ACIT, CC-XXIII, Kolkata, Kolkata V. Sardar Jodh Singh, Kolkata

ITA 412/KOL/2011

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 99888 (ITAT-KOLKATA)
• Duration Of Justice: 4 year(s) 7 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-10-2015
• Appeal Filed By: Department
• Bench Allotted: C
• Next Hearing Date: 07-09-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 10-03-2011
• Court: TRIBUNAL
• Department Lawyers: S S ALAM
• Assessee Lawyers: S L KOCHAR
• Keywords: Gift; Document seized; Documents seized
• Section: 143(3); 131; 132

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: KOL KATA [BEFORE SHRI MAHAVIR SINGH, JM & SHRI M. BALAGANES H, AM] I.T.A NO.328/KOL/2011 ASSESSMENT YEAR: 2007-08 SARDAR JODH SINGH VS. ASSISTANT COMMISSIONER OF INCOME-TAX, (PAN: AJVPS5033M) CENTRAL CIRCLE-XXIII, KOLKATA. ( APPELLANT ) ( RESPONDENT ) & I.T.A NO.412/KOL/2011 ASSESSMENT YEAR: 2007-08 ASSISTANT COMMISSIONER OF INCOME-TAX VS. SARDAR JO DH SINGH CENTRAL CIRCLE-XXIII, KOLKATA. (APPELLANT) (RESPONDENT) DATE OF HEARING: 07.09.2015 DATE OF PRONOUNCEMENT: 16.10.2015 FOR THE ASSESSEE: S/SHRI ANIL KOCHAR & S. L. KOCHAR , ADVOCATES FOR THE ASSESSEE: SHRI S. S. ALAM, JCIT ORDER PER SHRI MAHAVIR SINGH, JM: BOTH THESE CROSS APPEALS BY ASSESSEE AND REVENUE AR E ARISING OUT OF ORDER OF CIT(A), CENTRAL-III, KOLKATA IN APPEAL NO. 291/CC-X XIII/CIT(A)/C-III/08-09 DATED 27.12.2010. ASSESSMENT WAS FRAMED BY ACIT, CC-XXII I, KOLKATA U/S. 143(3) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER REFERRED TO AS T HE ACT) FOR AY 2007-08 VIDE ITS ORDER DATED 31.12.2008. 2. THE FIRST COMMON ISSUE IN THESE CROSS APPEALS IS AS REGARDS TO THE ORDER OF CIT(A) IN RESTRICTING THE ADDITION AT RS.29,66,465/ - AS AGAINST THE ADDITION MADE BY CIT(A) AT RS.95 LACS. FOR THIS, ASSESSEE HAS RAISE D FOLLOWING GROUND NO.1 AND REVENUE HAS ALSO RAISED FOLLOWING GROUND NO.1: ASSESSEES GROUND: 1. FOR THAT IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) ERRED IN CONFIRMING ADDITION OF RS.29,66,465/- ON THE ALLEGED GROUNDS. REVENUES GROUND: 1. IN THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN L AW THE LD. CIT(A) HAS ERRED IN SUSTAINING THE ADDITION MADE FOR RS.95,00,000/- UPT O RS.29,66,465/- ONLY ON ACCOUNT OF UNDISCLOSED INCOME INCLUDED IN THE RETURNED INCO ME FALLING SHORT OF THE 2 ITA NO.328/K/2011 & 412/K/2011 SARDAR JODH SINGH AY 2007-08 UNDISCLOSED INCOME ADMITTED IN THE STATEMENT GIVEN U/S. 132(4) OF THE ACT DURING SEARCH. 3. BRIEFLY STATED FACTS ARE THAT A SEARCH U/S. 132 OF THE ACT WAS CARRIED OUT ON THE RESIDENCE AND BUSINESS PREMISES OF THE ASSESSEE ON 16.11.2006. DURING THE COURSE OF SEARCH, A STATEMENT OF ASSESSEE WAS RECORDED U/S. 1 31 ON 09.01.2007 AND IN REPLY TO QUESTION NO. 5 ASSESSEE STATED THAT GROUP HAS ESTIM ATED UNDISCLOSED INCOME AT RS.5 CR. AND HE OFFERED THE SAME FOR TAXATION, WHICH INCLUDE S CASH OF RS. 70 LACS SEIZED FROM BANK LOCKER NO. 187 MAINTAINED WITH PUNJAB & SIND B ANK, DUNLOP BRANCH ON 03.01.2007. THE ASSESSEE HAS MADE DISCLOSURE OF AN AMOUNT OF RS.4.05 CR. IN ITS RETURN OF INCOME BUT NATURE AND BREAKUP OF THE DISCLOSURE OF RS.4,01,20,000/- PERTAINING TO AY 2007-08 WAS NOT GIVEN. THE AO RECORDED THE DISC LOSURE AS UNDER: ASSESSMENT YEAR AMOUNT NATURE OF UNDISCLOSED INCOME 2000-01 RS. 40,000/ - DEPOSIT IN R.D. A/C OF GRANDSONS 2001-02 RS.1,20,000/ - -DO- 2002-03 RS.1,00,000/ - -DO- 2003-04 RS.1,10,000/ - -DO- 2004-05 RS.10,000/ - DEPOSIT IN S.B. A/C OF GRANDSONS 2007-08 RS.4,01,20,000/ - NATURE & BREAK UP NOT SUBMITTED. ACCORDING TO AO, THE ASSESSEE HAS MADE DISCLOSURE O F RS. 5 CR. IN ITS DEPOSITION DATED 09.01.2007 BUT HE DELIBERATELY DISCLOSED THE INCOME AT RS.4.05 CR. AND ACCORDINGLY, HE MADE FURTHER ADDITION OF RS.95 LACS ON THIS ISSUE. AGGRIEVED, THE ASSESSEE PREFERRED APPEAL BEFORE CIT(A), WHO CONFIRMED THE ADDITION OF RS.29,66,465/- BEING THE VALUE OF EXCESS STOCK OF CATTLE FEED FOUND AT THE GODOWN OF JSIS AGRO PVT. LTD. AND DELETED THE BALANCE ADDITION BY OBSERVING IN PARA 3.2 AND P ARA 4 AS UNDER: 3.2. I HAVE CAREFULLY CONSIDERED THE SUBMISSION OF THE APPELLANT AND PERUSED THE ORDER. THE FACTS OF THE CASE ARE BRIEFLY DELINEATED IN PARA 2 AND 5 OF THE SUBMISSION. FROM THE ASSESSMENT ORDER IT IS SEEN THAT THE APPEL LANT, IN HIS RECORDED U/S. 131 ON 09/01/2007, ADMITTED UNDISCLOSED INCOME OF RS.5 CRO RE FOR DIFFERENT ASSESSMENT YEARS INCLUDING THE IMPUGNED ASSESSMENT YEW. HOWEVER, A FTER ANALYSING ALL THE ENTRIES FROM THE DOCUMENTS FOUND AND SEIZED FROM HIS PREMIS ES, THE APPELLANT COULD DETERMINE TOTAL UNDISCLOSED INCOME AT RS. 4,05,00,000/- OUT OF WHICH RS. 4,01,20,000/- PERTAINED TO THE IMPUGNED ASSESSMENT YEAR AND THE EXACT FILED A RETURN OF INCOME ACCORDINGLY. IT IS NOT POSSIBLE FOR ANY PERSON TO DETERMINE FIGU RE OF INCOME FROM THE VOLUMINOUS DOCUMENTS FOUND DURING THE SEARCH OPERATION WITHIN A TIME OF FEW HOURS ONLY. SUCH INCOME CAN ONLY BE ESTIMATED IN A FEW HOURS AVAILAB LE DURING THE SEARCH OPERATION. THIS IS EVIDENT FROM THE FACT THAT THE DISCLOSURE W AS MADE BY THE APPELLANT IN A ROUND FIGURE OF RS.5 CRORE FOR DIFFERENT ASSESSMENT YEARS . IT IS VERY MUCH POSSIBLE THAT ON A TOTAL ANALYSIS OF THE DOCUMENTS FOUND AND SEIZED TH E ESTIMATED UNDISCLOSED INCOME MAY VARY UPWARDS OR DOWNWARDS. THE AMOUNT OF UNDIS CLOSED INCOME SHOWN IN THE RETURN SHOULD NOT BE DOUBTED ONLY ON THE GROUND THA T THE APPELLANT DISCLOSED A HIGHER AMOUNT DURING THE SEARCH. IF THE SITUATION HAD BEE N REVERSED AND THE APPELLANT 3 ITA NO.328/K/2011 & 412/K/2011 SARDAR JODH SINGH AY 2007-08 DECLARED UNDISCLOSED INCOME IN THE RETURN AT A HI GHER FIGURE THAN WHAT WAS DISCLOSED DURING THE SEARCH THEN THE A.O. WOULD HAVE ACCEPT ED THAT AND NOT LIMITED HIMSELF TO THE ADMISSION MADE DURING THE SEARCH. I DO NOT FIN D ANY BETTER MATERIAL THEN THE SEIZED DOCUMENTS IN THE POSSESSION OF THE AO HIMSEL F FROM WHERE THE TOTAL INCOME OF THE APPELLANT CAN BE DETERMINED. ONCE THE APPELLAN T HAS DETERMINED THE TOTAL INCOME FROM SUCH SEIZED DOCUMENTS AT RS.4,05,00,000/- THEN THE ONUS SHIFTS TO THE A.O. TO PROVE THAT THE TOTAL INCOME SHOULD BE COMPUTED AT A NY OTHER FIGURE. DURING THE SURVEY IN THE OFFICE OF JSIS AGRO PVT. LTD. EXCESS STOCK AMOUNTING TO RS.29,66,465/- WAS FOUND WHICH THE APPELLANT ADMITTED AS BELONGING TO HIM. IT WAS ALSO ADMITTED THAT THIS WAS NOT ACCOUNTED FOR IN THE RETURN OF INCOME SUBMI TTED FOR THE A/YR. 2007-08 AND ALSO IT DID NOT FORM PART OF UNDISCLOSED INCOME O F RS.4,01,20,000/-. THIS WAS THE ONLY EVIDENCE WITH THE A.O. BASED ON HE HAS REJECTED THE UNDISCLOSED INCOME DISCLOSED IN THE RETURN AND REVERTED BACK TO THE UNDISCLOSED INC OME DISCLOSED IN THE RETURN AND REVERTED BACK TO THE UNDISCLOSED INCOME ADMITTED DU RING THE SEARCH. THE A.O.'S OBSERVATION THAT NO DETAILS OR BASIS TO QUANTIFY TH E INCOME AT RS.4,01,20,000/- WAS SUBMITTED IS NOT FACTUALLY CORRECT. THE APPELLANT HAS CATEGORICALLY STATED THAT THIS UNDISCLOSED INCOME HAS BEEN EARNED WHILE DEALING IN CATTLE, CATTLE FEED ETC. A BREAK UP OF SUCH UNDISCLOSED INCOME WAS ALSO FURNISHED BEFOR E THE AO WHICH IS REPRODUCED BELOW: SL. NO. AMOUNT PARTICULARS 01 RS. 7,000,000.00 CASH SEIZED 02 RS.370,000.00 RECURRING DEPOSIT WITH BANK 03 RS.10,000.00 OPENING OF NEW BANK ACCOUNT WITH CA NARA BANK 04 RS.3,500,000.00 SHARE APPLICATION WITH HS INFRAS TRUCTURE P. LTD. 05 RS.3,500,000.00 CAPITAL ACCOUNT WITH SARDAR JODH SINGH ISWAR SINGH 06 RS.21,905,000.00 NEW ACCOUNT OPENED WITH CORPORA TION BANK 07 RS.682,500.00 GIFT TO TARANJIT SINGH 08 RS.682,500.00 GIFT TO HARANJIT SINGH 4. ON THE FACTS AND IN THE CIRCUMSTANCES I AM OF TH E OPINION THAT THE AO HAD EVIDENCED REGARDING EXCESS STOCK OF RS.29,66,465/- WHICH BELO NGED TO THE APPELLANT AND WAS NOT DISCLOSED IN THE RETURN OF INCOME. THEREFORE, THE ADDITION IS SUSTAINED TO THE EXTENT OF RS.29,66,465/- AND THE BALANCE ADDITION (RS.95,00,0 00-RS.29,66,465/-) IS DIRECTED TO BE DELETED. AGGRIEVED, AGAINST THE RETENTION OF ADDITION OF RS. 29,66,465/- THE ASSESSEE IS IN APPEAL AND AGAINST THE BALANCE DELETION REVENUE IN APPEAL BEFORE US. 4. WE HAVE HEARD RIVAL SUBMISSIONS AND GONE THROUGH FACTS AND CIRCUMSTANCES OF THE CASE. WE FIND FROM THE FACTS OF THE CASE THAT D URING SEARCH ASSESSEE MADE A DISCLOSURE OF RS.5 CR IN HIS DEPOSITION. IN HIS DEP OSITION, THIS DISCLOSURE OF RS.5 CR. WAS PARTICULARLY MADE ON ESTIMATE BY THE ASSESSEE. BUT AFTER SEARCH WAS OVER, THE ASSESSEE GONE THROUGH SEIZED PAPERS AND DOCUMENTS, AND AFTER GOING THROUGH THE DETAILS AS AVAILABLE FROM THE SEIZED PAPERS AND EV IDENCE, HE WORKED OUT UNDISCLOSED INCOME AT RS.5 CR. AND THE BREAKUP OF THE SAME WAS FURNISHED BEFORE THE AO, WHICH IS ALSO REPRODUCED IN THE ORDER OF CIT(A). THE RELEVA NT BREAKUP, AS IS REPRODUCED IN THE ORDER OF CIT(A), READS AS UNDER: 4 ITA NO.328/K/2011 & 412/K/2011 SARDAR JODH SINGH AY 2007-08 SL. NO. AMOUNT PARTICULARS 01 RS. 7,000,000.00 CASH SEIZED 02 RS.370,000.00 RECURRING DEPOSIT WITH BANK 03 RS.10,000.00 OPENING OF NEW BANK ACCOUNT WITH CA NARA BANK 04 RS.3,500,000.00 SHARE APPLICATION WITH HS INFRAS TRUCTURE P. LTD. 05 RS.3,500,000.00 CAPITAL ACCOUNT WITH SARDAR JODH SINGH ISWAR SINGH 06 RS.21,905,000.00 NEW ACCOUNT OPENED WITH CORPORA TION BANK 07 RS.682,500.00 GIFT TO TARANJIT SINGH 08 RS.682,500.00 GIFT TO HARANJIT SINGH 09 RS.1,000,000.00 GIFT TO AMAN DEEP SINGH 10 RS.1,850,000.00 OTHER MISC. DISCLOSURE TOTAL RS.40,500,000.00 THE ASSESSEE DISCLOSED AS AN ADDITIONAL INCOME QUA THIS RS.4.05 CR. (FOR ALL THE RELEVANT ASSESSMENT YEARS) AS AGAINST THE UNDISCLOSED INCOME ADMITTED IN HIS DEPOSITION AT RS.5 CR. BUT FACTUALLY ASSESSEES UNDISCLOSED INCOME FOR THE RELEVANT AY 2007-08 IS AT RS.4,01,20,000/- AS DISCLOSED BY THE ASSESSEE IN HI S BREAKUP. THE AO HAS NOT ACCEPTED THE UNDISCLOSED INCOME WORKED OUT BY THE ASSESSEE W ITH REFERENCE TO SEIZED PAPERS AND DOCUMENTS BUT ASSESSED THE ASSESSEES UNDISCLOSED I NCOME AT RS.5 CR. THEREBY MAKING ADDITION OF THIS RS. 95 LACS. IN THIS RS.95 LACS, THE AO HAS ALSO INCLUDED THE EXCESS STOCK AMOUNTING TO RS.29,66,465/-, WHICH WAS FOUND DURING THE COURSE OF SURVEY AT THE PREMISES OF JSIS AGRO PVT. LTD. ACCORDING TO AO, IT BELONGS TO ASSESSEE AS HE WAS ENGAGED IN THE BUSINESS OF CATTLE FEED. WE FIND TH AT THE REVENUE/DEPARTMENT DURING THE COURSE OF SEARCH U/S. 132 OF THE ACT FOUND MANY PAP ERS AND DOCUMENTS AND VALUABLES AND IN LIEU OF THAT, THE ASSESSEE ADMITTED THE UNDI SCLOSED INCOME OF RS. 5 CR. U/S. 132(4) OF THE ACT ON ESTIMATE BASIS AND AT A BROAD FIGURE WITHOUT GOING THROUGH THE SEIZED PAPERS AND DOCUMENTS AND VALUABLES. SUBSEQU ENTLY, THE ASSESSEE WENT THROUGH SEIZED DOCUMENTS, PAPERS AND VALUABLES AND OUT OF T HAT, THE CORRECT AMOUNT BE ASSESSED IN ALL THESE ASSESSMENT YEARS DECLARED IN THE RETUR NS OF INCOME FOR ALL THESE AYS AT RS.4.05 CR. WE FIND THAT THE ASSESSEE HAS TAKEN CO PIES OF SEIZED DOCUMENTS, WHICH WAS IN THE POSSESSION OF DEPARTMENT AND EXAMINED THEM A ND MADE OUT A SYNOPSIS OF WHAT THOSE PAPERS AND DOCUMENTS INDICATE AND RESULTANT U NDISCLOSED INCOME FOUND OUT TO BE WHAT THE ASSESSEE HAD SHOWN IN THE RETURNS OF INCOM E. WE FIND FROM THE ASSESSMENT ORDER AND THE ORDER OF CIT(A) THAT, ON RECORD THERE IS NOTHING WHICH SUGGESTS THAT THE ASSESSEE HAS EARNED UNDISCLOSED INCOME TO THE TUNE OF RS. 5 CR. IN THESE ASSESSMENT YEARS AND PARTICULARLY IN AY 2007-08, WHEREIN THE I NCOME DISCLOSED AT RS.4,01,20,000/-. AS A MATTER OF FACT, THE AO SIMP LY PROCEEDED TO PIN POINT THE 5 ITA NO.328/K/2011 & 412/K/2011 SARDAR JODH SINGH AY 2007-08 DIFFERENCE BETWEEN WHAT THE ASSESSEE HAS ADMITTED A S HIS UNDISCLOSED INCOME AND WHAT ASSESSEE HAS FOUND OUT FROM THE SEIZED PAPERS AND D OCUMENTS AND DISCLOSED IN THE RETURNS OF INCOME. HAD THERE BEEN ANY INCOME THAT COULD HAVE BEEN FOUND OUT BY THE AO OVER AND ABOVE THE AMOUNT DISCLOSED BY THE ASSES SEE IN HIS RETURNS OF INCOME? EVEN OTHERWISE, THE AO WOULD HAVE BROUGHT OUT ON RE CORD SUCH PAPERS AND DOCUMENTS SEIZED DURING THE COURSE OF SEARCH AND CO-RELATED T HE UNDISCLOSED INCOME WITH THAT. 5. WE FIND FURTHER THAT THERE IS SPECIFIC MENTION O F AN AMOUNT OF RS.29,66,465/-, WHICH IS ALSO CONFIRMED BY CIT(A) BEING EXCESS STOC K FOUND FROM THE OFFICE OF JSIS AGRO PVT. LTD. BELONGING TO ASSESSEE AS HE WAS IN T HE BUSINESS OF CATTLE FEED. DURING THE COURSE OF HEARING NOW BEFORE US, ASSESSEE HAS D RAWN OUR ATTENTION TO ONE OF THE ITEMS I.E. DEPOSITS MADE IN NEW ACCOUNT OPENED WITH CORPORATION BANK, AS IS GIVEN IN THE BREAK UP BY ASSESSEE BEFORE THE AO AND CIT(A) T HAT THERE IS ITEM OF NEW ACCOUNT OPENED WITH CORPORATION BANK AND AGAINST THIS ITEM DISCLOSURE OF RS.2,19,05,000/- WAS MADE. THE ASSESSEE EXPLAINED BEFORE US THAT THI S AMOUNT IS A CASH DEPOSIT IN THE BANK ACCOUNT AFTER THE DATE OF SEARCH OUT OF SALE O F UNDISCLOSED STOCK AVAILABLE WITH THE ASSESSEE AND ALSO THAT OF JSIS IRON & STEEL INDIA P VT. LTD. LD. COUNSEL FOR THE ASSESSEE STATED THAT APART FROM THIS STOCK OF RS.29,66,465/- AND ALSO UNEXPLAINED STOCK OF RS.1.05 CR. ADDED IN THE HANDS OF JSIS IRON & STEEL INDIA PVT. LTD. IS A DISCLOSURE OUT OF SALE OF UNDISCLOSED STOCK, WHICH WAS ULTIMATELY SOLD AND DEPOSITED THE CASH IN THE NEW BANK ACCOUNT OPENED WITH CORPORATION BANK WHERE IN, THE TOTAL DEPOSIT IS AT ABOUT RS.2,19,05,000/- AND THE SAME WAS DISCLOSED AS UNDI SCLOSED INCOME U/S. 132(4) OF THE ACT. WHEN A QUERY WAS PUT TO LD. SR. DR, WHETHER T HIS AMOUNT OF RS.2,19,05,000/- IS DEPOSITED AFTER THE DATE OF SEARCH I.E. ON 16.11.20 06, LD. CIT, DR FAIRLY STATED THAT YES THE AMOUNT WAS DEPOSITED IN THE MONTH OF FEBRUARY A ND MARCH, 2007. LD. COUNSEL FOR THE ASSESSEE ALSO DREW OUR ATTENTION TO COPY OF BAN K ACCOUNT OF CORPORATION BANK, WHICH WAS OPEN ON 20.02.2007 WHEREIN CASH TO THE TU NE OF RS.2,19,05,000/- WAS DEPOSITED. HE ALSO DEMONSTRATED BEFORE US NOW THAT THESE DEPOSITS ARE MAINLY MADE IN FEBRUARY AND PARTICULARLY AFTER 05.03.2007 TILL 31. 03.2007. IN VIEW OF THE ABOVE FACTS AND CIRCUMSTANCES, WE ARE OF THE CONSIDERED VIEW TH AT NEITHER THE AO NOR CIT(A) COULD PROVE THAT THE ASSESSEE HAS EARNED OVER AND A BOVE THE INCOME DISCLOSED BY THE ASSESSEE AT RS.4,01,20,000/- IN THE RELEVANT ASSESS MENT YEAR BECAUSE AS REGARDS TO THE 6 ITA NO.328/K/2011 & 412/K/2011 SARDAR JODH SINGH AY 2007-08 INCOME OF RS. 95 LACS ADDED BY THE AO THERE IS NO E VIDENCE BEFORE THE DEPARTMENT EVEN THOUGH A SEARCH WAS CONDUCTED AND VARIOUS INC RIMINATING DOCUMENTS WERE SEIZED, WHICH CLEARLY REVEALED THAT THE INCOME IS T O THE EXTENT OF RS.4,01,20,000/- ONLY. 6. IN RESPECT TO EXPLANATION OF EXCESS STOCK FOUND DURING THE COURSE OF SURVEY IN THE OFFICE OF JSIS AGRO PVT. LTD. OF CATTLE FEED IN WHICH THE ASSESSEE WAS TRADING, THE ASSESSEE HAS SOLD THIS STOCK AND DEPOSITED THE AMOU NT IN CORPORATION BANK I.E. A NEW BANK ACCOUNT OPENED AFTER THE DATE OF SEARCH. WE FI ND FROM THE FACTS OF THE CASE THAT ASSESSEE IS ABLE TO CORRELATE THE SALE OF UNDISCLOS ED STOCK WITH THAT OF THE DEPOSITS MADE IN CASH IN NEW ACCOUNT OPENED WITH CORPORATI ON BANK. WE HAVE NO REASONS TO FIND FAULT IN THE EXPLANATION OF THE ASSESSEE AND H ENCE, THE ENTIRE ADDITION IS DELETED. ACCORDINGLY, THIS ADDITION OF RS.29,66,465/- IS DEL ETED. THIS ISSUE OF ASSESSEES APPEAL IS ALLOWED. 7. AS REGARDS TO THE ISSUE OF REVENUES APPEAL, WE FIND NO REASON TO INTERFERE IN THE ORDER OF CIT(A) IN THE GIVEN FACTS AND CIRCUMSTANCE S OF THE CASE GIVEN ABOVE. HENCE, THE ISSUE OF REVENUES APPEAL IS ALSO DISMISSED. AC CORDINGLY, THIS COMMON ISSUE, OF THE REVENUES APPEAL IS DISMISSED AND THAT OF ASSESSEE IS ALLOWED. 8. IN THE RESULT, THE APPEAL ASSESSEE IS ALLOWED AN D THAT OF THE REVENUE IS DISMISSED. 9. ORDER IS PRONOUNCED IN THE OPEN COURT ON 16.10.2 015 SD/- SD/- (M. BALAGANESH) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 16TH OCTOBER, 2015 JD. SR. P.S COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT SHRI SARDAR JODH SINGH, C/O S. L. KOCHAR , ADVOCATE, 86, CANNING STREET, KOL-1.. 2 RESPONDENT ACIT, CC-XXIII, KOLKATA. 3 . THE CIT(A), KOLKATA 4. 5. CIT KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .