A.C.I.T., Cirlce - 3(1), Gwalior V. M/s Fairy Land Hotel & Resorts Pvt. Ltd., Gwalior

ITA 388/AGR/2011

• Counselvise Citation: 38820314 RSA 2011
• Duration Of Justice: 8 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-06-2012
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 28-05-2012
• Assessment Year: 2008-2009
• Appeal Filed On: 07-10-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ATESHAM ANSARI
• Assessee Lawyers: ARUN DAGA
• Keywords: Depreciation; Corroborative evidences; Assessment record
• Section: 133(6); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH, AGRA BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI A.L. GEHLOT, ACCOUNTANT MEMBER ITA NO.388/AGR/2011 ASSESSMENT YEAR : 2008-09 ASSTT. COMMISSIONER OF INCOME TAX, VS. M/S FAIRY LAND HOTEL & CIRCLE 3(1), GWALIOR. RESORTS PVT. LTD., A-225, PATEL NAGAR,CITY CENTRE GWALIOR. (PAN: AAACF 9992 K). (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI ATESHAM ANSARI, JR. D.R. RESPONDENT BY : SHRI ARUN DAGA, C.A. DATE OF HEARING : 28.05.2012 DATE OF PRONOUNCEMENT OF ORDER : 08.06.2012 ORDER PER A.L. GEHLOT, ACCOUNTANT MEMBER: THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER DATED 05.07.2011 PASSED BY THE LD. CIT(A), GWALIOR FOR THE ASSESSMEN T YEAR 2008-09 ON THE FOLLOWING GROUNDS :- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE THE CIT(APPEALS) HAS ERRED IN DELETING THE ADDITION OF RS.15,00,000/- ON ACCOUNT OF SHARE APPLICATION MONEY U/S 68 OF THE IN COME TAX ACT. ITA NO.388/AGR/2011 A.Y. 2008-09 . 2 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E THE CIT(APPEALS) HAS ERRED IN DELETING THE ADDITION OF RS.26,64,000/- ON ACCOUNT OF RENT RECEIVABLE. 2. THE BRIEF FACTS OF THE FIRST GROUND ARE THAT THE ASSESSEE DERIVES ITS INCOME FROM RENTING OUT THE PROPERTY. THE ASSESSEE RECEIV ED SHARE APPLICATION MONEY OF RS.15,00,000/- OUT OF WHICH RS.1,00,000/- FROM SMT. BUDDIMATI YADAV, RS.3,50,000/- FROM SMT. SARLA SINGH YADAV AND RS.10 ,50,000/- FROM SHRI RAJVEER SINGH YADAV. THE ASSESSING OFFICER ASKED THE ASSES SEE TO PROVE THE CREDITWORTHINESS, IDENTITY AND GENUINENESS OF THE S HARE APPLICATION MONEY OF RS.15,00,000/- RECEIVED DURING THE YEAR. THE ASSES SING OFFICER NOTICED THAT RS.10,50,000/- IN CASH WAS RECEIVED FROM SHRI RAJV EER SINGH YADAV AS SHARE APPLICATION MONEY. THE ASSESSEE IN SUPPORT OF THE SAID CASH AMOUNT FURNISHED TWO COPIES OF SALE DEED OF AGRICULTURE LAND. ASSESSING OFFICER NOTICED THAT THE ASSESSEE DID NOT SUBMIT THE INCOME TAX RETURN OF SHRI RAJVEE R SINGH YADAV. THE ASSESSEE FAILED TO PROVE THE CREDITWORTHINESS AND GENUINENES S OF THE TRANSACTION OF SHARE APPLICATION MONEY. THEREFORE, THE ASSESSING OFFICE R MADE ADDITION OF RS.10,50,000/-. 3. IN RESPECT OF SMT. SARLA SINGH YADAV & SMT. BUDD IMATI YADAV, THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE SUBMITT ED ONLY PAN AND SHARE APPLICATION MONEY FORM. THE ASSESSEE DID NOT SUBMI T SOURCE OF INVESTMENT IN ITA NO.388/AGR/2011 A.Y. 2008-09 . 3 SHARE APPLICATION MONEY NOR INCOME TAX RETURN WHICH CONFIRMS THE CREDITWORTHINESS, SOURCE OF INVESTMENT IN SHARE APP LICATION. THE ASSESSING OFFICER FOUND THAT THE ASSESSEE HAS FAILED TO PROVE THE CRE DITWORTHINESS AND SOURCE OF THE SHARE APPLICATION MONEY IN BOTH THE CASES. THE ASS ESSING OFFICER MADE TOTAL ADDITION OF RS.4,50,000/- (RS.3,50,000/- SMT. SARLA SINGH YADAV AND RS.1,00,000/- SMT. BUDDIMATI YADAV). 4. THE CIT(A) DELETED THE SAID ADDITION OF RS.15,00 ,000/- ACCEPTING THE ASSESSEES CONTENTION THAT THE ASSESSEE FURNISHED P AN IN ALL THE THREE CASES ALONG WITH THEIR BANK STATEMENTS. SMT. BUDDIMATI YADAV A ND SMT. SARLA SINGH YADAV ARE REGULAR INCOME TAX PAYERS, COPIES OF RETURNS WE RE ALSO PRODUCED. THE CIT(A) STATED THAT SHRI RAJVEER SINGH YADAV IS NOT ASSESSE D TO TAX AS HE IS AN AGRICULTURIST. THE SUPPORTING EVIDENCE IN RESPECT OF AGRICULTURAL LAND ALONG WITH AFFIDAVIT CONFIRMING THE FACT THAT HE HAS INVESTED RS.10,50,0 00/-IN SHARE APPLICATION THUS SOURCE OF THE INVESTMENT WAS OUT OF AGRICULTURAL IN COME. SHRI RAJVEER SINGH YADAV WAS HOLDING 20 BHIGAS OF AGRICULTURAL LAND. THE CIT(A) NOTED THAT THE ASSESSEE COMPANY HAS DISCHARGED ONUS REGARDING ENTR IES IN BOOKS OF ACCOUNT IN RESPECT OF SHARE APPLICATION MONEY. THE ASSESSING OFFICER HAS WRONGLY REJECTED THE ASSESSEES SUBMISSION WITHOUT BRINGING ON RECOR D ANY ADVERSE MATERIAL GATHERED AS A RESULT OF ANY INDEPENDENT THIRD PARTY ENQUIRY IF THE SUBMISSION OF THE ITA NO.388/AGR/2011 A.Y. 2008-09 . 4 ASSESSEE WAS NOT FOUND SATISFACTORY. THE CIT(A) AC CEPTED THE FACT THAT SECTION 68 OF THE ACT IMPOSE THE ASSESSING OFFICER TO MAKE ENQ UIRIES TO FIND OUT TRUE NATURE AND SOURCE OF SUM CREDITED IN THE ACCOUNT BOOK EVEN IF IT IS CREDIT IN RESPECT OF SHARE APPLICATION MONEY. THE CIT(A) WAS OF THE VIE W THAT IF THE ASSESSEE HAS SATISFIED THE CONDITIONS OF SECTION 68, THE ADDITIO N ON ACCOUNT OF SHARE APPLICATION MONEY DOES NOT WARRANT. THE CIT(A) NOTED THAT IN T HE CASE UNDER CONSIDERATION THE ASSESSING OFFICER DID NOT MAKE ANY ENQUIRY TO S HOW THAT THE AMOUNT CREDITED AS SHARE APPLICATION MONEY DOES NOT REPRESENT SO, W HEREAS THE ASSESSEE HAS GIVEN REQUISITE DETAILS FOR THE SAME. THE CIT(A) DID NOT FIND JUSTIFICATION IN TREATING RS.15,00,000/- AS UNEXPLAINED INCOME OF THE ASSESSE E. 5. WE HAVE HEARD THE LD. REPRESENTATIVES OF THE PAR TIES AND RECORDS PERUSED. THERE IS NO DISPUTE REGARDING THE FACT THAT SECTION 68 OF THE ACT IS APPLICABLE IN CASE OF SHARE APPLICATION CREDIT IN THE BOOKS OF AC COUNT OF THE ASSESSEE. ONCE IT IS FOUND THAT THE PROVISIONS OF SECTION 68 ARE APPLICA BLE AND ACCORDINGLY THREE THINGS HAVE TO BE ESTABLISHED BY THE ASSESSEE. THE IDENTI TY AND CREDITWORTHINESS OF THE CREDITOR AND GENUINENESS OF THE TRANSACTION. AS RE GARDS THE IDENTITY AND CREDITWORTHINESS, THERE IS NO MUCH DIFFICULTY IN ES TABLISHING THE SAME AS THERE ARE COGENT EVIDENCE IN THE FORM OF PAN, SHARE APPLICATI ON MONEY AND OTHERS. THE IMPORTANT QUESTION IN RESPECT TO SHARE APPLICATION MONEY WHICH IS REQUIRED TO BE ITA NO.388/AGR/2011 A.Y. 2008-09 . 5 EXAMINED IS CREDITWORTHINESS OF THE APPLICANT AND G ENUINENESS OF THE TRANSACTION. IT IS RELEVANT TO STATE THAT THE ASSESSEE IS A PRIV ATE LIMITED COMPANY, ACCORDINGLY ALL THE RELEVANT PROVISIONS OF COMPANIES ACT ARE AP PLICABLE IN RESPECT OF RECEIVING SHARE APPLICATION MONEY AND ISSUE OF SHARES. TO EX AMINE WHETHER THE TRANSACTION OF SHARE APPLICATION IS GENUINE OR NOT, IT IS ALSO REQUIRED TO BE EXAMINED IN THE LIGHT OF RELEVANT PROVISIONS OF THE COMPANIES ACT. THE F ACT THAT THE COMPANIES WHICH SUBSCRIBE TO THE SHARES WERE BORNE ON THE FILE OF T HE REGISTRAR OF COMPANIES WAS A NEUTRAL FACT. THESE COMPANIES HAVE TO COMPLY WITH CERTAIN FORMALITIES IN THIS REGARD. IN ANY CASE, IT DID NOT IPSO FACTO PROVE T HAT THE TRANSACTION WAS GENUINE. THE ASSESSEE ALSO DID NOT FILE RELEVANT RESOLUTION PASSED BY THE BOARD OF DIRECTORS OR OTHERWISE RELATED TO SHARE APPLICATION MONEY AS REQUIRED UNDER THE COMPANIES ACT. IN ABSENCE OF SUCH CERTAIN IMPORTANT FACTS TH E ISSUE CANNOT BE DECIDED AT THIS STAGE. IN THE CASE UNDER CONSIDERATION, THE CIT(A) , WITHOUT APPRECIATING THE FACTS THAT THE ASSESSEE HAS FAILED TO PROVE THE GENUINENE SS OF THE TRANSACTION, DELETED THE ADDITION. THE CIT(A) DID NOT APPRECIATE THE CASE M ADE OUT BY THE ASSESSING OFFICER THAT THE ASSESSEE HAS FAILED TO FURNISH ANY EVIDENCE TO PROVE THE CREDITWORTHINESS AND GENUINENESS OF THE TRANSACTION OF SHARE APPLICATION MONEY. MERELY THE SHARE APPLICANTS ARE ASSESSED TO TAX, RO UTING THE AMOUNTS THROUGH BANKING CHANNEL AND FILING COPIES OF RETURNS SHALL NOT SERVE THE PURPOSE UNLESS IT HAS BEEN EXAMINED AND FOUND FROM THE FINANCIAL STAT EMENT, IF ANY, ENCLOSED TO THE ITA NO.388/AGR/2011 A.Y. 2008-09 . 6 RETURN OF INCOME THAT THE SHARE APPLICANTS WERE HAV ING CREDITWORTHINESS TO APPLY FOR SUCH SHARES. IN CASE OF SHRI RAJVEER SINGH YAD AV WHO HAS GIVEN SHARE APPLICATION MONEY OF RS.10,50,000/- BUT LOOKING TO THE AMOUNT, THE MATERIAL IS NOT SUFFICIENT TO SHOW THAT THE ASSESSEE HAS SATISFIED PRIMA FACIE THE CREDITWORTHINESS OF SHARE APPLICANTS. THE HONBLE APEX COURT WHILE REJ ECTING THE SLP FILED BY THE REVENUE AGAINST THE JUDGMENT OF DELHI HIGH COURT IN CASE OF CIT VS. LOVELY EXPORT PVT. LTD, 299 ITR 268 (DELHI) WHEREIN THE HI GH COURT AFFIRMED THE DELETION OF ADDITION MADE ON ACCOUNT OF SUM RECEIVED FROM DI RECTORS AND PROMOTERS AND ALSO BY WAY OF PUBLIC ISSUE. THE RELEVANT FINDING OF THE APEX COURT IS REPRODUCED AS UNDER :- (319 ITR (ST) 6) THE COURT WHILE DISMISSING HELD THAT CAN THE AMOUNT OF SHARE MONEY BE REGARDED AS UNDISCLOSED INCOME UNDER SECTI ON 68 OF THE INCOME TAX ACT, 1961 ? WE FIND NO MERIT IN THIS SP ECIAL LEAVE PETITION FOR THE SIMPLE REASON THAT IF THE SHARE APPLICATION MONEY IS RECEIVED BY THE ASSESSEE-COMPANY FROM ALLEGED BOGUS SHAREHOL DERS, WHOSE NAMES ARE GIVEN TO THE ASSESSING OFFICER, THEN THE DEPARTMENT IS FREE TO PROCEED TO REOPEN THEIR INDIVIDUAL ASSESSMENTS I N ACCORDANCE WITH LAW. HENCE, WE FIND NO INFIRMITY WITH THE IMPUGNED JUDGEMENT. : CIT V. LOVELY EXPORTS P. LTD.: S.L.P. (CIVIL) NO.11 53 OF 2008. 6. AFTER CONSIDERING THE TOTALITY OF THE FACTS OF T HE CASE, WE FIND THAT THE CIT(A) DELETED THE ADDITION WITHOUT APPRECIATING THE FACTS AND WITHOUT CONSIDERING THE JUDGMENT OF THE APEX COURT IN THE CASE OF LOVELY EX PORTS (SUPRA). THEREFORE, IN THE INTEREST OF JUSTICE, WE SEND BACK THIS MATTER T O THE FILE OF CIT(A) WITH THE DIRECTION TO PUT THE COMPLETE FACTS ON RECORD AFTER EXAMINATION OF RECORDS AND ITA NO.388/AGR/2011 A.Y. 2008-09 . 7 DECIDE THE ISSUE AFRESH IN THE LIGHT OF LAW LAID DO WN BY THE APEX COURT IN THE CASE OF LOVELY EXPORTS (SUPRA), AFTER GIVING OPPORTUNITY OF HEARING TO THE ASSESSEE. 7. THE BRIEF FACTS OF THE SECOND GROUND ARE THAT DU RING THE ASSESSMENT PROCEEDINGS THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE HAS RENTED OUT PROPERTY TO M/S SALASAR INTERNATIONAL PVT. LTD. AT A MONTHLY RENT OF RS.3,33,000/-. THE ASSESSING OFFICER SENT TWO NOTICES UNDER SECTION 13 3(6) FOR CONFIRMATION TO M/S. SALASAR INTERNATIONAL PVT. LTD. TO THE ADDRESSES ME NTIONED IN THE CONFIRMATION LETTER AND ADDRESS MENTIONED IN TDS CERTIFICATE. BOTH THE NOTICES UNDER SECTION 133(6) HAVE BEEN RETURNED UN-SERVED. THE ASSESSING OFFICE R NOTICED THAT THE ASSESSEE HAS FAILED TO FURNISH THE CORRECT ADDRESS OF M/S. SALAS AR INTERNATIONAL PVT. LTD. AS PER THE TDS CERTIFICATE, THE COMPANY HAS PAID TWO MONTH S (JUNE & JULY 2007) RENT TO THE ASSESSEE ON 01.08.2007. THE ASSESSEE FILED LEA SE AGREEMENT DATED 05.07.2006 ACCORDING TO WHICH THE POSSESSION OF THE BUILDING W AS TO BE HANDED OVER ON OR BEFORE 31.03.2007. THE ASSESSING OFFICER WAS OF TH E VIEW THAT THE ASSESSEE HAS SHOWN RENT FOR TWO MONTHS RS.6,66,000/- WHEREAS THE ASSESSEE OUGHT TO HAVE SHOWN RENT FOR TEN MONTHS RS.33,30,000/-, SINCE THE ASSESSEE FOLLOWED MERCANTILE SYSTEM OF ACCOUNTING. THEREFORE, THE ASSESSING OFF ICER MADE ADDITION OF RS.26,64,000/-. THE CIT(A) DELETED THE SAID ADDITI ON AS UNDER :- (CIT(A) PARAGRAPH NO.4.2) ITA NO.388/AGR/2011 A.Y. 2008-09 . 8 APPELLANTS SUBMISSIONS ALONG WITH ASSESSMENT ORDE R HAVE BEEN CONSIDERED CAREFULLY. ASSESSMENT RECORDS HAVE ALSO BEEN PERUSED. THERE IS NO DENYING THE FACT THAT LETTERS WRITTEN BY THE A.O. TO THE TENANT, I.E. SALASAR INTERNATIONAL PVT. LTD. /SALASAR RETAIL LTD. SENT BY SPEED POST AT DELHI AND KOLKATA ADDRESS HAV E BEEN RECEIVED UN-SERVED BY THE A.O. WITH THE REMARKS LEFT AND REFUSED. TDS CERTIFICATE DATED 04.07.08 SHOWS RECEIPT OF RENT OF RS.6,66,000/- ON 01.08.07 ON WHICH PRESCRIBED TDS AT RS.1,32,084/- A LONG WITH SURCHARGE AND EDUCATION CESS HAS BEEN DEPOSITED ON 08.08.07 AND 20.08.07. LEASE AGREEMENT BETWEEN THE APPELLANT CO . AND M/S. SALASAR INTERNATIONAL PVT. LTD. IS DTD. 05.07.07, A CCORDING TO WHICH BOTH PARTIES HAVE AGREED TO HANDOVER THE POSSESSION OF PREMISES ON OR BEFORE 31.03.07. AMOUNT RECEIVED IN RESPECT OF REN T OF RS.6,66,000/- ON WHICH TDS HAS ALSO BEEN DEDUCTED HAS ACCORDINGLY BEEN SHOWN BY THE APPELLANT AS PER RETURN FILED ON 13.10.08. THE LESSEE, I.E. SALASAR INTERNATIONAL PVT. LTD. HAS CATEGORICALLY CONFIRMED AND CLARIFIED VIDE ITS LETTER DTD. 21.10.10 THAT PREMISES HAVE BEEN TA KEN OVER FROM FEBRUARY, 08 AND ACCORDINGLY ONLY 2 MONTHS RENT HAS BEEN PAID DURING THE FINANCIAL YEAR. INADVERTENTLY AND BY MI STAKE TDS HAS BEEN DEDUCTED AND PAID IN THE MONTH OF AUGUST DUE TO REC EIPT OF ADVANCE BUT IT PERTAINS TO RENT OF FEBRUARY & MARCH, 2008 O NLY. BALANCE SHOWN IN THE BOOKS OF ACCOUNTS TALLIES WITH THAT OF THE APPELLANT AS PER ITS BOOKS OF ACCOUNTS WHICH HAS ALSO BEEN PRODUCED BY IT AND VERIFIED BY THE A.O. A.O. HAS NOT BROUGHT ANY MATERIAL ON R ECORD TO SHOW THAT THE APPELLANT HAS RECEIVED AND THE LESSEE HAS PAID RENT FOR THE WHOLE YEAR S AGAINST TWO MONTHS DECLARED BY THE APPELLANT AND AS CERTIFIED BY THE TENANT. INFORMATION SOUGHT U/S 133(6) FROM THE TENANT HAS NOT BEEN MADE AVAILABLE DUE TO THE FACT OF RETURNING OF LETTER ISSUED AT ADDRESS GIVEN BY THE APPELLANT. HOWEVER, AS PER RE CORDS, NO FURTHER EFFORT HAS BEEN MADE BY THE A.O. TO ENFORCE ATTENDA NCE OF THE TENANT OR ISSUE OF COMMISSION ETC. TO THE CONCERNED A.O. E SPECIALLY WHEN TENANT HAS SENT CLARIFICATION TO THE A.O. A.O. HAS CONCLUDED THE FACT OF RECEIPT OF RENT OF RS.33,30,000/- SOLELY ON THE BASIS OF TDS CERTIFICATE ISSUED BY THE LESSEE CO. WHO ITSELF HAS ADMITTED THE FACT OF WRONG MENTIONING OF PERIOD IN THE SAID CERTIFICATE. FURTHER, A.O. HIMSELF HAS DISALLOWED DEPRECIATION ON LIFT INSTALL ED IN THE SAME BUILDING IN RESPECT OF WHICH RENT IS RECEIVED BY TH E APPELLANT CO. ON THE GROUND THAT THE SAID BUILDING WAS NOT COMPLETED BEFORE OCTOBER, 2007 AND ASSETS WERE NOT PUT TO USE. IN VIEW OF FA CTS ABOVE AND AFTER PERUSAL OF RECORDS, ADDITION OF RS.26,64,000/- IS, HEREBY, DELETED. ITA NO.388/AGR/2011 A.Y. 2008-09 . 9 8. WE HAVE HEARD THE LD. REPRESENTATIVES OF THE PAR TIES AND RECORDS PERUSED. WE NOTICE THAT THE ASSESSING OFFICER HAS CALCULATED TEN MONTHS RENT MERELY ON THE GROUND THAT INFORMATION UNDER SECTION 133(6) OF THE ACT WAS NOT FURNISHED BY M/S. SALASAR INTERNATIONAL PVT. LTD. AND NOTICES WERE RE TUNED BACK AND ALLEGED THAT THE ASSESSEE HAS FAILED TO FURNISH CORRECT ADDRESS OF M /S. SALASAR INTERNATIONAL PVT. LTD. IN THIS REGARD, IT IS TO STATE THAT SINCE M/S. SALA SAR INTERNATIONAL PVT. LTD. IS A PRIVATE LIMITED COMPANY AND IT HAS REGISTERED OFFIC E, THE INFORMATION REGARDING REGISTERED OFFICE ARE AVAILABLE WITH THE CONCERNED REGISTRAR OF COMPANIES. IF THE ASSESSING OFFICER WAS HAVING DOUBT ABOUT THE CORREC T ADDRESS, HE COULD HAVE HIMSELF EXAMINED THIS FACT DIRECTLY FROM THE REGIST RAR OF THE COMPANIES, BUT WE FIND THAT NO SUCH EXERCISE HAS BEEN DONE BY THE ASS ESSING OFFICER. THE ASSESSEE VIDE LETTER DATED 29 TH OCTOBER 2009 SOUGHT THAT THE DEPOSIT OF THE PROPER TY WAS GIVEN IN THE MONTH OF FEBRUARY, 2008. THIS FACT HA S ALSO BEEN CONFIRMED BY M/S. SALASAR INTERNATIONAL PVT. LTD. VIDE THEIR LETTER D ATED 21 ST OCTOBER, 2010, COPY OF WHICH IS PLACED AT PAGE NO.17 OF THE ASSESSEES PAP ER BOOK. IN THE SAID LETTER, M/S. SALASAR INTERNATIONAL PVT. LTD. HAS ADMITTED THE MI STAKE IN TDS CERTIFICATE AND CONFIRMED THEY HAVE PAID RENT ONLY FOR FEBRUARY & M ARCH, 2008. THEY HAVE ALSO CONFIRMED THE BALANCE IN THEIR BOOKS OF ACCOUNT WHI CH TALLIED WITH THE BOOKS OF ACCOUNT OF THE ASSESSEE. WE FIND THAT THE CIT(A) H AS RIGHTLY APPRECIATED THE FACT ON THE BASIS OF MATERIAL EVIDENCE THAT THE ASSESSEE RECEIVED RENT ONLY FOR TWO ITA NO.388/AGR/2011 A.Y. 2008-09 . 10 MONTHS. IN THE LIGHT OF THE REASONS STATED BY THE CIT(A) AND AS DISCUSSED ABOVE, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE CI T(A) WHERE HE HAS RIGHTLY DELETED THE ADDITION OF RS.26,64,000/-. 9. IN THE RESULT, APPEAL OF THE REVENUE IS PARTLY A LLOWED FOR STATISTICAL PURPOSES. (ORDER PRONOUNCED IN THE OPEN COURT) SD/- SD/- (BHAVNESH SAINI) (A.L. GEHLOT) JUDICIAL MEMBER ACCOUNTANT MEMBER PBN/* COPY OF THE ORDER FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT (APPEALS) CONCERNED 4. CIT CONCERNED 5. D.R., ITAT, AGRA BENCH, AGRA 6. GUARD FILE. BY ORDER SR. PRIVATE SECRETARY INCOME-TAX APPELLATE TRIBUNAL, AGRA TRUE COPY