The ACIT, Circle-8, Ahmedabad V. Vikram Seeds Limited, Ahmedabad

ITA 3623/AHD/2008

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 6805 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 5 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-04-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 30-03-2011
• Assessment Year: 2005-2006
• Appeal Filed On: 03-11-2008
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R K TOPIWALA
• Assessee Lawyers: S N SOPARKAR SRAR
• Section: 6

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH C AHMEDABAD BEFORE SHRI D.K.TYAGI, HONBLE JUDICIAL MEMBER, AND SHRI D. C. AGRAWAL, HONBLE ACCOUNTANT MEMBER ITA NO.3623/AHD/2008 ASSESSMENT YEAR:2005-06 DATE OF HEARING:30.3.11 DRAFTED:6.4.11 ASSTT. COMMISSIONER OF INCOME-TAX, CIRCLE-8, AHMEDABAD V/S . VIKRAM SEEDS LTD., 209, ASHWAMEGH AVENUE, MAYAUR COLONY, MITHAKHALI SIX ROADS, NAVRANGPURA, AHMEDABAD PAN NO.AAACV6462A (APPELLANT) .. (RESPONDENT) APPELLANT BY :- SHRI R.K.TOPIWALA, DR RESPONDENT BY:- SHRI S.N.SOPARKAR, SR-AR O R D E R PER D.K.TYAGI, JUDICIAL MEMBER:- THIS IS REVENUES APPEAL AGAINST THE ORDER OF COMM ISSIONER OF INCOME- TAX(APPEALS)-XIV, AHMEDABAD IN APPEAL NO. CIT(A) XI V/C.8/273/2007-08 DATED 21-08-2008 FOR THE ASSESSMENT YEAR 2005-06. 2. THE REVENUE HAS TAKEN FOLLOWING THREE EFFECTIVE GROUNDS:- 1. THE LD. COMMISSIONER OF INCOME-TAX(A), AHMEDABA D HAS ERRED IN LAW AND ON FACTS IN DELETING THE ADDITION OF RS.51, 74,400/- BEING DISPOSAL OF OLD SEED STOCK VICH-9 MARKET RATE WITHO UT CONSIDERING THE EVIDENCES. 2. THE LD. COMMISSIONER OF INCOME-TAX(A)-XIV, AHMED ABAD HAS ERRED IN LAW AND ON FACTS IN DELETING THE ADDITION OF RS. 77,16,342/- BEING ITA NO.3623/AHD/2008 A.Y. 2005-06 ACIT CIR-8, ABD V VIKRAM SEEDS LTD. PAGE 2 DISPOSAL OF OLD SEED STOCK VICH-9 AT MARKET RATE WI THOUT CONSIDERING THE EVIDENCES. 3. THE LD. COMMISSIONER OF INCOME-TAX(A)-XIV, AHMED ABAD HAS ERRED IN LAW AND ON FACTS IN DELETING THE ADDITION OF RS. 59,56,086/- BEING DISPOSAL OF OLD SEED STOCK VICH-5 AT MARKET RATE WI THOUT CONSIDERING THE EVIDENCES. 3. THE BRIEF FACTS OF THE CASE IN RESPECT OF THESE GROUNDS ARE THAT DURING THE ASSESSMENT PROCEEDINGS ASSESSING OFFICER FOUND THAT ASSESSEE HAS DISPOSED OF 44,000 PACKETS OF VICH-9 VARIETY OF COT TON SEEDS BY SELLING THE SAME FOR RS.80,600/- INSTEAD OF BOOK VALUE OF RS.52 .58 LAKH I.E. BY SELLING AT A LOWER RATE @ RS.1.90 PER PACKET THEREBY INCURRING A LOSS OF RS.51,74,400/-. IN ADDITION TO THAT THE ASSESSEE HAS REVALUED ITS CLOS ING STOCK OF VICH-9 VARIETY OF COTTON SEEDS OF 65,671 PACKETS BY VALUING AT RS. 2/- PER PACKET ON THE BASIS OF SALES MADE IN THE SUBSEQUENT YEAR, THEREBY THE C LOSING STOCK VALUE WAS REDUCED BY RS.59,56,086/-. SIMILARLY, 58,393 PACKET S OF VICH-5 VARIETY OF COTTON SEEDS WERE VALUED BY ASSESSEE AT RS.2/- PER PACK THEREBY THE CLOSING STOCK VALUE WAS REDUCED BY RS.59,56,086/-. THE ASSE SSEE WAS ASKED BY ASSESSING OFFICER TO PROVIDE THE SUPPORTING LABORAT ORY TESTS ALONG WITH THE BATCH-WISE REPORT INDICATING DIRECT NEXUS OF THE ST OCK SOLD AND THE TESTS DONE IN THE LABORATORY. AFTER PERUSAL OF TESTS REPORT TH E AO MADE THE DISALLOWANCE ON THE GROUND THAT EXACT CO-RELATION OF STOCK DISPO SED OF WITH LABORATORY TEST REPORT WAS NOT SHOWN BY ASSESSEE. ALTHOUGH THE ASSE SSEE HAD PRODUCED LABORATORY TEST REPORT ON SAMPLE BASIS, THE SAME WA S CONSIDERED NOT SUFFICIENT BY AO AND IN THE ABSENCE OF EXACT CO-RELATION OF TH E STOCK DISPOSED OF WITH LABORATORY TEST DONE THE AO REJECTED ASSESSEES CLA IM OF WRITE OFF OF LOSS OF STOCK TO THE TUNE OF RS.51,74,400/-. SIMILARLY THE ASSESSING OFFICER OBSERVED THAT REVALUATION OF CLOSING STOCK HAS NO CO-RELATIO N WITH THE LABORATORY TEST REPORT AND SO THE AO DID NOT ACCEPT THE CLAIM OF DE DUCTION IN THE VALUATION OF CLOSING STOCK OF VICH-9 TYPE OF SEEDS AND VICH-5 TY PE OF SEEDS TO THE TUNE OF RS.77,16,342/- AND RS.59,56,086/- RESPECTIVELY AND MADE CORRESPONDING ADDITIONS TO THE INCOME OF ASSESSEE. ITA NO.3623/AHD/2008 A.Y. 2005-06 ACIT CIR-8, ABD V VIKRAM SEEDS LTD. PAGE 3 4. BEFORE LD. CIT(A) IT WAS SUBMITTED ON BEHALF OF ASSESSEE THAT DETAILS OF STOCK DISPOSED OF OR THE REVALUATION OF STOCK TOGET HER WITH AGE OF STOCK YEAR- WISE AS PER ANNEXURE-A TO THE WRITTEN SUBMISSION DA TED 12-08-2008, WHICH SHOWED THE OLD AGE OF STOCK AND TALLIED THE SAME WI TH YEAR-WISE STOCK STATEMENT. THE ASSESSEE RELYING ON THE DECISION OF HONBLE APEX COURT IN THE CASE OF SHAKTI TRADING CO. V. CIT 250 ITR 871 (SC) AND THE DECISION OF HONBLE MADRAS HIGH COURT IN THE CASE OF CIT V. KARUR VYASYA BANK LTD. 273 ITR 510 (MAD), FURTHER SUBMITTED THAT WHEN THERE WA S NO CESSATION OF BUSINESS, THE CLOSING STOCK HAD TO BE VALUED AT COS T OR MARKET PRICE, WHICHEVER WAS LOWER AND A TAXPAYER IS FREE TO EMPLO Y FOR THE PURPOSE TO VALUE STOCK-IN-TRADE EITHER AT COST OR MARKET PRICE. IT W AS ALSO HELD BY THE DECISION OF HONBLE MADRAS HIGH COURT IN THE CASE OF CIT V. VIJAY SHANTHI FINANCE LTD. 296 ITR 302 (MAD) THAT THE TRIBUNAL WAS JUSTIFIED I N HOLDING THAT THE CLOSING STOCK CAN BE VALUED EITHER AT MARKET PRICE OR COST PRICE WHICHEVER IS LOWER. THERE WAS NO NEED OF LABORATORY TEST REPORT AS THER E WAS NO NEED TO GET LABORATORY TEST REPORT TO DISPOSE OF OR REVALUE THE STOCK AND IT WAS NECESSARY AS PER SEEDS ACT, 1966 (CENTRAL) ONLY FOR SELLING T HE PURE/GERMINATED SEEDS TO FARMERS. THE RELEVANT PROVISIONS OF SEEDS ACT, 1966 (CENTRAL) WERE EXPLAINED IN HIS SUBMISSION. IT WAS FURTHER STATED THAT THE M INIMUM LIMIT OF GERMINATION FOR HYBRID COTTON SEEDS HAS BEEN AMENDED BY GOVT. O F INDIA, VIDE OFFICE MEMORANDUM NO.18-6/2004 SDIV DATED 28 TH SEPTEMBER, 2004 FROM 65 TO 75% WITH EFFECT FROM 1 ST JANUARY, 2005. THE AUTHORIZED REPRESENTATIVE FURTH ER SUBMITTED THAT ASSESSEE HAS OBTAINED LABORATORY TES T REPORT ON SAMPLE BASIS ONLY FOR SELLING OF SEEDS BUT THERE WAS NO NEED TO DISPOSAL OF SEEDS OR FOR REVALUATION PURPOSE. HOWEVER, THE ASSESSEE HAS OBTA INED THE SAME AS PER ANNEXURE-B TO WRITTEN SUBMISSION FILED BEFORE LD. C IT(A) TO PROVE THE LOWER GERMINATION AND PURITY OF SEEDS WHICH WAS NOT AT AL L SALEABLE UNDER THE SEEDS ACT, 1966. IT WAS ALSO ARGUED BEFORE LD. CIT(A) THA T ASSESSING OFFICER HAS NOT MADE ANY INQUIRY ON TECHNICAL ASPECT OF SEED BUSINE SS AND THAT THE ASSESSEE HAS INCURRED HEAVY LOSS AND THERE WAS NO QUESTION O F TAX EVASION. ITA NO.3623/AHD/2008 A.Y. 2005-06 ACIT CIR-8, ABD V VIKRAM SEEDS LTD. PAGE 4 5. AFTER TAKING INTO CONSIDERATION THE SUBMISSION O F ASSESSEE LD. CIT(A) ALLOWED THE ASSESSEES APPEAL BY OBSERVING AS UNDER :- I HAVE CAREFULLY CONSIDERED THE FACTS OF THE CASE AND THE SUBMISSIONS AS ADVANCED BY THE A.R OF THE APPELLANT. IT IS NOTI CED THAT 44000 PACKETS OF VICH-9 VARIETY OF COTTON SEEDS WERE SOLD AT A LOWER RATE OF RS.1.90 PER PACKET INSTEAD OF VALUATION OF THE OPEN ING STOCK AT RS.119.50 PER PACKET, THEREBY INCURRING LOSS OF RS. 51,74,400/-. IN THE GROUND OF APPEAL, IT HAS BEEN WRONGLY STATED AS VIC H-4 INSTEAD OF VICH-9 THE A.R OF THE APPELLANT HAS GIVEN A CHART S HOWING THE PURCHASES OF SEEDS MADE FROM FINANCIAL YEAR 2000-01 IN PACKETS OF VICH-9 VARIETY AND CORRESPONDING SALES DURING THE P ERIOD FROM FIN. YEAR 2000-01 TO F.Y 2005-06. OUT OF THE PURCHASES O F VICH-9 SEEDS MADE IN FINANCIAL YEAR 2000-01 OF 547848 PACKETS, T HE APPELLANT MADE SALES IN DIFFERENT FINANCIAL YEARS AS UNDER:- F.YR. NO. OF PACKETS SOLD 2000-01 295174 2001-02 205835 2002-03 35739 2003-04 11000 IN EARLIER YEAR, I.E. A.Y. 2004-05, THE APPELLANT H AD WRITTEN OFF 11100 PACKETS WITHOUT REALIZING ANY PRICE AND HAD CLAIMED DEDUCTION FOR THE SAME WHICH WAS DISALLOWED BY THE A.O ON THE GROUND THAT DETAILS OF CLOSING STOCK IN QUANTITY AND VALUE OF THE SAID VAR IETY FROM F.Y 2000-01 TO 2003-04 AND COPY OF LABORATORY REPORT WERE NOT F URNISHED BY THE APPELLANT AND IN APPEAL, THE DISALLOWANCE WAS CONFI RMED BY THE CIT(APPEALS) SAYING THAT NO EVIDENCE WAS FILED TO S HOW THAT SALES MADE IN F.Y. 02-03 & 03-04 DID NOT CONTAIN THE SEEDS PUR CHASED IN F.Y 2001- 02 AND THERE WAS NO EVIDENCE FOR CLOSING STOCK OF 1 1100 PACKETS AS ON 31-03-2004. DURING THE COURSE OF APPELLATE PROCEEDI NGS THE A.R WAS ASKED TO FURNISH DETAILS OF PURCHASES, SALES AND CL OSING STOCK OF SEEDS FROM F.Y. 2000-01 TILL F.Y. 2005-06. FROM THE DETAI LED CHART FURNISHED BY THE A.R, IN ANNEXURE A TO WRITTEN SUBMISSION DT. 12 -08-2008, IT IS SEEN THAT IN F.Y. 2001-02, THE APPELLANT MADE PURCHASE O F 308758 PACKETS OF VICH-9 SEEDS WHICH WERE DISPOSED OF IN VARIOUS F.YR S AS UNDER: F.YR. NO. OF PACKETS SOLD 2001-02 65898 2002-03 61838 2003-04 71648 2004-05 15104 44000 2005-06 50270 ITA NO.3623/AHD/2008 A.Y. 2005-06 ACIT CIR-8, ABD V VIKRAM SEEDS LTD. PAGE 5 IN THE YEAR IN APPEAL, F.Y. 2004-05 THE APPELLANT H AD DISPOSED OF 15104 PACKETS OF VICH-9 TYPE OF SEEDS AT REGULAR SELLING RATE. SUBSEQUENTLY, THE APPELLANT COULD NOT SELL THE BALANCE 44000 PACK ETS AT NORMAL RATE, BUT IT COULD SELL AT THE RATE OF RS.1.90 PER PACKET , BECAUSE AFTER 3 YEARS OF PURCHASE, THE SEEDS LOOSE GERMINATION CAPACITY A ND FURTHER THE NEW VARIETY OF COTTON SEEDS, I.E. B.COTTON CAME INTO TH E MARKET, WHICH WAS WELL ACCEPTED BY THE FARMERS. THEREFORE, THE APPELL ANTS RESEARCH VARIETIES I.E. VCIH-9 & VICH-5 BECAME OUT OF DATE A ND AFTER 3 YEARS OF PURCHASE THE APPELLANT HAD TO DISPOSE OF AT A LOWER RATE AND THE SEEDS WERE SOLD NOT FOR AGRICULTURAL HARVESTING, BUT WERE SOLD FOR NON- AGRICULTURAL USE LIKE PREPARING ANIMAL FEEDS. THE A .R HAS ALSO GIVEN A COPY OF THE SEEDS ACT, 1966 AND REFERRED TO SECTION S 6, 7, 19 OF THE SAID ACT. THE SECTION 6 OF THE SAID ACT SPECIFIES MINIMU M LIMIT OF GERMINATION AND PURITY FOR HYBRID COTTON SEEDS AT 65%, WHICH HA S BEEN SUBSEQUENTLY AMENDED TO 75% WITH EFFECT FROM 1-1-2005. SECTION 7 OF THE ACT PRESCRIBES THAT THE CONTAINER OF SUCH SEEDS SHOULD BEAR IN THE PRESCRIBED MANNER, THE MARK OR LABEL CONTAINING THE CORRECT PARTICULARS THEREOF, SPECIFIED UNDER CLAUSE (B) OF SECTION 6 AND AS PER SECTION 19, IF ANY PROVISION IS CONTRAVENED, THE PERSON WOULD BE L IABLE TO PENALTY & IMPRISONMENT. THE A.R HAS ALSO CONTENDED THAT IT IS NECESSARY TO OBTAIN THE LAB TEST REPORTS ONLY FOR SELLING OF SEEDS, BUT THERE WAS NO NEED TO OBTAIN THE SAME FOR DISPOSING OF SEEDS OR FOR VALUI NG THEE CLOSING STOCK. FURTHER, THE APPELLANT HAS OBTAINED LAB TEST REPORT AS SUBMITTED AS PER ANNEXURE B TO THE WRITTEN SUBMISSION DTD; 12-08-200 8 AND ACCORDING TO THE TEST REPORTS, IT IS FOUND THAT THE PHYSICAL PUR ITY AND GERMINATION CAPACITY IS LESS THAN 75% IN THE SEEDS WHICH HAVE B EEN DISPOSED OF. AS REGARDS THE CONTENTION OF THE A.O THAT THERE WAS NO EXACT CORRELATION BETWEEN THE SEEDS DISPOSED OF OR REVALUED VIS.A.VIS . THE LAB TEST REPORT, IT HAS BEEN STATED BY THE A.R THAT IT WAS N OT NECESSARY TO OBTAIN LAB TEST REPORT FOR SEEDS DISPOSED OF AT LOWER RATE FOR NON-AGRICULTURAL USE. LIKE IN FIRST GROUND OF APPEAL OR FOR REVALUAT ION OF CLOSING STOCK AS IN GROUNDS NO. 2 & 3 AND EVEN FOR NORMAL SALE OF SEEDS, THE APPELLANT HAS TO TEST ONLY ON SAMPLE BASIS AND IT IS NOT NECE SSARY TO TEST THE ENTIRE SEEDS SOLD PHYSICALLY. FROM THE CHART FURNISHED BY THE A.R IT IS CLEARLY SEEN THAT THE SEEDS WHICH HAVE BEEN DISPOSED OF IN THIS YEAR I.E. 44000 PACKETS OF VICH-9 TYPE ARE OUT OF THE SEEDS PURCHAS ED IN FINANCIAL YEAR 2001-02 AND SIMILARLY THE SEEDS WHICH HAVE BEEN REV ALUED I.E. 65671 PACKETS OF TYPE VICH 9 ARE OUT OF THE SEEDS PURCHAS ED IN FINANCIAL YEAR 2001-02. AS REGARDS VICH 5 VARIETY OF COTTON SEEDS, THE APPELLANT HAD PURCHASED 321865 PACKETS IN F.Y. 01-02 WHICH WERE S OLD IN DIFFERENT F.YS AS UNDER:- F.YR. NO. OF PACKETS SOLD 2001-02 151068 2002-03 76795 2003-04 44799 2004-05 8640 AND REVALUED 58393 PACKETS ITA NO.3623/AHD/2008 A.Y. 2005-06 ACIT CIR-8, ABD V VIKRAM SEEDS LTD. PAGE 6 THUS OUT OF VICH 5 COTTON SEES, 58393 PACKETS WERE REVALUED AT RS.2/- PER PACKET ON THE BASIS OF SUBSEQUENT SALES MADE. F ROM THE DETAILS OF SUBSEQUENT SALES PROVIDED BY THE A.R IT IS SEEN THA T VICH 9 SEEDS HAVE BEEN SOLD AT AN AVERAGE RATE OF RS.2.75 PER PACKET RANGING FROM RS.1.35 TO RS.4.24 PER PACKET IN F.Y 2005-06 AND VI CH5 SEEDS HAVE BEEN SOLD AT AVERAGE RATE OF RS.2.60 PER PACKET RAN GING FROM RS.1.35 TO RS.4.19 PER PACKET. ACCORDINGLY, THE APPELLANT HAS REVALUED 65671 PACKETS OF SEEDS OF VICH-9 VARIETY AND 58393 PACKET S OF VICH-5 VARIETY OF SEEDS AT RS.2/- PER PACKET. THE SEEDS WH ICH HAVE BEEN REVALUED ARE MORE THAN 3 YEARS OLD AND THEY HAVE BE EN PRODUCED AND PROCURED IN F.YR 2000-01 AND THE PROCESSING AND PAC KING WORK WAS COMPLETED IN F.Y 2001-02 I.E THE SEEDS HAVE BEEN PU RCHASED IN APRIL & MAY,2001. THE APPELLANT HAS CONTENDED THAT VALUATIO N OF STOCK HAS TO BE AT COST OR NET REALIZABLE VALUE, WHICHEVER IS LO WER IN ASSESSEE OF A CONTINUED BUSINESS. AS THE SEEDS HAVE BECOME OLD AN D NOT CAPABLE OF GERMINATION AND THE VARIETIES HAVE BECOME OUT OF DA TE, BECAUSE OF THE ARRIVAL OF NEW VARIETY OF HYBRID COTTON SEED, I.E B .T. COTTON, THE APPELLANT WAS NOT ABLE TO REALIZE THEIR REAL SALE V ALUE. FURTHER AS CONTENDED BY THE A.R THE SEEDS ARE PERISHABLE GOODS AND THEY LOOSE GENETIC PURITY AND QUALITY WITHIN 3 YEARS AND THE S EEDS BUSINESS WAS CONTROLLED BY SEEDS ACT, 1966 AND ESSENTIAL COMMODI TIES ACT, 1955, SO THE APPELLANT HAD NO ALTERNATIVE BUT TO SELL THE OL D STOCK AT LOWER RATE FOR OTHER THAN HUMAN USE AND TO WRITE OFF THE OLD STOCK . THEREFORE, NET REALIZABLE VALUE HAS COME DOWN TO RS.2 PER PACKET F ROM RS.119.50 PER PACKET FOR VICH-9 VARIETY AND RS.2/- PER PACKET FOR VICH-5 VARIETY OF SEEDS FROM RS. 104/- PER PACKET AS SUBSTANTIATED BY SALES MADE IN THE SUBSEQUENT PERIOD AND ACCORDINGLY THE APPELLANT HAS RIGHTLY VALUED THE CLOSING STOCK AT NET REALIZABLE VALUE. FURTHER THE A.O HAS MADE THE ADDITION BY REJECTING THE REDUCTION OF CLOSING STOC K ON ACCOUNT OF REVALUATION AND THE TRADING LOSS INCURRED ON DISTRE SS SALE OF 44000 PACKETS WITHOUT REJECTING BOOKS OF ACCOUNTS MAINTAI NED BY THE APPELLANT, WHEN IN FACT THE APPELLANT HAS MAINTAINE D COMPLETE STOCK RECORDS. THE ADDITIONS MADE ON ACCOUNT OF TRADING L OSS AND VALUATION OF CLOSING STOCK WITHOUT REJECTING BOOKS OF ACCOUNTS W ITHOUT FINDING ANY DISCREPANCY IN BOOKS CAN NOT BE APPROVED. THEREFORE , THE TRADING LOSS OF RS.51,74,400//- INCURRED IN DISPOSING OF 44000 P ACKETS AT LOWER PRICE AND REDUCTION OF VALUE OF CLOSING STOCK OF VICH-9 S EEDS BY RS.77,16,342/- AND VICH-5 SEEDS BY RS.59,56,086/- A RE HELD TO BE ALLOWABLE IN THE FACTS OF THE CASE AND RELYING ON T HE CASE LAWS RELIED UPON BY THE A.R AND THE A.O IS DIRECTED TO ALLOW TH E SAME. THUS THE GROUNDS NO.1, 2 AND 3 ARE ALLOWED. AGGRIEVED BY THIS ORDER OF LD. CIT(A) NOW REVENUE I S IN APPEAL BEFORE THE TRIBUNAL. ITA NO.3623/AHD/2008 A.Y. 2005-06 ACIT CIR-8, ABD V VIKRAM SEEDS LTD. PAGE 7 6. AT THE TIME OF HEARING LD. DR RELIED ON THE ORDE R OF ASSESSING OFFICER WHILE LD. AR RELIED ON THE ORDER OF LD. CIT(A) AND THE DOCUMENTS FILED IN THE PAPER BOOK IN SUPPORT OF ORDER OF LD. CIT(A). 7. AFTER HEARING BOTH THE PARTIES AND PERUSING THE RECORD WE FIND THAT LD. CIT(A) WHILE GIVING RELIEF TO THE ASSESSEE HAS PLAC ED RELIANCE ON THE PURITY TEST REPORT OF LABORATORY IN RESPECT OF NON-GERMINATED / SUB-STANDARD SEEDS. WE FURTHER FIND THAT HIS ORDER IS IN CONFORMITY WITH T HE SECTION 6 & 7 OF THE SEEDS ACT, 1966 (CENTRAL) AND THEREFORE WE FEEL NO NEED T O INTERFERE WITH THE ORDER PASSED BY LD. CIT(A) AND SAME IS THEREBY UPHELD. 8. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 21/04/2011 SD/- SD/- (D.C.AGRAWAL) (D.K. TYA GI) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) AHMEDABAD, DATED : 21/04/2011 *DKP COPY OF THE ORDER FORWARDED TO :- 1. THE ASSESSEE. 2. THE REVENUE. 3. THE CIT(APPEALS)-XIV, AHMEDABAD 4. THE CIT CONCERNS. 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER, /TRUE COPY/ DEPUTY / ASSTT.REGISTRAR ITAT, AHMEDABAD