA[;K /ITA NO.1664/MUM/2010 FU/KKZJ.K O'KZ @ ASSESSMENT YEAR): - 2006-07 M/S. CENTURY TEXTILES AND INDUSTRIES LTD, CENTURY BHAVAN, DR. ANNIE BESANT ROAD, WORLI, MUMBAI 400 030. CUKE@ VS. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 6(2), MUMBAI. AAYAKAR BHAVAN, M.K. ROAD, MUMBAI 400 020. PAN:- AAACC2659Q VIHYKFKHZ @ APPELLANT IZR;FKHZ @ RESPONDENT VK;DJ VIHY LA[;K /ITA NO.2089/MUM/2010 FU/KKZJ.K O'KZ @ ASSESSMENT YEAR): - 2006-07 ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 6(2), MUMBAI. R. NO. 563, AAYAKAR BHAVAN, M.K. ROAD, CHURCHGATE, MUMBAI 400 020. CUKE@ VS. M/S. CENTURY TEXTILES AND INDUSTRIES LTD, CENTURY BHAVAN, DR. ANNIE BESANT ROAD, WORLI, MUMBAI 400 030. PAN:- AAACC2659Q VIHYKFKHZ @ APPELLANT IZR;FKHZ @ RESPONDENT VIHYKFKHZ DH VKSJ LS @ APPELLANT BY SHRI A.C. TEJPAL IZR;FKHZ DH VKSJ LS @ RESPONDENT BY SHRI Y.P. TRIVEDI, SHRI P.R. TOPRANI AND SHRI S.M. BANDI LQUOKBZ DH RKJH[K @ DATE OF HEARING 3-09-2013 ?KKS'K.KK DH RKJH[K @ DATE OF PRONOUNCEMENT 13-09-2013 M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 2 - VKNS'K@ VKNS'K@ VKNS'K@ VKNS'K@ ORDER PER RAJENDRA SINGH, AM THE APPEAL OF THE REVENUE FOR ASSESSMENT YEAR 2005- 06 AND CROSS APPEAL FOR ASSESSMENT YEAR 2006-07 ARE DIRECT ED AGAINST THE ORDER DATED 27.2.2009 AND DATED 3.10.2009 OF CIT(A) FOR ASSESSMENT YEARS 2005-06 AND 2006-07 RESPECTIVELY. AS THESE AP PEALS WERE HEARD TOGETHER AND RELATE TO THE SAME ISSUE, THESE ARE BEING DISPOSED OFF BY A SINGLE CONSOLIDATED ORDER FOR THE SAKE OF CONVENIENCE. 2. WE FIRST TAKE UP THE APPEAL OF THE REVENUE IN IT A NO. 3261/MUM/2009 FOR ASSESSMENT YEAR 2005-06 . THE REVENUE IN THIS APPEAL HAS RAISED DISPUTES ON TWO DIFFERENT GR OUNDS WHICH RELATE TO DISALLOWANCE OF FOREIGN TRAVEL EXPENSES AND ADDI TION MADE ON ACCOUNT OF ARREARS OF DEPRECIATION WHILE COMPUTING THE BOOK PROFIT U/S 115JB OF THE INCOME TAX ACT. 2.1 WE FIRST TAKE UP THE DISPUTE RELATING TO DISALL OWANCE OF FOREIGN TRAVEL EXPENSES. THE AO NOTED THAT THE ASSESSEE HAD CLAIMED FOREIGN TRAVEL EXPENSES OF RS. 269634 ON ACCOUNT OF FOREIGN TRAVEL OF SARLA DEVI BIRLA, THE WIFE OF THE DIRECTOR AND SMT. N. DA LMIA, WIFE OF THE PRESIDENT OF THE COMPANY. IT WAS SUBMITTED THAT IT WAS NECESSARY FOR THE DIRECTOR/ SENIOR EXECUTIVE TO BE ACCOMPANIED B Y THE SPOUSES AS IT WAS DEMANDED AS A SOCIAL ETIQUETTE. THE EXPENDIT URE WAS, THEREFORE, OUT OF COMMERCIAL EXPEDIENCY. THE AO, HO WEVER DID NOT ACCEPT THE CONTENTIONS RAISED. IT WAS OBSERVED BY H IM THAT SEVERAL OTHER EMPLOYEES OF EQUIVALENT OR SENIOR POSITION HA D ALSO VISITED MANY FOREIGN COUNTRIES WITHOUT THEIR SPOUSES. HE AL SO REFERRED TO THE JUDGMENT OF HONBLE HIGH COURT OF GUJARAT IN CASE O F BOMBAY MINERALS & SUPPLY COMPANY ( 153 ITR 137), THE JUDGM ENT OF HONBLE HIGH COURT OF ALLAHABAD (110 ITR 855) AND THE JUDGM ENT OF HONBLE M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 3 - HIGH COURT OF MADRAS (153 ITR 422) IN WHICH EXPENDI TURE INCURRED ON TRAVEL OF WIVES WAS NOT HELD ALLOWABLE. AO, THER EFORE, DISALLOWED THE CLAIM OF EXPENDITURE. 2.2 IN APPEAL, CIT(A) OBSERVED THAT SIMILAR CLAIM H AD BEEN ALLOWED BY THE TRIBUNAL IN ASSESSMENT YEAR 1996-97 AND 1997 -98 IN ITA NO.S 4625 AND 4626/MUM/2004. HE, THEREFORE, ALLOWED THE CLAIM OF THE ASSESSEE, AGGRIEVED BY WHICH THE REVENUE IS IN APPE AL BEFORE TRIBUNAL. 2.3 BEFORE US, THE LEARNED AR FOR THE ASSESSEE SUBM ITTED THAT SIMILAR CLAIM HAD BEEN ALLOWED BY THE TRIBUNAL IN A SSESSEES OWN CASE IN ASSESSMENT YEAR 1997-98 AND APPEAL OF DEPAR TMENT HAD BEEN DISMISSED BY THE HIGH COURT. THE CLAIM HAD ALSO BEE N ALLOWED IN ASSESSMENT YEAR 2004-05 IN ITA 1454/MUM/2008. IT WA S ALSO POINTED OUT THAT IN ASSESSMENT YEAR 2003-04 THE TRI BUNAL HAD RESTORED THE ISSUE TO THE FILE OF AO FOR FRESH CONS IDERATION IN ITA NO. 6106/MUM/2006. THE LEARNED DR ON THE OTHER HAND SUP PORTED THE ORDERS OF AO AND ARGUED THAT THERE WAS NO EVIDENCE OF ANY BUSINESS PURPOSE SERVED BY THE VISIT OF THE WIVES AND PLACED RELIANCE ON THE FINDINGS OF THE ASSESSING OFFICER AS WELL AS THE JU DGMENTS RELIED UPON BY HIM. 3. WE HAVE PERUSED THE RECORDS AND CONSIDERED THE M ATTER CAREFULLY. THE DISPUTE IS REGARDING ALLOWABILITY OF CLAIM OF EXPENDITURE ON ACCOUNT OF FOREIGN TRAVEL OF WIVES OF THE DIRECT OR AND PRESIDENT OF THE COMPANY. THERE IS NO DISPUTE THAT THE WIVES ARE NOT THE EMPLOYEES OF THE COMPANY. THE ALLOWABILITY OF EXPEN DITURE DEPENDS UPON THE FACTS AND CIRCUMSTANCES OF EACH CASE. IN A SSESSMENT YEAR 1996-97 TO 1998-99 AND IN ASSESSMENT YEAR 2004-05 T HE CLAIM HAD BEEN ALLOWED BUT IN ASSESSMENT YEAR 2003-04 THE ISS UE HAD BEEN RESTORE TO THE FILE OF AO FOR FRESH EXAMINATION. TH ERE ARE SEVERAL M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 4 - DECISIONS OF THE HIGH COURT IN WHICH SUCH CLAIM OF EXPENDITURE HAS NOT BEEN FOUND ALLOWABLE. HOWEVER HONBLE HIGH COUR T OF BOMBAY IN CASE OF ALFA LAVAL INDIA LTD. (282 ITR 445) HAVE HE LD THAT THE EXPENDITURE ON FOREIGN TRAVEL OF DIRECTORS WIFE MA Y BE ALLOWED DEPENDING UPON THE STATUS OF THE PARTIES, NATURE A ND CHARACTER OF TRADE OR VENTURE, THE PURPOSE FOR WHICH THE EXPENDI TURES WERE INCURRED AND THE OBJECTS SOUGHT TO BE ACHIEVED BY I NCURRING SUCH EXPENSES. IT IS, THEREFORE, REQUIRED TO BE EXAMINED AS TO WHAT WAS THE PURPOSE OF VISIT AND HOW THE VISITS OF THE WIVE S WAS REQUIRED FOR THE PURPOSE OF BUSINESS. IN OUR VIEW THE ISSUE REQU IRES EXAMINATION IN THE LIGHT OF JUDGMENT OF HONBLE HIGH COURT OF B OMBAY IN CASE OF ALFA LAVAL INDIA LTD. (SUPRA). SIMILAR ISSUE HAS A LSO BEEN RESTORED TO THE FILE OF AO IN ASSESSMENT YEAR 2003-04. WE, THER EFORE, SET ASIDE THE ORDER OF CIT(A) AND RESTORE THE MATTER TO THE F ILE OF AO FOR PASSING A FRESH ORDER AFTER NECESSARY EXAMINATION AND AFTER ALLOWING OPPORTUNITY OF HEARING TO THE ASSESSEE. 4. THE SECOND DISPUTE IS REGARDING ADDITION OF RS. 124106375/- ON ACCOUNT OF ARREARS OF DEPRECIATION WHILE COMPUTI NG THE BOOK PROFIT U/S 115JB OF THE INCOME TAX ACT. 4.1 THE AO NOTED THAT THE ASSESSEE HAD DEBITED THE P&L ACCOUNT BY A SUM OF RS. 12.41 CRORE ON ACCOUNT OF ARREARS O F DEPRECIATION FOR ASSESSMENT YEAR 2000-01 AND 2001-02. AO, THEREFORE, ASKED THE ASSESSEE TO EXPLAIN AS TO WHY SUCH DEPRECIATION WHI CH DID NOT RELATE TO THE CURRENT YEAR SHOULD NOT BE ADDED TO THE BOOK PROFIT. THE ASSESSEE SUBMITTED THAT THE ACCOUNTS HAD BEEN PREPA RED AS PER THE PROVISIONS OF SECTION 205 OF THE COMPANYS ACT WHIC H COULD NOT BE ALTERED FOR THE PURPOSE OF COMPUTING THE BOOK PROFI T U/S 115JB OF THE INCOME TAX ACT. THE ASSESSEE PLACED RELIANCE ON THE JUDGMENT OF HONBLE SUPREME COURT IN CASE OF CIT VS. APOLLO TYR ES LTD. (255 ITR 273). AO HOWEVER DID NOT ACCENPT THE CONTENTIONS RA ISED AND M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 5 - OBSERVED THAT THE ARREARS OF DEPRECIATION COULD NOT BE CONSIDERED AS LIABILITY OF THE CURRENT YEAR. HE, THEREFORE, MADE ADDITION OF RS. 124106375/-. IN APPEAL CIT(A) OBSERVED THAT THE AO WHILE COMPUTING THE BOOK PROFIT U/S 115JB OF THE INCOME TAX ACT HAD ONLY LIMITED POWERS TO MAKE ADJUSTMENTS AS PROVIDED IN THE EXPLA NATION TO SECTION 115JB (2). IT WAS ALSO OBSERVED BY HIM THAT ONCE THE ARREAR OF DEPRECIATION HAD BEEN DEBITED IN THE P&L ACCOUNT AN D THE SAME HAD BEEN CERTIFIED BY THE AUDITORS OF THE COMPANY AND A CCEPTED AT THE AGM, THE AO HAD NO POWER TO TINKER WITH THE ACCOUNT SO MAINTAINED AS HELD BY HONBLE SUPREME COURT IN CASE OF APOLLO TYRES LTD VS. CIT (SUPRA). HE, THEREFORE, DIRECT THE AO TO DELETE THE ADDITION, AGGRIEVED BY WHICH THE REVENUE IS IN APPEAL BEFORE TRIBUNAL. 4.2 WE HAVE HEARD BOTH THE PARTIES, PERUSED THE REC ORDS AND CONSIDERED THE MATTER CAREFULLY. THE DISPUTE IS REG ARDING ADJUSTMENT MADE BY AO ON ACCOUNT OF ARREARS OF DEPRECIATION RE LATING TO EARLIER YEARS DEBITED TO THE P&L ACCOUNT OF THE CURRENT YEA R. WE FIND THAT THE SAME ISSUE HAS ALREADY BEEN CONSIDERED BY THE T RIBUNAL IN ASSESSEES OWN CASE IN ASSESSMENT YEAR 2004-05 IN I TA NO. 1454/MUM/2008. IN THAT YEAR ALSO THE AO HAD MADE AD DITION IN RESPECT OF ARREARS OF DEPRECIATION WHILE COMPUTING THE BOOK PROFIT WHICH HAD BEEN DELETED BY CIT(A). THE TRIBUNAL FURT HER REFERRED TO THE JUDGMENT OF HONBLE HIGH COURT OF BOMBAY IN CAS E OF KINETIC MOTOR COMPANY LTD. (262 ITR 330) IN WHICH THE HIGH COURT REFERRED TO THE JUDGMENT OF HONBLE SUPREME COURT IN CASE O F APOLLO TYRES LTD. (SUPRA) AND HELD THAT THE ACCOUNTS PREPARED AN D CERTIFIED IN ACCORDANCE WITH PART 2 AND PART 3 OF SCHEDULE VI OF THE COMPANIES ACT COULD NOT BE TINKERED WITH AND AO HAD NO JURISD ICTION TO GO BEYOND THE NET PROFIT SHOWN IN THE SUCH ACCOUNTS. T HE TRIBUNAL, THEREFORE, DELETED THE ADDITION MADE. THE FACTS THI S YEAR ARE IDENTICAL. WE, THEREFORE, RESPECTFULLY FOLLOWING THE DECISION OF TRIBUNAL IN ASSESSEES OWN CASE IN ASSESSMENT YEAR 2004-05 (SUP RA), SEE NO M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 6 - INFIRMITY IN THE ORDER OF CIT(A) IN DELETING THE AD DITION MADE AND THE SAME IS, THEREFORE, UPHELD. 5. THE APPEAL OF THE ASSESSEE IN ITA NO. 1664 FOR ASSESSMENT YEAR 2006-07. THE ASSESSEE IN THIS APPEAL HAS RAISED DISPUTES ON THREE DIFFERENT GROUNDS. 5.1 THE FIRST GROUND IS REGARDING ADDITION MADE BY AO ON ACCOUNT OF PENALTY LEVIED FOR VIOLATION OF PROVISIONS OF DI FFERENT STATUTES AGGREGATING TO RS. 3,87012/-. AO NOTED THAT THE ASS ESSEE HAD PAID A TOTAL SUM OF RS. 3,87,012/- TOWARDS FINES AND PENAL TIES BY DIFFERENT UNITS OF THE COMPANY. THE ASSESSEE SUBMITTED THAT T HE AMOUNTS PAID WERE ALLOWABLE AS EXPENDITURE AS THESE DID NOT INVO LVE ANY CRIMINAL INFRACTIONS OF LAW. THE AO HOWEVER DID NOT ACCEPT T HE ARGUMENTS ADVANCED. IT WAS OBSERVED BY HIM THAT THE PENALTIES HAD BEEN LEVIED FOR INFRACTION OF VARIOUS LAWS AND, THEREFORE, WERE HIT BY THE EXPLANATION TO SECTION 37(1) AND WERE NOT ALLOWABLE AS DEDUCTION. HE, THEREFORE, DISALLOWED THE CLAIM WHICH IN APPEAL WAS CONFIRMED BY THE CIT(A). AGGRIEVED BY WHICH THE ASSESSEE IS IN APPEA L BEFORE TRIBUNAL. 5.2 AT THE TIME OF HEARING, THE LEARNED AR FOR THE ASSESSEE DID NOT PRESS THIS GROUND DUE SMALLNESS OF AMOUNT INVOLVED. THE GROUND IS, THEREFORE, DISMISSED AS NOT PRESSED. 6. THE SECOND DISPUTE IS REGARDING DISALLOWANCE OF MINING LEASE EXPENSES. THE ASSESSEE HAD INCURRED TOTAL EXPENDITU RE OF RS. 16,23,610/- ON STAMP DUTY AND AS MINING LEASE REGIS TRATION CHARGES. THE ASSESSEE HAD CLAIMED DEDUCTION AT THE RATE OF 1 /10 TH OF SUCH EXPENSES. THE AO HOWEVER FOLLOWING THE DECISION TAK EN IN ASSESSMENT YEAR 1997-98 ALLOWED ONLY 1/20 TH OF SUCH EXPENSES WHICH IN APPEAL WAS CONFIRMED BY CIT(A). AGGRIEVED BY THE DECISION OF CIT(A), THE ASSESSEE IS IN APPEAL BEFORE TRIBUNAL. M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 7 - 6.1 WE HAVE HEARD BOTH THE PARTIES, PERUSED THE REC ORDS AND CONSIDERED MATTER CAREFULLY. WE FIND THAT THE SAME ISSUE HAS ALREADY BEEN CONSIDERED BY THE TRIBUNAL IN ASSESSEES OWN C ASE IN ASSESSMENT YEAR 2004-05 IN ITA NO. 1073/MUM/2008. T HE TRIBUNAL NOTED THAT THE CLAIM OF THE ASSESSEE AT THE RATE OF 1/10 TH HAS ALREADY BEEN ALLOWED BY THE TRIBUNAL IN ASSESSMENT YEARS 20 00-01 AND 2001-02 AND ALSO IN ASSESSMENT YEAR 2003-04. TRIBUN AL, THEREFORE, FOLLOWING THE DECISION IN EARLIER YEARS ALLOWED THE CLAIM OF THE ASSESSEE. THE FACTS THIS YEAR ARE IDENTICAL. WE, TH EREFORE, RESPECTFULLY FOLLOWING THE DECISION OF TRIBUNAL IN ASSESSEES OW N CASE IN EARLIER YEARS (SUPRA) ALLOW THE CLAIM OF THE ASSESSEE. THE ORDER OF CIT(A) IS, THEREFORE, SET ASIDE AND THE CLAIM OF THE ASSESSEE IS ALLOWED AT THE RATE OF 1/10 TH OF SUCH EXPENSES. 7. THE THIRD DISPUTE RAISED BY THE ASSESSEE IS REGA RDING THE AO NOT GRANTING THE CREDIT FOR TAX COLLECTED AT SOURCE (TCS). THE LEARNED AR SUBMITTED THAT THE ASSESSEE HAD RAISED A SPECIFI C GROUND BEFORE CIT(A) WHICH HAS NOT BEEN ADJUDICATED. ACCORDINGLY IT WAS REQUESTED THAT THE AO MAY BE DIRECTED TO GRANT CREDIT FOR TCS . THE LEARNED DR HAD NO SERIOUS OBJECTION IN THE MATTER. 7.1 WE HAVE PERUSED THE RECORDS AND CONSIDERED THE MATTER CAREFULLY. THE ASSESSEE HAD CLAIMED CREDIT FOR TCS OF RS. 2,49,34,702/- THE AO HOWEVER HAD ALLOWED CREDIT OF RS. 2,48,74,045/-. THE ASSESSEE HAS REQUESTED FOR THE C REDIT OF BALANCE AMOUNT. IN OUR VIEW THE CREDIT FOR TCS HAS TO BE GI VEN TO THE ASSESSEE IF PROPER EVIDENCE FOR SUCH COLLECTION OF TAX AT SOURCE IS GIVEN BY THE ASSESSEE. WE, THEREFORE DIRECT THE AO TO ALLOW THE CREDIT IF THE ASSESSEE PRODUCES NECESSARY EVIDENCES TO SUP PORT THE COLLECTION OF TAX AT SOURCE. M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 8 - 8. THE APPEAL OF THE REVENUE IN ITA NO. 2089/MUM/2010 FOR ASSESSMENT YEAR 2006-07. THE REVENUE HAS RAISED DISPUTES ON ONLY ONE GROUND WHICH RELATES TO DISALLOWANCE OF VARIOUS TRAVEL EXPENSES OF THE WIFE OF CHAIRMAN OF THE COMPANY. 8.1 THE AO DISALLOWED THE CLAIM OF FOREIGN TRAVEL EXPEN SES OF THE WIFE OF THE CHAIRMAN AMOUNTING TO RS. 2,88,275/- HO LDING THAT THE SAME IS NOT INCURRED FOR THE PURPOSE OF BUSINESS. I N APPEAL CIT(A) FOLLOWING THE EARLIER YEAR ORDER IN ASSESSMENT YEAR 2005-06 DELETED THE ADDITION MADE BY AO, AGGRIEVED BY WHICH THE REV ENUE IS IN APPEAL BEFORE TRIBUNAL. 8.2 WE HAVE HEARD BOTH THE PARTIES PERUSED THE RECO RDS AND CONSIDERED THE MATTER CAREFULLY. WE FIND THAT THE S AME ISSUE HAS ALREADY BEEN CONSIDERED BY US WHILE DEALING WITH AP PEAL OF THE REVENUE IN ASSESSMENT YEAR 2005-06 AND FOLLOWING TH E DECISION TAKEN IN ASSESSMENT YEAR 2005-06 AS MENTIONED IN PARA 3 O F THIS ORDER, WE, SET ASIDE THE ORDER OF CIT(A) AND RESTORE THE MATTE R TO THE FILE OF AO FOR PASSING AFRESH ORDER AFTER NECESSARY EXAMINATIO N AND AFTER ALLOWING OPPORTUNITY TO THE ASSESSEE. 9. IN THE RESULT APPEAL OF THE ASSESSEE IN ASSESSME NT YEAR 2006-07 AND APPEALS OF THE REVENUE IN ASSESSMENT YEAR 2005- 06 AND 2006-07 ARE PARTLY ALLOWED. ORDER PRONOUNCED ON 13-9-2013 SD/- SD/- (R.K. GUPTA) (RAJENDRA SINGH) JUDICIAL MEMBER ACCOUNTANT MEMBER SKS SR. P.S, MUMBAI DATED 13.9.2013 M/S. CENTURY TEXTILES AND INDUSTRIES LTD - 9 - COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR, C BENCH, ITAT, MUMBAI BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI