Mr. Nanda S. N. Counto., Panaji V. The Assistant Commissioner of Income Tax, Circle-1 (1), Panaji., Panaji

ITA 4/PAN/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2076 (ITAT-PANAJI)
• Duration Of Justice: 3 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-05-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 12-05-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 08-02-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R N SIDDAPP A JI
• Assessee Lawyers: SHRINIVAS NAYAK
• Keywords: Tangible material; Difference of opinion; Change of opinion; Reassessment proceedings
• Section: 143(3); 147; 145; 148; 12

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI , HONBLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO S . 03 TO 07 /P A N/201 6 (ASST. YEAR S : 200 7 - 0 8 , 2009 - 10 TO 2012 - 13 ) SHRI NANDA S. NAIQUE COUNTO, 503, GURUDATTA CO - OP . HOUSING SOCIETY, M.G. ROAD, PANAJI GOA. VS. A CIT, CIRCLE - 1(1) PAN NO. AAYPN 1705 B (APPELLANT) (RESPONDENT) ITA NO S . 0 8 TO 12 /P A N/201 6 (ASST. YEAR S : 200 7 - 0 8, 2009 - 10 TO 2012 - 13 ) SMT. NUTAN NANDA NAIK COUNTO , 503, GURUDATTA CO - OP. HOUSING SOCIETY, M.G. ROAD, PANAJI GOA. VS. A CIT, CIRCLE - 1(1) PAN NO. AAYPN 170 4 A (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI SHRINIVAS NAYAK C A DEPARTMENT BY : SHRI R.N. SIDDAPPAJI - DR DATE OF HEARING : 1 2 / 0 5 /201 6 . DATE OF PRONOUNCEMENT : 1 2 / 0 5 /201 6 . O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER ITA NOS. 3 TO 7/PAN/2016 FILED BY THE ASSESSEE - SHRI NANDA S. NAIQUE COUNTO AND ITA NOS. 8 TO 12/PAN/2016 FILED BY THE ASSESSEE - SMT. NUTAN NANDA NAIK COUNTO AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) , PANAJI - 1 , IN APPEAL NOS. 284 TO 288 /PAJ/ 14 - 15 , ALL DATED 26/11/2015 FOR THE ASSESSMENT YEAR S 2007 - 08, 2 ITA NO S . 3 - 12 /P A N/201 6 2009 - 10 , 2010 - 11 , 2011 - 12 & 2012 - 13 , IN APPEAL NOS. 289 TO 291/ PNJ/14 - 15 , ALL DATED 26/11/2015 , FOR THE ASSESSMENT YEAR S 2007 - 08, 2009 - 10, 2010 - 11 , IN APPEAL NO.40/PNJ/14 - 15 , DATED 30/12/2015 FOR THE ASSESSMENT YEAR 2011 - 12 AND IN APPEAL NO. 292/PNJ/14 - 15 , DATED 26/11/2015 FOR THE ASSESSMENT YEAR 2 0 12 - 13 . 2. SHRI SHRINIVAS NAYAK, CA REPRESENTED ON BEHALF OF THE ASSESSEE S AND SHRI R.N. SIDDAPPAJI, DEPARTMENTAL REPRESENTATIVE REPRESENTED ON BEHALF OF THE REVENUE. 