Gujarat Road and Infrastructure Co.Ltd., Ahmedabad V. The Income tax Officer, GNR Ward-1, Gandhinagar

ITA 412/AHD/2008

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 0343 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 6 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-08-2010
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 12-08-2010
• Assessment Year: 2004-2005
• Appeal Filed On: 05-02-2008
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ALOK JOHRI SRDR
• Assessee Lawyers: DILIP LAKHANI
• Keywords: Depreciation; Assessment record; Unabsorbed depreciation; Set aside
• Section: 43B; 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH B AHMEDABAD BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER, AND SHRI D. C. AGRAWAL, ACCOUNTANT MEMBER ITA NO.412/AHD/2008 ASSESSMENT YEAR :2004-05 DATE OF HEARING:12.8.10 DRAFTED:13.8.10 GUJARAT ROAD & INFRASTRUCTURE CO. LTD. (FORMERLY KNOWN AS GUJARATTOLL ROAD INVESTMENT CO. LTD.), 301, SHAPATH, OPP.RAJPATH CLUB, BODAKDEV, AHMEDABAD-380 015 PAN NO.AABCG9747N V/S . INCOME TAX OFFICER, OSD, GANDHINAGAR (APPELLANT) .. (RESPONDENT) APPELLANT BY :- SHRI DILIP LAKHANI, AR RESPONDENT BY:- SHRI ALOK JOHRI, SR-DR O R D E R PER MAHAVIR SINGH, JUDICIAL MEMBER:- THIS APPEAL BY THE ASSESSEE IS ARISING OUT OF THE ORDER OF COMMISSIONER OF INCOME-TAX (APPEALS)- GANDHINAGAR, IN APPEAL NO. CI T(A)/GNR/177/2006-07 DATED 01-11-2007. THE ASSESSMENT WAS FRAMED ITO OSD, GAND HINAGAR VIDE HIS ORDER DATED 08-12-2006 U/S.143(3) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) FOR ASSESSMENT YEAR 2004-05. 2. THE FIRST ISSUE IN THIS APPEAL OF ASSESSEE IS AG AINST THE ORDER OF CIT(A) IN CONFIRMING THE DISALLOWANCE OF INTEREST OF DEEP DIS COUNT BOND PAYMENT AMOUNTING TO RS.4,31,42,567/-. FOR THIS, ASSESSEE HAS RAISED THE FOLLOWING CONCISE GROUND :- ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE THE APPELLANT PRAYS THAT DEDUCTION TO BE ALLOWED IN RESPECT OF RS.4,31,42,56 7/- BEING INCOME ON DEEP DISCOUNT BOND. 3. AT THE OUTSET THE LD. COUNSEL FOR THE ASSESSEE, SHRI DILIP LAKHANI STATED THAT THE ISSUE OF DISALLOWANCE OF INTEREST ON DEEP DISCO UNT BOND BEING PROVISION FOR ITA NO.412/AHD/2008 A.Y. 2004-05 GUJARAT ROAD & INFRASTRUCTURE CO .LTD. V. ITO OSD, GNG PAGE 2 INTEREST U/S.43B OF THE ACT WAS DISALLOWED BY ASSES SING OFFICER AND CONFIRMED BY CIT(A), BUT THIS ISSUE IS SQUARELY COVERED IN FAVOU R OF THE ASSESSEE AND AGAINST THE REVENUE BY THE TRIBUNALS DECISION IN ASSESSEES OW N CASE IN ITA NO.2901/AHD/2006 FOR ASSESSMENT YEAR 2003-04 VIDE ORDER DATED 15-05 -2009 IN GUJARAT TOLL ROAD INVESTMENT CO. LTD. V. ACIT, WHEREIN THE TRIBUNAL VIDE PARA-12 TO 24 AFTER DISCUSSING THE FACTS, ALLOWED THE CLAIM OF TH E ASSESSEE VIDE PARA-25 AS UNDER:- 25. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSE D THE ORDERS OF THE LOWER AUTHORITIES AND THE MATERIALS ON RECORD. IN THIS CA SE THE ASSESSEE IS A PUBLIC LIMITED COMPANY ENGAGED IN THE BUSINESS OF PROVIDIN G INFRASTRUCTURE FACILITY. FORMERLY THE ASSESSEE COMPANY WAS KNOWN AS VADODRA HALOL TOLL ROAD COMPANY LIMITED NOW MERGED WITH GUJARAT TOLL ROAD I NVESTMENT COMPANY LIMITED. ASSESSEE HAS ISSUED DEEP DISCOUNT BONDS OF RS.30 CRORES IN THE YEAR 2000 WHICH WERE SUBSCRIBED BY THREE CLASSES OF PERSONS NAMELY MUTUAL FUNDS, PUBLIC FINANCIAL INSTITUTIONS AND SCHEDULED BANKS. THE ASSESSEE HAS CLAIMED DEDUCTION OF RS.6,08,03,230/- AS INTEREST A CCRUED ON THE ABOVE BONDS FOR A.Y. 2003-04. THE ASSESSING OFFICER WAS O F THE VIEW THAT AS THIS INTER4EST WAS PAYABLE ONLY ON COMPLETION OF FULL DU RATION OF DEEP DISCOUNT BONDS AND AS NO INTEREST, IN FACT, WAS PAID DURING THE YEAR, THEREFORE PROVISIONS OF SECTION 43B OF THE I.T. ACT, 1961 WAS ATTRACTED IN THE INSTANT CASE AND IN THIS VIEW OF THE MATTER INTEREST OF RS. 6,08,03,230/- CLAIMED BY THE ASSESSEE IS NOT ALLOWABLE U/S.43B OF THE INCOME TAX ACT, 1961. THE LD. CIT(APPEALS) CONFIRMED THE ABOVE DISALLOWANCE, HOWE VER, ON A DIFFERENT GROUND, I.E. IN HIS OPINION, AS THE INTEREST WAS DU E FOR PAYMENT ONLY ON MATURITY OF THE BONDS, ON INTEREST EXPENDITURE ACCR UED DURING THE YEAR AND, THEREFORE, THE SAME IS NOT ALLOWABLE TO THE ASSESSE E. WE FIND THAT IT IS NOT IN DISPUTE THAT THE ASSESSEE IS CONSISTENTLY FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING. THEREFORE, IN OUR CONSIDERED OPINION, I F ANY EXPENDITURE HAS NOT FALLEN DUE FOR PAYMENT, BUT FOR WHICH A LIABILITY H AS BEEN ACCRUED IS TO BE ALLOWED IN COMPUTING THE INCOME OF THE ASSESSEE. IN THE INSTANT CASE, IT IS NOT IN DISPUTE THAT DEEP DISCOUNT BONDS WERE ISSUED FOR A PERIOD OF MORE THAN ONE YEAR. THE DIFFERENCE AMOUNT PAYABLE ON MATURITY IS NOTHING BUT INTEREST FOR THE FULL PERIOD, I.E. FROM THE DATE OF THE ISSU E OF THE BOND TO THE DATE OF THE MATURITY OF THE BOND. ABOVE VIEW ALSO FINDS SUPPORT FROM THE VIEW EXPRESSED BY THE CBDT IN ITS CIRCULAR NO.2/2002 DATED 16/02/2002. THUS, IT CANNOT BE HELD THAT NO INTEREST WAS ACCRUED FOR THE YEAR UNDE R CONSIDERATION ON BONDS AS THE YEAR UNDER CONSIDERATION IS A YEAR BETWEEN T HE DATE OF THE ISSUE OF THE BONDS AND THE DATE OF THE MATURITY OF THE BONDS. TH US, THE INTEREST WHICH HAS BEEN ACCRUED FOR THE YEAR UNDER CONSIDERATION, EVEN THOUGH IS NOT PAYABLE DURING THE YEAR UNDER CONSIDERATION, BUT IS PAYABLE ON SOME LATER DATE, BUT IS STILL ALLOWABLE TO THE ASSESSEE IN VIEW OF THE MERC ANTILE SYSTEM OF ACCOUNTING FOLLOWED BY THE ASSESSEE. FURTHER, WE ALSO FIND THA T PROVISIONS OF SECTION 43B OF THE INCOME TAX ACT, 1961 ARE NOT ATTRACTED IN TH E INSTANCE CASE. FIRSTLY, SECTION 43B OF THE INCOME TAX ACT, 1961 IS NOT APPL ICABLE IN THE CASE OF ANY INTEREST PAYABLE TO A MUTUAL FUND. FURTHER, IN CASE OF FINANCIAL INSTITUTIONS SECTION 43B(D) OF THE INCOME TAX ACT, 1961 GETS ATT RACTED ONLY WHEN SUCH INTEREST IS PAYABLE ON ANY LOANS OR BORROWINGS. IN THE INSTANT CASE, THE INTEREST ITA NO.412/AHD/2008 A.Y. 2004-05 GUJARAT ROAD & INFRASTRUCTURE CO .LTD. V. ITO OSD, GNG PAGE 3 IS PAYABLE IN RESPECT OF AMOUNTS DEPOSITED BY FINAN CIAL INSTITUTIONS WITH THE ASSESSEE BY SUBSCRIBING TO THE BONDS ISSUED BY THE ASSESSEE. THE INTEREST IS PAYABLE IN RESPECT OF CERTAIN DEPOSITS RECEIVED BY THE ASSESSEE AND NOT IN RESPECT OF ANY LOANS, ADVANCES OR BORROWINGS MADE B Y THE ASSESSEE. FOR THE SAME REASON, CLAUSE(E) OF SECTION 43B RELATING TO L OANS AND ADVANCES FROM A SCHEDULED BANK IS ALSO NOT APPLICABLE IN THE INSTAN T CASE. IN THE ABOVE CIRCUMSTANCES, IN OUR CONSIDERED VIEW, NEITHER THE ASSESSING OFFICER WAS JUSTIFIED IN DISALLOWING THE DEDUCTION CLAIMED FOR PROVISION MADE IN RESPECT OF INTEREST ACCRUED, BUT NOT DUE ON THE DEEP DISCOUNT BONDS ISSUED BY THE ASSESSEE NOR THE LD. CIT(APPEALS) WAS JUSTIFIED IN CONFIRMING SUCH DISALLOWANCE. IT IS OBSERVED THAT THE AMOUNT OF PRO VISION MADE BY THE ASSESSEE IN RESPECT OF INTEREST ACCRUED ON BONDS IS NOT IN DISPUTE AS EXCESSIVE OR NOT RELATING TO THE YEAR UNDER CONSIDE RATION. WE, THEREFORE, DELETED THE DISALLOWANCE OF RS.6,08,03,230/- IN RES PECT OF PROVISIONS MADE FOR INTEREST IN RESPECT OF DEEP DISCOUNT BONDS. HENCE, THESE GROUNDS OF APPEAL OF THE ASSESSEE ARE ALLOWED. 4. ON QUERY FROM THE BENCH, LD.CIT-DR, SHRI ALOK JH ORI CONCEDED THE POSITION THAT THE FACTS ARE EXACTLY IDENTICAL IN THE PRESENT YEAR AS WERE IN THE IMMEDIATE PRECEDING YEAR IN ASSESSEES OWN CASE BEFORE THE TR IBUNAL. BUT THE LD. CIT-DR SUPPORTED THE ORDER OF LOWER AUTHORITIES. 5. WE FIND THAT THE ISSUE IS SQUARELY COVERED IN FA VOUR OF THE ASSESSEE AND AGAINST THE REVENUE AS THE CIT(A) HAS RELIED ON THE ASSESSMENT OF ASSESSMENT YEAR 2003-04. THE RELEVANT FINDINGS OF CIT(A) IN PARA-4.3 AND 4.3.1 OF HIS APPELLATE ORDER READS AS UNDER:- 4.3 THE MATTER HAS BEEN GIVEN DUE CONSIDERATION. I T IS SEEN THAT A SIMILAR ISSUE HAD ARISEN FOR ASSESSMENT YEAR 2003-04 ALSO I N THE AMALGAMATED COMPANY M/S. VHTRL. THE APPELLANTS LINE OF ARGUMEN T AS WELL AS THE ASSESSING OFFICERS ACTION IN THE ASSESSMENT ORDER WAS ON SIMILAR LINES FOR PRESENT ASSESSMENT YEAR. IT IS SEEN THAT THE CIT(A) VIDE HIS ORDER DATED 03/10/2006 IN APPEAL NO. CIT(A)/GNR/44/2006-07 HAS UPHELD THE ACTION OF THE ASSESSING OFFICER AND CONFIRMED THE DISALLOWAN CE MADE. THE APPELLANT IS IN ITAT FOR FURTHER ADJUDICATION. 4.3.1 IN VIEW OF THE FACT THAT THE SIMILAR ISSUE FO R ASSESSMENT YEAR 2003-04 HAS BEEN DECIDED AGAINST THE APPELLANT, KEEPING THE JUDICIAL DISCIPLINE IN VIEW, ON THE SAME SET OF FACT, I AM INCLINED TO FOLLOW TH E SAME DECISION FOR THIS ASSESSMENT ALSO. HENCE, THE DISALLOWANCE OF RS.4,31 ,42,567/- IS UPHELD. WE FIND THAT THE ISSUE IS SQUARELY COVERED IN FAVOU R OF ASSESSEE AND AGAINST THE REVENUE BY THE TRIBUNAL IN ASSESSEES OWN CASE (SUP RA), RESPECTFULLY FOLLOWING THE SAME, WE DELETE THE DISALLOWANCE AND ALLOW THE ISSU E OF THE ASSESSEES APPEAL. ITA NO.412/AHD/2008 A.Y. 2004-05 GUJARAT ROAD & INFRASTRUCTURE CO .LTD. V. ITO OSD, GNG PAGE 4 6. THE NEXT ISSUE IN THIS APPEAL OF ASSESSEE IS AGA INST THE ORDER OF CIT(A) IN DISALLOWING THE LOSS OF RS.36,37,386/- AND RESTRICT ING THE REVISED LOSS TO BE CARRIED FORWARD AT RS.19,28,44,156/-. FOR THIS, ASSESSEE HA S RAISED THE FOLLOWING EFFECTIVE GROUNDS :- 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E THE APPELLANT PRAYS THAT CURRENT YEAR LOSS BE DETERMINED AT RS.33,44,32 ,520/-. 3.ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE THE DOUBLE DEDUCTION MADE BY THE LD. A.O. WHICH DETERMINING THE LOSS FOR AY 2004-05 BE DELETED. 4. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E THE CARRY FORWARD BUSINESS LOSS AND UNABSORBED DEPRECIATION CLAIMED B Y THE APPELLANT FOR AY 2001-02 TO AY 2004-05 BE ALLOWED TO BE CARRIED F ORWARD. 7. AT THE OUTSET LD. COUNSEL FOR THE ASSESSEE STATE D THAT THE TRIBUNAL IN ASSESSMENT YEAR 2003-04 HAS ALREADY DELETED THE DIS ALLOWANCE OF RS.6,08,03,230/- AS NOTED IN FIRST ISSUE AND THE TRIBUNAL FURTHER IN ITA NO.411/AHD/2008 FOR ASSESSMENT YEAR 2004-05 IN THE CASE OF GUJARAT ROAD AND INFRASTRUCTURE CO. LTD. V. ITO VIDE ORDER DATED 18-06-2010, FOLLOWING THE DECISIO N OF ASSESSMENT YEAR 2003-04 HAS ALREADY DELETED THE DISALLOWANCE OF RS.3,52,10, 068/-. ACCORDINGLY, LD. COUNSEL FOR THE ASSESSEE REFERRED TO THE DISALLOWANCE AND L OSS NOT CARRY FORWARD WORKED OUT BY ASSESSING OFFICER IN PARA-4.3 AND 5 , WHICH READS AS UNDER:- THE SAME IS WORKED OUT AS UNDER: SR. AY NATURE OF LOSS AMOUNT AS RETURNED COMPANY DISALLOWED INTEREST U/S.43B AMOUNTS ALLOWED TO BE C/F 1 03-04 BUSINESS LOSS 156,364,901 VHTRL 60803230 95,5 61,671 2 04-05 BUSINESS LOSS 87,256,644 VHTRL 35210068 52, 046,576 3 04-05 UNABSORBED DEPRE. 60,026,183 VHTRL - - 60,026,183 4. 03-04 BUSINESS LOSS 12,333,267 AMTRL - - 12 ,333,267 5 04-05 BUSINESS LOSS 67,526,287 ANTRL 11920423 55 ,605,864 6 04-05 UNABSORBED DEPRE. 147,312,109 AMTRL - - 147,312,109 5. AS DISCUSSED ABOVE THE INCOME OF THE ASSESSEE CO MPANY IS RECOMPUTED AS UNDER:- INCOME FROM BUSINESS & PROFESSION: INCOME AS PER STATEMENT OF INCOME (LOSS) RS.(339,9 32,520) ADD: DISALLOWABLE U/S.43 B AS DISCUSSED IN PARA 3 ABOVE RS. 43142567 REVISED TOTAL LOSS TO BE C/F FOR THE PERIOD 03.09.2003 AND ONWARDS RS. (296789953) ADD: RESTRICTED LOSS AS DISCUSSED IN PARA 4 RS. 43142567 ABOVE FOR AY 04-05, NOT REFLECTED IN THE ACCOUNTS ITA NO.412/AHD/2008 A.Y. 2004-05 GUJARAT ROAD & INFRASTRUCTURE CO .LTD. V. ITO OSD, GNG PAGE 5 OF THE COMPANY. (TOTAL OF SR. NO. 2 & 5 OF TABLE IN PARA 4.3) ADD: RESTRICTED LOSS AS DISCUSSED IN PARA 4 ABOVE RS. 253647386 FOR AY 03-04, NOT REFLECTED IN THE ACCOUNTS OF THE COMPANY. (SR. NO 2 OF TABLE IN PARA 4.3) REVISED LOSS TO BE C/F. RS. 60803230 (192844156) 8. IN VIEW OF THE ABOVE FACTS, THE LD. COUNSEL FOR THE ASSESSEE STATED THAT CIT(A) ERRED IN SETTING ASIDE THE ISSUE OF CARRY FORWARD O F BUSINESS LOSS AND UNABSORBED DEPRECIATION TO THE AO. AND STATED THAT THE ISSUE B EFORE THE CIT(A) WAS ONLY IN RESPECT A.YS. 2001-02 AND 2002-03 OF UNABSORBED DEP RECIATION AND UNABSORBED BUSINESS LOSS AND IN RESPECT OF A.Y. 2003-04 OF UNA BSORBED DEPRECIATION BUT THE TRIBUNAL HAS NOW ACCEPTED THE CLAIM OF THE ASSESSEE IN ASSESSMENT YEARS 2003-04 AND 2004-05. ON THE FACTS & CIRCUMSTANCES OF THE CA SE, THE LD. COUNSEL FOR THE ASSESSEE PRAYED THAT THEY ARE ENTITLED TO CARRY FOR WARD OF BUSINESS LOSS OF VADODARA HALOL TOLL ROAD CO. LTD. FOR A.Y. 2001-02 AND 2002- 03 AMOUNTING TO RS.5,70,33,633/- AND RS.14,54,13,017/- AND FURTHER ENTITLED TO CARRY FORWARD OF UNABSORBED DEPRECIATION OF VADODARA HALOL TOLL ROAD CO. LTD. FOR A.Y. 2001-02, 2002-03 AND 2003-04 AMOUNTING TO RS.7,89,71,762/-, RS.14,98,33,673/- AND RS.13,38,20,861/- RESPECTIVELY. FURTHERMORE, HE PRA YED THAT THEY ARE ENTITLED TO CARRY FORWARD OF UNABSORBED DEPRECIATION OF AHMEDABAD MEH SANA TOLL ROAD CO. LTD. FOR A.Y. 2003-04 AMOUNTING TO RS.15,24,78,566/-. THE LD . COUNSEL FOR THE ASSESSEE ALSO FILED COPY OF CHART OF THE STATUS OF CARRY FORWARD LOSS AND UNABSORBED DEPRECIATION, WHICH IS AS UNDER:- A.Y. BUSINESS LOSS DEPRECIATIO N NAME OF THE COMPA NY AMOUNT CLAIMED BY ASSESSEE DISALLOWANCE OF EXPENSE AMOUNT TO BE ALLOWED. CLAIMED ACCEPTED BY AO CLAIMED REJECTED BY AO 01- 02 5,70,33,633 - - VHTRL 5,70,33,633 - - 5,70,33,633 - - 5,70.33. 633 01- 02 - - 7,89,71,76 2 VHTRL 7,89,71,762 - - 7,89,71,762 - - 7,89,71, 762 02- 03 14,54,13,01 7 - - VHTRL 14,54,13,01 7 - - 14,54,13,017 - - 14,54,13 ,017 02- 03 - - 14,98,33,6 73 VHTRL 14,98,33,67 3 - - 14,98,33,673 - - 14,98,33 ,673 03- 04 15,63,64,90 1 -- VHTRL 15,63,64,90 1 6,08,03,230 9,55,61,671 9,55,61,671 - - 03- 04 - - 13,38,20,8 61 VHTRL 13,38,20,86 1 - - 13,38,20,861 - - 13,38,20 ,861 ITA NO.412/AHD/2008 A.Y. 2004-05 GUJARAT ROAD & INFRASTRUCTURE CO .LTD. V. ITO OSD, GNG PAGE 6 04- 05 8,72,56,644 - - VHTRL 8,72,56,644 3,52,10,068 5,20 ,46,576 5,20,46,576 - - 04- 05 - - 6,00,26,18 3 VHTRL 6,00,26,183 - - 6,00,26,183 6,00,26,183 - - 03- 04 1,23,33,267 - - AMTR L 1,23,33,267 - - 1,23,33,267 1,23,33,267 - - 03- 04 - - 15,24,78,5 66 AMTR L 15,24,78,56 6 - - 15,24,78,566 - - 15,24,78 ,566 04- 05 6,75,26,287 - - AMTR L 6,75,26,287 1,19,20,423 * 5,56,05,865\4 5,56,05,864 - - 04- 05 - - 14,73,12,1 09 AMTR L 14,73,12,10 9 - - 14,73,12,109 14,73,12,109 - - 04- 05 13,25,94,22 8 - - GTRIL 13,25,94,22 8 4,31,42,567 8,94,51,661 8,94,51,661 - - 04- 05 - - 20,77,85,6 28 GTRIL 20,77,85,62 8 20,77,85,628 20,77,85,628 - - 9. ON THE OTHER HAND, THE LD. CIT-DR HAS NOT OBJECT ED TO THE CARRY FORWARD OF LOSS AND UNABSORBED DEPRECIATION BUT REQUESTED THAT THE ISSUE MAY BE SET ASIDE TO THE FILE OF ASSESSING OFFICER WITH A DIRECTION THAT ON PRINCIPLE THE ISSUE IS ALLOWABLE BUT SUBJECT TO VERIFICATION OF COMPUTATION. 10. AFTER HEARING THE RIVAL CONTENTIONS AND GOING T HROUGH THE FACTS AND CIRCUMSTANCES OF THE CASE, WE FIND THAT PRINCIPALLY THE ISSUE OF CARRY FORWARD OF LOSS AND UNABSORBED DEPRECIATION IN VIEW OF THE TRIBUNAL S DECISION FOR ASSESSMENT YEARS 2003-04 & 2004-05, THE ISSUE IS ALLOWABLE. BUT THE FACTS AND FIGURES REQUIRES VERIFICATION FROM ASSESSMENT RECORDS, ACCORDINGLY W E DIRECT THE ASSESSING OFFICER TO RE-COMPUTE THE CARRY FORWARD LOSS AND UNABSORBED DE PRECIATION AND DECIDE ACCORDINGLY. THIS ISSUE OF THE ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. 11. IN THE RESULT, ASSESSEES APPEAL IS PARTLY ALLOWED AS INDICATED ABOVE. ORDER PRONOUNCED IN OPEN COURT ON 12/08 /2010 SD/- SD/- (D.C.AGRAWAL) (MAHAVIR SINGH) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) AHMEDABAD, DATED : 12/08/2010 ITA NO.412/AHD/2008 A.Y. 2004-05 GUJARAT ROAD & INFRASTRUCTURE CO .LTD. V. ITO OSD, GNG PAGE 7 *DKP COPY OF THE ORDER FORWARDED TO :- 1. THE ASSESSEE. 2. THE REVENUE. 3. THE CIT(APPEALS)-GNG 4. THE CIT CONCERNS. 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER, /TRUE COPY/ DEPUTY / ASSTT.REGISTRAR ITAT, AHMEDABAD