Kautilya Finsecurities Limited, Ahmedabad V. The Dy.CIT.,Circle-4, Ahmedabad

ITA 427/AHD/2010

• Counselvise Citation: 42720514 RSA 2010
• Duration Of Justice: 5 year(s) 6 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-08-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 06-08-2015
• Assessment Year: 2005-2006
• Appeal Filed On: 09-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DINESH SINGH
• Keywords: Capital asset; Business income
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH BEFORE: S H RI G. D. AGRAWAL , VICE PRESIDENT AND SHR I S. S. GODARA , JUDICIAL MEMBER THE ACIT, (OSD) - I, RANGE - 4, AHMEDABAD. NAVJIVAN TRUST BLDG., OFF. ASHRAM ROAD, AHEMDABAD (APPELLANT) VS KAUTILYA FINSECURITIES LTD, A/59, 4 TH FLOOR, NOBLE BUILDING, NR. N EHRU B RIDGE, ASHRAM ROAD, AHMEDABD PAN: AAACK62 68P (RESPONDENT) KAUTILYA FINSECURITIES LTD, A/59, 4 TH FLOOR, NOBLE BUILDING, NR. NEHRU BRIDGE, ASHRAM ROAD, AHMEDABD PAN: AAACK6268P (APPELLANT) VS THE ACIT, (OSD) - I, RANGE - 4, AH MEDABAD. NAVJIVAN TRUST BLDG., OFF. ASHRAM ROAD, AHEMDABAD (RESPONDENT) REVENUE BY : S H RI DINESH SINGH , SR. D . R. ASSESSEE BY: S H RI S.N. SOPARKAR , A.R. DATE OF HEARING : 06 - 08 - 2 015 DATE OF PRONOUNCEMENT : 26 - 08 - 2 015 I T A NO . 1028 / A HD/20 10 A SSESSMENT YEAR 200 5 - 06 ITA NO. 427 /AHD/20 10 ASSESSMENT YEAR 200 5 - 06 I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 2 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THESE CROSS APPEAL S BY ASSESSEE AND THE REVENUE FOR A.Y. 2005 - 06, ARISE FROM ORDER OF THE CIT(A) - VIII, AHMEDABAD DATED 20 - 11 - 2009 IN APPEAL NO. CIT(A) - VIII/DC - 4/259/259/07 - 08 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . 2. THE ASSESSEE S SOLE SUBSTANTIVE GROUND CHALLENGES THE CIT (A) S ORDER AFFIRMING THE ASSESSING OFFICE R S ACTION TREATI NG ITS PROFITS DERIVED FROM SHARE TRANSACTION AMOUNTING TO RS. 23,95,926/ - AS BUSINESS INCOME INSTEAD OF SHORT TERM CAPITAL GAINS. THE REVENUE S GRIEVANCE ON THE OTHER HAND SEEKS TO TREAT THE REMAINING SHARE PROFITS O F RS. 8,52,221/ - UNDER THE HEAD BUSINE SS INCOME IN PLACE OF LONG TERM CAPITAL GAINS, AS HELD IN THE LO W ER APPELLATE ORDER. 3. A PERUSAL OF THE CASE FILE REVEALS THAT THE Y CONTAIN A COMMON BACKDROP OF FACTS . THE ASSESSSEE - COMPANY TRADES IN SHARES AND SECURITIES. IT DECLARED BUSINESS INCOM E F R O M SHARES, SHORT TERM AND LONG TERM CAPITAL GAINS OF RS. 4,69, 827/ - , R S. 23,95,326 & RS. 8,52, 221/ - ; RESPECTIVELY. THE LATTER HEAD COMPRISED OF A SUM OF RS. 2,850/ - RELEVANT TO THE PERIOD F R OM 01/04/2004 - 0 1/10/2004 AND RS. 23,92,476/ - F R O M 01/10/2004 - 31/03/2005. THE ASSESSING OFFICER SOUGHT TO TREAT BOTH THESE LONG AND SHORT TERM CAPITAL GAINS AS BUSINESS INCOME. THE ASSESSSEE PLEADED TO HAVE ADMITTED BUSINESS I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 3 INCOME STATED HEREINABOVE F R O M TRADING ACTIVITY AND CAPITAL GAINS IN QUESTION FROM ITS INVE STMENT. AND STATED THAT THE SHARES IN QUESTION HAD BEEN PURCHASED IN PREVIOUS ASSESSMENT YEARS HAVING SUBSTANTIVE HOLDING PERIOD. IT WOULD RELY ON CIT (A) S ORDER RELATING TO PRE CEDING ASSESSMENT YEAR ADOPTING THE VERY COURSE OF ACTION. RELEVANT BOOKS TR EAT ING NATURE OF THE SHAR ES BEING HELD AS INVESTMENTS WERE PRODUCED. THE ASSESSING OFFICER IN ASSESSMENT ORDER DATED 31/12/2 007 INTER ALIA OBSERVED THAT ASSESSEE S ACCOUNTING TREATMENT WOULD NOT CHANGE NATURE OF THE SH ARE TRANSACTIONS IN QUESTION AS IT WAS ALREADY ENGAGED IN SHARE BUSINESS. HE PROCEEDED ACCORDINGLY AND TREATED ASSESSEE S BOTH LONG AND SHORT TERM CAPITAL GAINS IN QUESTION AS BUSINESS INCOME. 4. THE CIT(A) HAS PARTLY ACCEPTED ASSESSEE S CONTENTION S AS FOLLOWS: - 5.3 DURING THE APPELLATE PROCEEDINGS THE LD. A.R OF THE APPELLANT OBJECTED TO THE A.O'S ACTION AND SUBMITTED AS UNDER: 'THE LEARNED AO. HAS REPRODUCED OUR SUBMISSION AND IN CONCLUSIO N IN PARA 4 ON PAGE 4 OF THE AO HAS OBSERVED THAT (A)THE I NTENTION OF THE ASSESSEE AT THE TIME O F PURCHASE TRANSACTIONS ARE SAME IN A/I THE TRANSACTIONS BUT ONLY, C$ |/7E TIME OF FINALISATION OF ACCOUNTS, THE ASSESSES CLASSIFIED THE TRANSACTIONS UNDER THE DIFFERENT FAIL TO UNDERSTAND, AS TO HOW LEARNED A .O . HAS JUDGED THE INT ENTION AT THE TIME OF PUR CHASE A ND AT THE TIME OF FINALISATION OF ACCOUNT. LEARNED A. O. HAS NOT CLARIFIED AS TO HOW AND IN WHAT MANNER HE HAS BEEN ABLE TO UNDERSTAND AND CONCLUDE THE INTENTION. THE FACTS OF THE MATTER IS, IN THE COURSE OF ASSESSMENT PROCEEDINGS, VARIOUS DETAILS, INCLUDING COPIES FROM THE STATUTORY RECORDS LIKE ACCOUNTS MAINTAINED BY US HAS BEEN PROVIDED. FROM THE COPIES OF SAID ACCOUNTS, IT I S ABSOLUTELY CLEAR THAT AT THE TIME OF I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 4 PURCHASE, SHARES ACQUIRED AS INVESTMENTS HAS BEEN TAKEN ON THE SAME DAY TO INVESTMENT ACCOUNT AND SHARES ACQUIRED FOR THE PURPOSE OF TRADING BUSINESS HAS BEEN TAKEN TO PURCHASE ACCOUNT. COPIES OF THE SAID ACCOUNT ARE ATTACHED FOR YOUR READY REFERENCE. THE FINDING GIVEN IS WITHOUT ANY BASIS OR CLINCHING EVIDENCE AND THEREFORE IT IS NOTHING BUT PRESUMPTION ONLY. MOREOVER, THE FACTUAL SUMMARIZED POSITION OF THE TRANSACTIONS UNDER REFERENCE IS AS UNDER: SR. NO. NAME OF THE SCRIPT NO. OF TRANSA CTIONS QUANTITY SALES PRICE PURCHASE PRICE GAIN (LOSS) 1 NIRMA LTD. 2 1300 4,69,058 3,2 7,970 1,41,088 2 ZEE TELEFILMS LTD. 1 6500 11,12,213 4,87,500 6,24,713 3 TATA CHEMICALS LTD. 1 1000 1,65,811 71,500 94,311 4 IGL 1 1000 1,03,009 \ 48,000 55,009 5 SHRI RAMA MULTI - TECH LTD. 1 1700 10,200 73,100 (62,900) TOTAL GAIN /(LOSS) 8,52,221 SR. NO. NAME OF THE SCRIPT NO. OF TRANSA CTIONS QUANTITY SALES PRICE PURCHASE PRICE GAIN - (LOSS) 1 GUJ. HEAVY CHEMICALS LTD. 7 416847 1,26,54,935 1,04,45,608 22,09,327 2 RELIANCE CAP. LTD. 1 500 89,943 82,070 7,873 3 GTL 2 2400 270,220 267,620 2,600 I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 5 4 VISHAL EXPORTS 2 25000 600,926 428,250 1,72,676 5 ICICI BONDS 3 30 210,000 207,150 2,850 TOTAL GAIN / (LOSS) 23,95,326 FROM THE SUMMARY ABOVE, YOUR HONOUR WILL OBSERVE THAT YOUR ASSESSEE HAS DEALT IN ONLY 5 SCRIPTS, WHICH HAS BEEN HELD AS INVESTMENT FOR MORE THAN ONE YEAR AND WHICH HAS BEEN SOLD DURING THE YEAR AND THEREFORE BEING LONG TERM CAPITAL ASSET, INCOME HAS BEEN CORRECTLY COMPUTED UNDER THE H EAD LONG - TERM CAPITAL GAIN. SIMILARLY, FOR ANOTHER 5 SCRIPTS, WHICH HAS BEEN HELD AS INVESTMENT FOR A PERIOD OF LESS THAN TWELVE MONTHS AND HENCE INCOME HAS BEEN CORRECTLY COMPUTED UNDER THE HEAD SHORT TERM CAPITAL GAIN. FROM THE ABOVE FACTS, YOUR HONOUR WOULD APPRECIATE THE BASIS ON WHICH CONCLUSION HAS BEEN DRAWN, ITSELF FROM FACT AND REALITY. THU S CONSIDERING THE NUMBER OF TRANSACTIONS, VOLUME OF BUSINESS, ASSESSEE'S CAPITAL & RESERVES AND F/ R%AINLY INTENTION OF THE ASSESSEE AND ACCOUNTING TREATMENT G IVEN IN THE BOOKS OF ACCOUNTS, INCOME HAS 3N CORRECTLY COMPUTED UNDER THE HEAD CAPITAL GAIN AND AS NONE OF THE PROVISION RELATING TO BUSINESS 'INCOME ARE APPLICABLE ON FACTS OF THE CASE, INCOME ASSESSED AS BUSINESS INCOME NEED TO BE DELETED AND IT MAY KIND LY BE DIRECTED TO ASSESS THE SAME AS PER THE TOTAL INCOME COMPUTED. (B) THE ASSESSEE BY WRITING THE TRANSACTIONS IN PARTICULAR FASHION CAN NOT CHANGE THE NATURE OF TRANSACTION. THE NATURE OF TRANSACTION HAS BEEN EXPLICITLY EXPLAINED IN THE COURSE OF ASSE SSMENT. THE WRITING OF TRANSACTIONS, AUDITED BY INDEPENDENT CHARTERED ACCOUNTANTS FOLLOWING THE ACCOUNTING STANDARDS AND STATUTORY REQUIREMENT, CLEARLY REFLECTS THE INTENTION OF THE COMPANY AND WHICH EXPLAINS THE NATURE OF TRANSACTIONS. LEARNED AO HAS NOT COME OUT WITH ANY OTHER FACT OR OBSERVATION WHICH CONTRADICTS THE SUBMISSION OF YOUR APPELLANT. MOREOVER ON THE EXACTLY IDENTICAL FACTS HON'BLE BOMBAY TRIBUNAL IN THE CASE OF J.M. SHARE & STOCK BROKER LTD. VS. J.C.I.T. IT A NO. 2801 / MUM. / 2000 REPORTED IN BOMBAY I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 6 CHARTERED ACCOUNTANT JOURNAL VOLUMN 39 PART V ON. PAGE 519 HAS CLEARLY TAKEN A. VIEW THAT THE SUCH CASES INCOME HAS TO BE ASSESSED AS INCOME FROM CAPITAL GAIN. COPY OF THE SAID DECISION IS ALSO ATTACHED. (C) THE CONTENTION OF THE ASSESSES IS AL SO NOT ACCEPTED ON THE GROUND THAT EACH ASSESSMENT YEAR ARE INDEPENDENT AND DEPARTMENT HAS PREFERRED AN APPEAL BEFORE THE HON'BLE I. T.A. T. THE LEARNED AO. HAS NOT BEEN ABLE TO DISTINGUISH THE FACTS OF THE CURRENT YEAR VS. PREVIOUS YEAR. HE HAS LEFT WITH MAKING GENERAL REMARK ONLY. CONSIDERING ALL ABOVE WE REQUEST YOUR HONOUR TO DIRECT THE LD. AO. TO PASS AN ORDER ASSESSING CAPITAL GAIN AS RETURNED. ' 5.4 I HAVE CONSIDERED THE FACTS AND SUBMISSION OF THE ID. A.R CAREFULLY. DURING THE APPELLATE PROCEEDING S THE LD. A.R WAS ALSO ASKED TO FILE A COMPLETE SUMMARY OF LONG TERM AND SHORT TERM CAPITAL GAINS WITH THE PERIOD OF HOLDING SUCH SHARES. THE SUMMARY FILED BY THE ID. A.R IS AS UNDER: LONG TERM CAPITAL GAIN SR.N O NAME OF THE SCRIP NO. O F TRANSACTIO NS QUANTITY PERIOD OF HOLDING (APPROX) SALES PRICE PURCHASE PRICE GAIN (LOSS) 1 NIRMA LTD. 2 1300 32MTHS 4,69,058 3,27,970 1,41,088 2 ZEE TELEFILMS LTD. 1 6500 19 MTHS 11,12,213 4,87,500 6,24,713 3 TATA CHE MICAL 1 1000 20 MTHS 1,65,811 71,500 94,311 I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 7 S LTD. 4 IGL 1 1000 15MTHS 1 ,03,009 48,000 55,009 5 SHRI RAMA MULTITECH LTD. 1 1700 30 MTHS 10,200 73,100 (62,900) TOTAL GAIN / (LOSS) 8,52,221 SHORT T ERM CAPITAL GAIN SR. NO. NAME OF THE SCRIP NO. OF TRANSACTIO NS QUANTITY PERIOD OF HOLDING (APPROX) SALES PRICE PURCHASE PRICE GAIN (LOSS) 1 GUJ. HEAVY CHEMICAL S LTD. 7 416847 7 TO 10 MTHS 1,26,54,9 35 1,04,45,6 08 22,09,327 2 RELIANCE CAP. LTD. 1 500 18 DAYS 89,943 82,070 7,873 I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 8 3 GTL 2 2400 2 DAYS 2,70,220 2,67,620 2,600 4 VISHAL EXPORTS 2 25000 1 MONTH 6,00,926 4,28,250 1,72,676 5 ICICI BONDS 3 30 2 M THS 2,10,000 2,07,150 2,850 TOTAL GAIN / (LOSS) 23,95,326 5.5 AS REGARDS APPELLANTS CLAIM FOR LONG TERM CAPITAL GAINS, IT IS SEEN THAT THE PERIOD OF HOLDING OF THE SHARES ON WHICH LONG TERM CAPITAL GAINS HAS BEEN CLAIMED VARIES FROM 15 MONTHS TO 32 MONTHS THEREFORE, UNDER THESE CIRCUMSTANCES IT CANNOT BE HELD THAT THE APPELLANT HAD PURCHASED THE SHARES FOR THE PURPOSES OF TRADING. THEREFORE UNDER THESE CIRCUMSTANCES, THE APPELLANT'S CLAIM FOR TREAT ING THE SURPLUS OF RS. 8,52,221/ - ON THE SALE OF SUCH SHARES AS LONG TERM CAPITAL GAINS IS JUSTIFIED. IN VIEW OF THIS, THE A.O IS DIRECTED TO EXC LUDE THE AMOUNT OF RS. 8,52,221/ - FROM THE BUSINESS INCOME OF THE RELEVANT PERIOD AND TAX IT AS LONG TERM CAPITAL GAIN AS PER LAW ACCORDINGLY. 5.6 SO FAR AS THE EXCESS OF RS. 23,95,326/ - IS CONCERNED WHICH HAS BEEN CLAIMED AS SHORT TERM CAPITAL GAIN, IT IS SEEN FROM THE TABLE ABOVE THAT THE APPROXIMATE HOLDING FOR THESE SHARES IS FROM 2 DAYS TO 10 MONTHS. IT IS PERTINENT TO NOTE THAT THE APPELLANT H AD MADE SEVEN TRANSACTIONS IN CASE OF THE SHARES OF GUJARAT HEAVY CHEMICALS LTD. IN THE SPAN OF SEVEN TO TEN MONTHS. THE FREQUENCY OF TRANSACTIONS ENTERED INTO BY THE APPELLANT IN SUCH A SHORT SPAN CLEARLY REVEALS ITS INTENTION OF TRADING IN SUCH SHARES. A PART FROM THE ABOVE, IT IS FURTHER SEEN THAT IN THE CASE OF VISHAL EXPORTS IN THE SPAN OF ONE MONTH THE APPELLANT HAS MADE TWO TRANSACTIONS. THEREFORE, UNDER THESE CIRCUMSTANCES, I HAVE NO HESITATION IN HOLDING THAT THE I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 9 APPELLANT MADE TRADING IN THE SHARES WHICH HAVE BEEN CATEGORIZED AS SHORT TERM CAPITAL ASSETS AND ON WHICH SURPLUS DURING THE RELEVANT PERIOD AMOUNTING TO RS. 23,95, 356 HAS BEEN EARNED. IN VIEW OF THIS SUCH SURPLUS CANNOT BE TREATED AS SHORT TERM CAPITAL GAIN AND THE APPELLANT'S CLAIM TO TH AT EXTENT IS HEREBY REJECTED. THE A.O'S ACTION WITH REG ARD TO TREATING THE SUM OF RS. 3567 - AS PART OF PROFIT AND GAINS OF BUSINESS IS HEREBY CONFIRMED. THIS GROUND OF APP EAL IS THEREFORE ALLOWED PARTIALLY. 5. WE HAVE HEARD BOTH THE PARTIES AND GONE THROUG H THE CASE FILE. BOTH SIDES ARGUE STRONG LY FOR THEIR RESPECTIVE GROUND S. THE SOLE ISSUE THAT ARISE S FOR OUR CONSIDERATION IS AS TO WHETHER THE ASSESSEE S CLAIM OF IMPUGNED SHARE PROFITS OF RS. 8,52,221/ - AND RS. 23,95,326/ - TREATED AS LONG TERM AND SHORT TERM CAPITAL GAINS RESPECTIVLY IS TO BE ACCEPTED IN TOT O, IN PART ; OR TO BE REJECTED; AS DONE BY THE CIT (A) AND ASSESSING OFFICER; RESPECTIVELY. THE CIT (A) S FINDINGS EXTRACTE D HEREINABOVE DEMONSTRATE FREQUENCY AND MAGNITUDE OF SHARE TRANSACTION S , ASSES SEE S ACCOUNTING TREATMENT , HOLDING PERIOD, ABSENCE OF ANY BORROWED FUNDS BEING UTILIZED IN SHARES ETC. TO NAME A FEW DECISIVE FACTORS. IT HAS COME ON RECORD THAT ASSESSEE S IDENTICAL PROFITS IN PRECEDING ASSESSMENT YEAR STAND TREAT ED AS CAPITAL GAIN ONLY . IT ENTERED INTO 10 TRANSACTIONS IN RELEVANT PREVIOUS YEAR. THE FORMER HEAD OF LONG TERM CAPITAL GAINS COMPRISE OF SHARES HELD FROM MINIMUM 15 MONTHS TO HOLDING PERIOD AS LONG AS 32 MONTHS. THE SA ME CAN IN NO WAY BE TAKEN AN INSTANCE OF A TRADING ACTI VITY. MORE PARTICULARLY , WHEN SUCH A LONG TERM INVESTMENT COVERS ALMOST THREE ASSESSMENT YEARS. THUS , REVENUE S SOLE SUBSTANTIVE GROUND FAILS. ITS APPEAL ITA NO. 1028/AHD/2010 IS DISMISSED. I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 10 6. THUS LEAVES US WITH THE ISSUE OF SHORT TERM CAPITAL GAINS VIS - - VIS BUSINESS INCOME QUA PROFITS OF RS . 23,95,326/ - IN ASSESSEE S APPEAL . SUFFICE TO SAY, THESE TRANSACTIONS RELATE TO FIVE SC RIPTS. THIS GROSS AMOUNT INVOLVES A SUM OF RS. 22,09,327/ - I.E. MORE THAN 90% ARISING F R O M SALE OF M/S GUJ. HEAVY CHEMICALS SCRIPS CARRIED OVER F R OM P RE CE DING ASSESSMEN T YEAR ONLY . THIS LEAVE S BEHIND OTHER FOUR SCRIPS . TWO OF THEM HAVE HOLDING PERIOD LESS THAN A MONTH I.E. 18 DAYS AND TWO DAYS; RESPECTIVELY INVOLVIN G PROFITS OF RS . 7,873/ - AND RS. 2,600/ - . WE TAKE INTO ACCO UNT NON USAGE OF BORROWED FUNDS , SEPARATE PORTFOLIO BEING M AINTAINED ALONG WITH JUDICIAL CONSISTENCY AS IN PRECEDING ASSESSMENT YEAR AND HOLD THAT THESE TRANSACTIONS DO NOT INVOLVE ANY TRADING ELEMENT THEREIN. WE A CCEPT ASSESSEE S GROUNDS AND REVERS E TH E CIT(A) S CORRESPONDING FINDINGS. ASSESSEE SUCCEEDS IN APPEAL NO. 432/AHD/2010. 7. THE REVENUE S APPEAL ITA NO. 1032/AHD/2010 IS DISMISSED AND THAT OF THE ASSESSEE ITA NO. 432/AHD/2010 IS ALLOWED . ORDER PR ONOUNCED IN THE OPEN C OURT ON 26 - 08 - 2015 SD/ - SD/ - ( G.D. AGRAWAL ) ( S. S. GODARA ) VICE PRESIDENT JUDICIAL MEMBER AHMEDABAD : DATED 26 /08 /2015 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CON CERNED CIT I.T.A NO S . 1028 & 427 /AHD/20 10 A.Y. 2005 - 06 PAGE NO ACIT VS. KAUTILYA FINSECURITIES LTD 11 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,