3 . IT WAS SUBMITTED THAT IN BOTH THE CASES OF SHRI NANDA S. NAIQUE COUNTO AND SMT. NUTAN NANDA NAIK COUNTO , THE PROVISIONS OF SECTION 5A OF THE INCOME TAX ACT APPLIED AS THE ASSESSEES WERE GOVERNED BY THE PORTUGUESE CIVIL CODE . IT WAS THE SUBMISSION THAT ALL THE SAID APPEAL S WERE AGAINST REOPENING OF THE ASSESSMENTS . IT WAS THE SUBMISSION THAT FOR THE ASSESSMENT YEARS 2007 - 08, 2009 - 10, THE ORIGINAL ASSESSMENT S WERE PASSED UNDER SECTION 143(3) AND FOR THE ASSESSMENT YEAR S 2010 - 11, 2011 - 12 & 2012 - 13 ONLY INTIMATION UNDER SECTION 143(1) HAD BEEN ISSUED. IT WAS THE SUBMISSION THAT NOTICE UNDER SECTION 148 HAD BEEN ISSUED ON THE ASSESSEE S ON 27/03/2014 . THE ASSESSEE HAD ALSO VIDE LETTER DATED 24/04/2014 RE S PONDED WITH THE REQUEST THAT THE RETURNS FILED ORIGINAL MAY BE TREATED AS RETURNS IN RESPONSE TO TH E NOTICE UNDER SECTION 148 . THE REASONS RECORDED FOR THE PURPOSE OF REOPENING HA VE ALSO BEEN REQUESTED FOR. IT WAS THE SUBMISSION THAT THE REASONS RECORDED WERE PROVIDED TO THE ASSESSEE VIDE LE T TER DATED 07/10/2014 , TO WHICH THE ASSESSEE HAD ALSO FILED HIS OBJECTIONS ON 15/10/2014 . IT WAS THE SUBMISSION THAT THE OBJECTIONS FILED BY THE ASSESSEE HAD NOT BEEN DISPOSED OF , BUT THE ASSESSMENT HAD BEEN COMPLETED. IT WAS THE SUBMISSION THAT IN VIEW OF THE DECISION OF THE COORDINATE BENCH OF THIS TRIBUNAL AT AHMEDABAD IN THE CASE OF SIDDH GIRI DEVELOPERS IN ITA NO. 1384/AHD/2011 , DATED 28/11/2014 WHEREIN THE COORDINATE BENCH OF 3 ITA NO S . 3 - 12 /P A N/201 6 THIS TRIBUNAL BY FOLLOWING THE DECISION OF THE HONBLE GUJARAT HIGH COURT IN THE CASE OF GENERAL MOTORS INDIA P. LTD . REPORTED IN (2013) 354 ITR 244 (GUJ.) HAD QUASHED THE RE ASSESSMENT ORDER , AS THE ASSESSING OFFICER HAD PASSED THE IMPUG N ED RE - ASSESSMENT ORDER WITHOUT DECIDING THE OBJECTIONS OF THE ASSESSEE TO THE NOTICE ISSUED UNDER SECTION 148 IN THE COURSE OF THE RE ASSESSMENT ORDER ITSELF AND NOT BY A SEPARATE ORDER BEFORE PASSING THE ASSESSMENT ORDER . IT WAS THE SUBMISSION THAT IN THE PRESENT CASE, THE ASSESSEE STOOD ON BETTER FOOTING INSOFAR AS THE ASSESSING OFFICER HAS NOT DISPOSED OF THE ASSESSEE S OBJECTIONS AND CONSEQUENTLY, THE ASSESSMENTS WERE LIABLE TO BE QUASHED. IT WAS ALSO THE SUBMISSION THAT THE ORIGINAL ASSESSMENT ORDERS FOR THE ASSESSMENT YEAR S 2007 - 08 & 2009 - 10 HAVE BEEN PASSED UNDER SECTION 143(3) AFTER SCRUTINIZING THE RETURNS AND CALLING FOR AND EXAMINING THE DETAILS IN RESPECT OF THE RETURN. T HE REOPENING FOR THE PURPOSE OF BRINGING TO TAX , THE INTEREST INCOME CREDITED BY THE PARTNERSHIP FIRM IN THE ASSESSEES CAPITAL ACCOUNT, BUT WHICH HAS NOT BEEN RECEIVED BY THE ASSESSEE , AS THE ASSESSEE IS FOLLOWING THE CASH SYSTEM OF ACCOUNTING , WAS A CHANGE OF OPINION INSOFAR AS NO FRESH FACTS OR MATERIAL WAS AV A I L A BL E WITH THE ASSESSING OFFICER AFTER COMPLETION OF THE ORIGINAL ASSESSMENTS UNDER SECTION 143(3) AND CONSEQUENTLY, THE REOP ENING FOR THE ASSESSMENT YEAR S 2007 - 08 & 2009 - 10 WERE LIABLE TO THE QUASH ED IN VIEW OF THE DECISION OF THE HONBLE SUPREME COURT IN THE CASE OF KELVINATOR OF INDIA LTD . REPORTED IN (2010) 320 ITR 561 (SC). IT WAS THE SUBMISSION THAT THE ASSESSING OFFICER DID NOT HAVE ANY TANGIBLE MATERIAL TO COME TO THE CONCLUSION THAT THERE WAS AN ESCAPEMENT OF INCOME. HE DREW OUR ATTENTION TO THE REASONS RECORDED , WHICH ARE EXTRACTED AS FOLLOWS: - REASON FOR RE - OPENIN G ASSESSMENT UNDER SECTION 147 IN THE CASE OF SRI NUTAN NANDA COUNTO FOR THE ASST. YEAR 2007 - 08 . PAN: AAYPNI7O4A DURING THE COURSE OF ASSESSMENT PROCEEDINGS IN THE CASE OF ASSESSEE FOR THE ASST. YEAR 2011 - 12, IT WAS NOTICED FROM THE SUBMISSIONS THAT THE ASSESSEE, MRS. NUTAN C OUNTO WAS NOT DECLARING THE INCOME EARNED AS INTEREST ON CAPITAL FROM M/S. ALCON DEVELOPERS SINCE ASST, YEAR 2007 - 08. S M T. NUTAN NANDA COUNTO AND HER SPOUSE ARE GOVERNED BY PORTUGUESE CIVIL CODE AND CLAIMING BENEFIT OF SECTION 5A. THE CONTENTION OF THE 4 ITA NO S . 3 - 12 /P A N/201 6 ASSESSEE, THA T THEY ARE FOLLOWING CASH METHOD OF ACCOUNTING HAS NOT BEEN ACCEPTED DURING THE SCRUTINY ASSESSM E NTS FOR THE ASS. YEAR 2011 - 12 AND THE MERCANTILE SYSTEM OF ACCOUNTING IS ADOPTED AS PER THE I.T. SECTIONS AND WITH THE SUPPORT OF THE DECISION OF ITAT, NAGP UR IN THE CASE OF DCIT VS. VIJAY KUMAR PATNI REPORTED IN 293 ITR (AT) 54 (NAG). THE POSITION OF THE CAPITAL ACCOUNT OF MR. NANDA S N COUNTO IN M/S. ALC ON DEVELOPERS IS DRAWN AS UNDER: - FINANCIAL YEAR CAPITAL OPENING BALANCE CAPITAL INTRODUCED CAPITAL WITHDRAWN INTEREST ON CAPITAL CREDITED SHARE PROFIT CLOSING BALANCE 2006 - 07 (91,93,825) 1,47,84,534 94,98,990 6,24,000 14,58,574 (18,25,707) SINCE, THE ASSESSEE IS BEING GOVERNED BY PORTUGUESE CIVIL CODE A ND APPORTION THE INCOME OF THE SPOUSE, THE CASE OF THE ASSESSEE SM T. NUTAN NANDA COUNTO IS ALSO REQUIRED TO BE REOPENED TO BRING THE ESCAPED INCOME TO TAX. HENCE TO BRING THE INTEREST ON CAPITAL RECEIVED OF RS. 6,24,000/ - TO TAX, THE CASE REQUIRES TO BE R EOPENE D U/S.147 OF THE I.T. ACT, 1961. 4 . IT WAS THE SUBMISSION THAT THERE WAS NO MENTION OF ANY MATERIAL WHICH HAS GIVEN THE ASSESSING OFFICER REASONS TO COME TO THE CONCLUSION THAT THERE WAS AN ESCAP E MENT OF INCOME FROM ASSESSMENT. IT WAS THE SUBMISSION THAT CONSEQUENTLY, THE REASSESSMENT S WERE LIABLE TO BE QUASHED . IT WAS THE SUBMISSION THAT EVEN ON MERITS, THE ASSESSEE HAD BEEN FOLLOWING THE CASH SYSTEM OF ACCOUNTING. IT WAS THE SUBMISSION THAT RIGHT FROM THE ASSESSMENT YEAR 2001 - 02 TO THE ASSESSMENT YEAR 2007 - 08 , THE ASSESSEE HAD NEGATIVE CAPITAL BALANCE IN THE PARTNERSHIP FIRM . IT WAS THE SUBMISSION THAT THE ASSESSEES WERE FOLL O W I NG CASH SYSTEM OF ACCOUNTING AND THE ASSESSEES , WHEN THEY RECEIVED INTEREST INSOFAR AS THEY WERE ABLE TO DRAW FROM THE PARTNERSHIP FIRM, THE INTEREST COMPONENT , THE ASSESSEE S HAD BEEN OFFERING THE INTEREST INCOME TO TAX. FOR THIS PROPOSITION, HE DREW OUR ATTENTION TO THE STATEMENT OF TOTAL INCOME OF THE ASSESSEE FOR THE ASSESSMENT YEAR 2002 - 03 , WHEREIN THE INTEREST INCOME FROM THE PARTNERSHIP FIRM HAS BEEN OFFERED TO TAX . HE ALSO DREW OUR ATTENTION TO THE RETURNS FOR THE ASSESSMENT YEAR S 2003 - 04 WERE ALSO RECEIVED INTEREST FROM M/S. A LCON DEVELOPERS PARTNERSHIP FIRM , HAS BEEN OFFERED TO TAX. IT WAS THE SUBMISSION THAT 5 ITA NO S . 3 - 12 /P A N/201 6 THE PARTNERSHIP FIRM WAS ALSO CHARGING INTEREST ON THE NEGATIVE CAPITAL BALANCES AND AS THE ASSESSEE S HAVE NOT MADE PAYMENT OF THE SAID INTEREST TO THE PARTNERSHIP FIRM, DEDUCTION ON THE SAME WAS ALSO NOT CLAIMED . IT WAS THE SUBMISSION THAT THIS CONSISTENT METHOD OF ACCOUNTING WAS FOLLOWED BY THE ASSESSEE. IT WAS THE SUBMISSION THAT FOR THE ASSESSMENT YEAR 2011 - 12 , WHEN THE ASSESSMENT WAS BEING DONE IN THE CASE OF SMT. NUTAN NANDA NAIK COUNTO, THE ASSESSING OFFICER TOOK THE VIEW THAT THE INTEREST FROM THE PARTNERSHIP F I RM WAS LIABLE TO BE TAXED IN THE HANDS OF THE PARTNERS INSOFAR AS THE INTEREST HAD BEEN CREDITED TO THE PARTNERS CAPITAL ACCOUNT AND IT WAS AVAILABLE FOR THE PARTNERS TO WITHDRAW THE SAME. FOR THIS PROPOSITION , THE ASSESSING OFFICER HAD RELIED UPON THE DECISION IN THE CASE OF VIJAY KUMAR PATNI OF THE ITAT , NAGPUR BENCH REPORTED IN (2007) 110 TTJ 278 , WHEREIN THE NAGPUR BENCH OF THE ITAT HAD HELD THAT WHEN THE PARTNERSHIP FIRM CREDITS INTEREST ON THE BASIS OF THE AMOUNT STANDING TO THE ACCOUNT OF THE PARTNERS , SUCH AMOUNT ALSO INC L UDES INTEREST ON PROFIT AND PAYABLE FOR THE EARLIER YEARS , THEN THE SAME WAS LIABLE TO THE TREATED INCOME OF THE PARTNERS FOR THE RELEVANT ASSESSMENT YEAR . IT WAS THE SUBMISSION THAT EVEN AFTER APPLYING THE DECISION IN THE CASE OF VIJAY KUMAR PATNI (SUPRA) TO THE ASSESSEE S CASE , WHEN IT CAME TO THE ISSUE OF THE DEBIT OF THE INTEREST IN THE CAPIT A L ACCOUNT OF THE PARTNERS IN THE PARTNERSHIP, THE ASSESSING OFFICER DID NOT GIVE ANY DEDUCTION, BUT WAS SILENT. IT WAS THE SUBMISSION THAT THE ASSESSEE HAS BEEN FOLLOWING THE CONSISTENT M ETHOD OF ACCOUNTING WHICH IS A CASH METHOD AS PER THE PROVISIONS OF SECTION 145 OF THE ACT AND ONLY FOR THE P U RPOSE OF BRINGING TO TAX, THE INTEREST CREDITED TO THE CAPITAL ACCOUNT TO THE PARTNERS WHICH WAS NOT DRAWN BY THE PARTNERS, THE ASSESSING OFFICER HAD APPLIED THE MERCANTILE SYSTEM OF ACCOUNT ING TO THE ASSESSEE AN D WHEN THERE WAS A DEBIT TO THE C A PITAL ACCOUNT OF THE PARTNERS ON ACCOUNT OF INTEREST, THE ASSESSING OFFICER CONTINUED TO A P PLY THE CASH SYSTEM OF ACCOUNTING TO THE ASSESSEES ACCOUNT . IT WAS THE SUBMISSION THAT THE HONBLE RAJASTHAN HIGH COURT IN THE CASE OF V. T.C. LEASING & FINANCE LTD . 6 ITA NO S . 3 - 12 /P A N/201 6 REPORTED IN 323 ITR 514 , HAS CATEGORICALLY EXPLAINED THE CASH AND ACCRUAL BASIS OF ACCOUNTING. IT WAS THE FURTHER SUBMISSION THAT THE HONBLE SUPREME COURT IN THE CASE OF UNITED COMMERCIAL BANK REPORTED IN 240 ITR 355 HAS ALSO CATEGORICALLY HELD THAT THE METHOD FOLLOWED CONSISTE NTLY FOR 30 YEARS AND ACCEPTED BY THE REVENUE , SUCH METHOD WAS VALID AND COULD NOT BE REJECTED. IT WAS THE FURTHER SUBMISSION THAT THE COMMISSIONER OF INCOME TAX (APPEALS) TOOK THE VIEW THAT ONCE INTEREST IS CREDITED BY THE FIRM TO THE PARTNERS ACCOUNT , IT IS AS GOOD AS RECEIVED BY THE PARTNERS AND IT IS ON THE PARTNERS AS WHEN HE WITHDR A WS THE MONEY FROM HIS CAPITAL ACCOUNT. IT WAS THE SUBMISSION TH A T A PERUSAL OF THE BALANCE SHEET OF THE PARTNERSHIP FIRM CLEARLY SHOWS THAT THE SECURED LOANS , UNSECURED LOANS AND INVESTMENTS F A R EX CEED ED THE CAPITAL ACCOUNTS AND CONSEQUENTLY THERE WAS NO WAY THAT THE ASSESSEES COULD HAVE WITHDRAWN FROM THE CAPITAL ACCOUNT. IT WAS THE SUBMISSION THAT IN VIEW OF THE PRINCIP LE OF CONSISTENCY ALSO, NO ADDITION WAS LIABLE TO THE MADE IN THE HANDS OF THE ASSESSEE FOR ANY OF THE ASSESSMENT YEARS . 5. IN REPLY, DEPARTMENTAL REPRESENTATIVE VEHEMENTLY SUPPORTED THE ORDERS OF THE ASSESSING OFFICER AND THE COMMISSIONER OF INCOME TAX (APPEALS). 6 . WE HAVE CONSIDERED THE RIV AL SUBMISSIONS . ADMITTEDLY, A PERUSAL OF THE REASONS RECORDED IN THE PRESENT CASE CLEARLY SHOWS THAT NO FRESH MATERIAL HAS COME TO THE NOTICE OF THE ASSESSING OFFICER FOR THE PUR P OSE OF REOPENING OF THE ASSESSMENT FOR THE ASSESSMENT YEAR S 2007 - 08 & 2009 - 10. IT IS ALSO NOTICED THAT THE ASSESSMENT YEAR 2008 - 09 , WHICH ASSESSMENT YEAR IS NOT IN APPEAL BEFORE US. THE PARTNERSHIP FIRM HAD DEBITED INTEREST TO THE C A PITAL ACCOUNT AND CONSEQUENTLY THE ASSESSING OFFICER HAS NOT INITIATED THE RE - ASSESSMENT PROCEEDINGS . A PERUSAL OF THE REASONS RECORDED SHOWS THAT THE ASSESSING OFFICER HAS REJECTED THE METHOD OF ACCOUNTING IN THE SCRUTINY ASSESSMENT FOR THE ASSESSMENT YEAR 2011 - 12 AND MERCANTILE SYSTEM OF ACCOUNTING IS ADOPTED WITH THE 7 ITA NO S . 3 - 12 /P A N/201 6 SUPPORT OF THE DECISIO N OF THE ITAT, NAGPUR BENCH IN THE CASE OF VIJAY KUMAR PATNI (SUPRA) . THESE REASONS DID NOT TALK OF ANY FRESH MATERIAL COMING TO THE NOTICE OR POSSESSION OF THE ASSESSING OFFICER. IN FACT, A PERUSAL OF THESE REASONS FOR REOPENING AND THE NON - REOPENING OF THE ASSESSMENT FOR THE ASSESSMENT YEAR 2008 - 09 CLEARLY GO COUNTER TO EACH OTHER. THIS BEING SO, WE HAVE NO HESITATION IN HO L DING THAT THE SAID REOPENING IS ONLY ON THE BASIS OF CHANGE OF OPINION AND CONSEQUENTLY QUASH THE REOPENING FOR THE ASSESSMENT YEAR 2007 - 08 & 2009 - 10 . 7 . IN RESPECT OF APPEALS FOR THE ASSESSMENT YEAR S 2010 - 11, 2011 - 12 & 2012 - 13 , WE ARE NOT GOING INTO THE ISSUE OF REOPENING AND AS TO WHETHER INTIMATION UNDER SECTION 143(1) IS AN ASSESSMENT ORDER , AFTER WHICH , REASONS CAN BE RECORDED AND WHETHER THE SAME WOULD BE A CHANGE OF OPINION . O N MERITS ITSELF , THE ASSESSEE HAS BEEN FOLLOWING CONSISTENTLY A METHOD OF ACCOUNTING AND THIS METHOD OF ACCOUNTING HAS BEEN ACCEPTED BY THE REVENUE RIGHT FROM THE BEGINNING AND E VEN AFTER THE REASSESSMENT PROCEEDINGS HAD BEEN INITIATED INSOFAR AS NO RE ASSESSMENT HAS BEEN INITIATED FOR THE ASSESSMENT YEAR 2008 - 09 . T HUS , THE METHOD OF ACCOUNTING FOLLOWED BY THE ASSESSEE IS AN ACCEPT ABLE METHOD OF ACCOUNTING, WHICH CANNOT BE TINKERED WITH NOR MODIFIED JUST BECAUSE THERE IS OR COULD BE SHIFTING OF TAX FROM ONE YEAR TO ANOTHER. THIS IS NOT A CASE WHERE INCOME IN THE FORM OF INTEREST CREDITED TO THE CAPITAL ACCOUNT OF THE P ARTNE R S BY THE PARTNERSHIP FIRM HAS OR WOULD ESCAPE THE TAXATION NET NOR IS IT A CASE WHERE THE ASSESSEES ARE ATTEMPTING TO EVADE THE LEVY OF TAX ON ANY PORTION OF THEIR INCOME BY CONCEALING THE SAME. IN THE PRESENT CASE , IN VIEW OF THE DECIS ION OF THE HONBLE SUPREME COURT IN THE CASE OF UNITED COMMERC I AL BA NK (SUPRA) , THE MET H OD FOLLOWED CONSISTENTLY BY THE ASSESSEE RIGHT FROM THE BEGINNING AND WHICH HAS BEEN A C CEPTED BY THE REVENUE AND IS A METHOD RECOGNIZED UNDER SECTION 145 OF THE INCOME TAX ACT, AND IS VALID METHOD, THE SAME CANNOT BE REJECTED. IN THESE CIRCUMSTANCES , THE ADDITIONS MADE BY THE ASSESSING OFFICER AND HAS 8 ITA NO S . 3 - 12 /P A N/201 6 CONFIRMED BY THE COMMISSIONER OF INCOME TAX (APPEALS) STAND DELETED ON MERITS. 8 . IN THE RESULT, APPEAL S OF THE ASSESSEES ARE ALLOWED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON THURSDAY , THE 1 2 TH DAY OF MAY , 201 6 AT GOA . S D / - S D / - (N.S.SAINI) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 1 2 TH MAY , 201 6 . VR/ - COPY TO: 1 . THE ASSESSEE. A) SHRI NANDA S. NAIQUE COUNTO B) SMT. NUTAN NANDA NAIK COUNTO 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A) 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI