WESTIN DEVELOPERS P.LTD, MUMBAI V. ADDL CIT RG 9(3), MUMBAI

ITA 4423/MUM/2016

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 5494 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 7 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-02-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2011-2012
• Appeal Filed On: 24-06-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: CHAUDHARY ARUN KUMAR SINGH LD
• Assessee Lawyers: VISHWAS V MEHENDALE LD
• Keywords: Unexplained cash credit; Retrospective amendment; Bad and doubtful debts; Onus to prove
• Section: 271(1)(c); 143(3); 133(6); 68

Judgement Text

ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 1 IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI . . , , BEFORE HONBLE SHRI C.N. PRASAD, JM AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM ./ I.T.A. NO.4423/MUM/2016 ( / ASSESSMENT YEAR: 2011-12) & ./ I.T.A. NO.4424/MUM/2016 ( / ASSESSMENT YEAR: 2011-12) M/S. WESTIN DEVELOPERS PVT.LTD . 301, SWAMI CO-OP. HOUSING SOCIETY CHARKOP, KANDIVALI-WEST MUMBAI-400 067. / VS. ADDL. CIT - RANGE - 9(3) ROOM NO.228/261A 2 ND FLOOR, AAYKAR BHAVAN M.K. ROAD, NEW MARINE LINES MUMBAI-400 020. ! ./ ./PAN/GIR NO. AAACW-5964-G ( !# /APPELLANT ) : ( $!# / RESPONDENT ) ASSESSEE BY : VISHWAS V. MEHENDALE- LD. AR REVENUE BY : CHAUDHARY ARUN KUMAR SINGH - LD.DR / DATE OF HEARING : 10/12/2018 / DATE OF PRONOUNCEMENT : 05/02/2019 / O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEALS BY ASSESSEE FOR ASSESSMENT YEA R [AY] 2011-12 CONTEST SEPARATE ORDERS OF FIRST APPELLATE AUTHORIT Y QUA CONFIRMATION OF CERTAIN QUANTUM ADDITIONS AS WELL AS CONFIRMATION O F PENALTY U/S ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 2 271(1)(C). FIRST, WE TAKE UP QUANTUM APPEAL ITA NO. 4423/MUM/2016 WHICH CONTEST THE ORDER OF LD. COMMISSIONER OF INCO ME-TAX (APPEALS)- 21, MUMBAI, [CIT(A)], APPEAL NO. CIT(A)-21/ITO-13(3)(2)/I.T-114/2014- 15 DATED 02/03/2016 ON FOLLOWING EFFECTIVE GROUNDS OF APPEAL: - 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW HON. CIT (APPEAL)-21 HAS ERRED IN CONFIRMING THE LD. AO'S AC TION OF INVOKING PROVISIONS OF S.68 OF THE ACT FOR TREATING THE 'SHARE APPLICAT ION MONEY' RECEIVED BY THE APPELLANTS FROM THEIR INVESTORS AS 'UNEXPLAINED CAS H CREDIT', WITHOUT CONSIDERING THE EVIDENCE PRODUCED IN SUPPORT OF GEN UINENESS OF THE RESPECTIVE INVESTORS. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW HON. CIT (APPEAL)-21 HAS ERRED IN CONFIRMING THE DISALLOWANC E OF BAD DEBTS OF RS.84,615/-. 3. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW HON. CIT (APPEAL)-21 HAS ERRED IN CONFIRMING THE DISALLOWANC E OF PRELIMINARY EXPENSES OF RS.35,000/-. THE ASSESSEE BEING RESIDENT CORPORATE ENTITY STATED TO BE ENGAGED AS BUILDERS & PROPERTY DEVELOPERS WAS ASSESSED FOR IMPUGNED AY IN SCRUTINY ASSESSMENT U/S 143(3) ON 28/03/2014 BY LD. ADDITIONAL COMMISSIONER OF INCOME TAX-RANGE 9(3), MUMBAI [AO]. THE INCOME OF THE ASSESSEE WAS ASSESSED AT RS.208.47 LACS UNDER N ORMAL PROVISIONS AFTER CERTAIN ADDITIONS / DISALLOWANCE AS AGAINST R ETURNED INCOME OF RS.154.49 LACS E-FILED BY THE ASSESSEE ON 30/09/2011. 2.1 DURING ASSESSMENT PROCEEDINGS, IT TRANSPIRED TH AT THE ASSESSEE RECEIVED CERTAIN SHARE APPLICATION MONEY AGAINST ISSUE OF 10000 EQUITY SHARES OF FACE VALUE OF RS.10/- PER SHARE AT A PREM IUM OF RS.990/- PER SHARE. THE AMOUNT RECEIVED BY THE ASSESSEE DURING I MPUGNED AY WAS RS.50 LACS WHICH COMPRISED-OFF OF SHARE APPLICATION MONEY @RS.5/- PER SHARE AMOUNTING TO RS.0.50 LACS AND SHARE PREMIUM @ 495/- PER SHARE AMOUNTING TO RS.49.50 LACS. ALL THE SHARES WERE STA TED TO BE ISSUED TO AN ENTITY NAMELY VOLPLAST LIMITED. ACCORDINGLY, THE ASSESSEE WAS ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 3 DIRECTED TO SUBSTANTIATE THE SAME. THE ASSESSEE, VI DE REPLY DATED 29/01/2014, PROVIDED THE ADDRESS AND PERMANENT ACCOUNT NUMBER OF THE AFORESAID PARTY. THE DETAILS OF CHEQUE THROUGH WHICH THE PAYMENT WAS RECEIVED WAS ALSO PROVIDED. 2.2 THE LD. AO SUSPECTED THE HIGH SHARE PREMIUM REC EIVED BY THE ASSESSEE IN VIEW OF THE FACT THAT IT WAS CONSISTENT LY A LOSS-MAKING COMPANY. THE ASSESSEE JUSTIFIED THAT THE SHARE PREM IUM WAS CALCULATED BY TAKING INTO CONSIDERATION THE GENERAL RESERVE, GOODWILL OF THE COMPANY IN THE MARKET AND PROJECTS IN HAND . HOWEVER, NOTICE ISSUED U/S 133(6) TO THE AFORESAID SHARE APPLICANT AS WELL AS PHYSICAL INSPECTION BY THE INSPECTOR AT THE GIVEN ADDRESS REVEALED THAT THE SH ARE APPLICANT WAS NOT EXISTING AT THE GIVEN ADDRESS AND THE SAID FACT WHI CH WAS CONFRONTED TO THE ASSESSEE. THE ASSESSEE, VIDE REPLIES DATED 19/0 3/2014 & 24/03/2014 JUSTIFIED THE SHARE PREMIUM BY SUBMITTIN G THE DETAILS OF PROJECTS BEING UNDERTAKEN BY THE ASSESSEE AND IN SU PPORT OF IMPUGNED TRANSACTION, PRODUCED DOCUMENTARY EVIDENCES IN THE SHAPE OF CONFIRMATION OF ACCOUNTS BY SHARE APPLICANT, COPY O F PAN, ITS BALANCE SHEET AS ON 31/03/2010 & COPY OF MEMORANDUM-ARTICLE S OF ASSOCIATION. THE NEW ADDRESS AS PER THE RECORDS OF REGISTRAR OF COMPANIES WAS ALSO PROVIDED TO LD. AO. THE VALUATION / PREMIUM ON THE SHARE WAS SOUGHT TO BE JUSTIFIED ON THE BASIS OF YIELD METHOD BY ESTIMATING THE FUTURE MAINTAINABLE PROFITS , THE METHODOLOGY OF WHICH HAS ALREADY BEEN PROVIDED IN THE QUANTUM ASSESSMENT ORDER AT PARA NO. 4.13.2 . FURTHER SUPPORTING DOCUMENTS VIZ. CERTIFIED COPY OF BOARD R ESOLUTION OF VOLPLAST LIMITED AUTHORIZING INVESTMENT IN ASSESSEE COMPANY, BANK ST ATEMENT OF SHARE APPLICANT ALONG WITH DETAILS OF ITS DIRECTORS WAS ALSO FURNISHED. THE ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 4 ATTENTION WAS DRAWN TO THE FACT THAT THE ADDRESS OF THE SHARE APPLICANT HAD CHANGED FROM OPERA HOUSE, MUMBAI TO SURAT, GUJARAT. HOWEVER, NOT CONVINCED WITH EXPLANATION & DOCUMENTARY EVIDEN CES, THE AFORESAID SHARE APPLICATION MONEY OF RS.50 LACS RECEIVED BY THE ASSESSEE DURING IMPUGNED AY WAS TREATED AS UNEXPLAINED CASH CREDIT U/S 68 AND ADDED TO THE INCOME OF THE ASSESSEE. 2.3 THE ASSESSEE WAS SADDLED WITH ANOTHER ADDITION OF RS.84,615/- ON ACCOUNT OF BAD DEBTS FOR WANT OF REQUISITE DETAILS. FOR THE SAME REASON, ANOTHER ADDITION OF RS.35,000/- WAS MADE, BEING PRELIMINARY EXPENSES WRITTEN OFF . 3. AGGRIEVED, THE ASSESSEE AGITATED THE ADDITIONS W ITHOUT ANY SUCCESS BEFORE LD. CIT(A) VIDE IMPUGNED ORDER DATED 02/03/2016 AND REITERATED THE CONTENTIONS. RELIANCE WAS PLACED ON THE DECISION OF HONBLE APEX COURT RENDERED IN LOVELY EXPORTS P. LTD. [319 ITR 5]. A SUBMISSION WAS MADE THAT PRIOR TO AMENDMENT IN SECT ION 68 VIDE FINANCE ACT, 2012 THERE WAS NO ONUS TO PROVE THE SOURCE OF THE SOURCE . HOWEVER, NOT CONVINCED WITH MATERIAL ON RECORD AND PLACING RELIANCE ON CERTAIN JUDICIAL PRONOUNCEMENTS, THE STAND OF LD. A O GOT CONFIRMED. THE OTHER TWO ADDITIONS AS AGITATED BEFORE US WAS ALSO CONFIRMED FOR WANT OF REQUISITE DETAILS. AGGRIEVED, THE ASSESSEE IS IN FU RTHER APPEAL BEFORE US. 4.1 WE HAVE CAREFULLY HEARD THE RIVAL CONTENTIONS A ND PERUSED RELEVANT MATERIAL ON RECORD INCLUDING DOCUMENTARY EVIDENCES PLACED IN THE PAPER- BOOK, JUDICIAL PRONOUNCEMENTS CITED BEFORE US. UPON DUE C ONSIDERATION, WE FIND THAT SO FAR AS THE IDENTITY OF THE INVESTOR IS CONCERNED, THE SAME HAS UNDOUBTEDLY BEEN ESTABLISHED BY THE ASSESSEE BY FURNISHING COPY OF ITS PERMANENT ACCOUNT NUMBER, FINANCIAL DOCUMENTS, MEMORANDUM- ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 5 ARTICLES OF ASSOCIATION, BANK STATEMENT, COPY OF BO ARD RESOLUTION & ROC EXTRACTS ETC. AND THEREFORE, THERE COULD BE NO DISPUTE ON TH IS POINT. 4.2 SO FAR AS THE NATURE OF PROVISO TO SECTION 68 A S INTRODUCED BY FINANCE ACT, 2012 WITH EFFECT FROM 01/04/2013 IS CONCERNED, THE SAME HAS BEEN SETTLED BY JURISDICTIONAL BOMBAY HIGH COURT IN CIT VS. GAGANDEEP INFRASTRUCTURE PRIVATE LIMITED [80 TAXMAN N.COM 272] WHEREIN IT HAS BEEN HELD AS UNDER: - ( E ) WE FIND THAT THE PROVISO TO SECTION 68 OF THE ACT HAS BEEN INTRODUCED BY THE FINANCE ACT 2012 WITH EFFECT FROM 1ST APRIL, 2013. THUS IT WOULD BE EFFECTIVE ONLY FROM THE ASSESSMENT YEAR 2013- 14 ONWARDS AND NOT FOR THE SUBJECT ASSESSMENT YEAR. IN FACT, BEFORE THE TRIBUNAL, IT W AS NOT EVEN THE CASE OF THE REVENUE THAT SECTION 68 OF THE ACT AS IN FORCE DURI NG THE SUBJECT YEARS HAS TO BE READ/UNDERSTOOD AS THOUGH THE PROVISO ADDED SUBS EQUENTLY EFFECTIVE ONLY FROM 1ST APRIL, 2013 WAS ITS NORMAL MEANING. THE PA RLIAMENT DID NOT INTRODUCE TO PROVISO TO SEC TION 68 OF THE ACT WITH RETROSPECTIVE EFFECT NOR DO ES THE PROVISO SO INTRODUCED STATES THAT IT WAS INTRODUCED 'FOR REMOVAL OF DOUBTS' OR THAT IT IS 'DECLARATORY'. THEREFORE IT IS NOT OPEN TO GIVE IT RETROSPECTIVE EFFECT, BY PROCEEDING ON THE BASIS THAT THE ADDITION OF THE PROVISO TO SECTION 68 OF THE ACT IS IMMATERIAL AND DOES NOT CHANGE THE INTERPRET ATION OF SECTION 68 OF THE ACT BOTH BEFORE AND AFTER THE ADDING OF THE PROVISO . IN ANY VIEW OF THE MATTER THE THREE ESSENTIAL TESTS WHILE CONFIRMING THE PRE- PR OVISO SECTION 68 OF THE ACT LAID DOWN BY THE COURTS NAMELY THE GENUINENESS OF T HE TRANSACTION, IDENTITY AND THE CAPACITY OF THE INVESTOR HAVE ALL BEEN EXAM INED BY THE IMPUGNED ORDER OF THE TRIBUNAL AND ON FACTS IT WAS FOUND SAT ISFIED. FURTHER IT WAS A SUBM ISSION ON BEHALF OF THE REVENUE THAT SUCH LARGE AMO UNT OF SHARE PREMIUM GIVES RISE TO SUSPICION ON THE GENUINENESS (IDENTITY) OF THE SHAREHOLDERS I.E. THEY ARE BOGUS. THE APEX COURT IN LOVELY EXPORTS (P.) LTD. ( SUPRA ) IN THE CONTEXT TO THE PRE-AMENDED SECT ION 68 OF THE ACT HAS HELD THAT WHERE THE REVENUE URGES THAT THE AMOUNT OF SHARE AP PLICATION MONEY HAS BEEN RECEIVED FROM BOGUS SHAREHOLDERS THEN IT IS FO R THE INCOME TAX OFFICER TO PROCEED BY REOPENING THE ASSESSMENT OF SUCH SHAREHO LDERS AND ASSESSING THE M TO TAX IN ACCORDANCE WITH LAW. IT DOES NOT ENTITL E THE REVENUE TO ADD THE SAME TO THE ASSESSEE'S INCOME AS UNEXPLAINED CASH C REDIT. RESPECTFULLY FOLLOWING THE SAME, WE FIND SUBSTANTIA L FORCE IN THIS ARGUMENT ADVANCED BY LD. AR THAT THE ASSESSEE WAS R EQUIRED TO PROVE THE SOURCE OF THE MONEY ONLY AND NOTHING BEYOND. TH E DETAILS ON RECORD REVEAL THAT THE SHARE APPLICATION MONEY HAS BEEN RECEIVED BY ASSESSEE ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 6 IN TRENCHES OF RS.25 LACS EACH ON 10/07/2010 & 15/0 7/2010. THE PERUSAL OF BANK STATEMENT OF THE SHARE APPLICANT AS PLACED ON RECORD THAT THE AFORESAID PAYMENTS HAVE BEEN CLEARED FROM ITS BANK ACCOUNT ON 19/07/2010 VIDE CHEQUES NUMBERS 43024 & 43025 AND T HERE ARE NO IMMEDIATE CASH DEPOSITS IN THE SAID BANK ACCOUNT BE FORE CLEARANCE OF THE CHEQUES WHICH WEAKENS THE STAND OF THE REVENUE THAT THE CITED INVESTOR DO NOT HAVE CREDITWORTHINESS TO MAKE THOSE INVESTMENTS. WHEN IMMEDIATE SOURCE OF THE MONEY WAS EXPLAINED, THE IN ITIAL ONUS CASTED UPON ASSESSEE GOT DISCHARGED AND NOTHING MORE COULD BE ASKED FROM HIM IN THIS REGARD IN TERMS OF THE CITED OBSERVATIO N OF HONBLE BOMBAY HIGH COURT. THE DOCUMENT ON RECORD REVEAL THAT THE INVESTOR COMPANY WAS IN EXISTENCE SINCE 1989 AS PRIVATE LIMITED COMPANY AND IN THE YEAR 1995, IT GOT CONVERTED INTO PUBLIC LIMITED COMPANY WHICH FORTIFIES THIS STAND OF THE ASSESSEE FURTHER. IN SUPPORT OF GENUIN ENESS OF THE IMPUGNED TRANSACTION, THE ASSESSEE HAS PLACED ON RE CORD THE COPY OF BOARD RESOLUTION AND CONFIRMATION OF THE SAID INVESTMENT BY THE ASSESSEE. SO FAR AS THE JUSTIFICATION OF SHARE PREMIUM IS CONCERNED, WE FIND THAT THE ASSESSEE WAS ENGAGED IN CONSTRUCTION ACTIVITIES AND WAS CARRYING OUT MANY PROJECTS DURING IMPUGNED AY, THE DETAILS OF WHICH WERE PLACED ON RECORD AND WHICH WERE ALSO NOT DISPU TED BY THE REVENUE. FOR AY 2012-13, THE ASSESSEE HAS FILED RETURNED INC OME OF RS.147.60 LACS WHICH IS EVIDENT FROM MATERIAL ON RECORD. THE DETAILS OF THE ONGOING PROJECTS HAVE BEEN PLACED ON RECORD. UNDER THESE CI RCUMSTANCES, THE REVENUE, IN OUR OPINION, BY QUESTIONING THE WISDOM / PRUDENCE OF THE INVESTOR COULD NOT PROCEED TO MAKE ADDITION IN THE HANDS OF THE ASSESSEE BY INVOKING THE PROVISIONS OF SECTION 68 W ITHOUT BRINGING ON ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 7 RECORD CREDIBLE CONTRARY EVIDENCES. THE ADDITIONS C OULD NOT BE MADE MERELY ON THE BASIS OF SUSPICION. NOTHING ON RECORD INDICATE THAT ANY CASH GOT EXCHANGED BETWEEN THE ASSESSEE AND THE INV ESTOR TO SUGGEST THAT THE UNACCOUNTED MONEY BELONGING TO THE ASSESSE E WAS ROUTED IN THE ACCOUNTS AS SHARE APPLICATION MONEY. FOR THE SAKE OF COMPLETENESS, WE FIND THAT EVEN THE NEWLY INSERTED PROVISIONS OF SECTION 56(2)(VIIB) COULD NOT BE APPLIED TO THE FACTS OF TH E CASE SINCE THESE PROVISIONS HAVE BEEN INSERTED BY FINANCE ACT 2012 WITH EFFECT FROM 01/04/2013 ONLY AND FURTHER THE SAME HAS ALSO NOT B EEN INVOKED BY THE REVENUE. 4.3 KEEPING IN VIEW THE ABOVE FACTS AND CIRCUMSTANC ES, WE ARE OF THE CONSIDERED OPINION THAT THE IMPUGNED ADDITION U/S 6 8 IN THE HANDS OF THE ASSESSEE WAS NOT JUSTIFIED AND THEREFORE, BY DELETI NG THE SAME, WE ALLOW THIS GROUND OF APPEAL. 5. SO FAR AS THE OTHER TWO ADDITIONS ON ACCOUNT OF BAD DEBTS / PRELIMINARY EXPENSES WRITTEN OFF IS CONCERNED, THE ASSESSEE HAD FAILED TO SUPPLY THE REQUISITE DETAILS THEREOF BEFORE BOTH LO WER AUTHORITIES. NO SERIOUS ARGUMENTS HAVE BEEN RAISED AGAINST THE SAME EVEN BEFORE US AND THEREFORE, THESE TWO ADDITIONS STAND CONFIRMED. 6. THE APPEAL STANDS PARTLY ALLOWED IN TERMS OF OUR ABOVE ORDER. ITA NO. 4424/MUM/2016 7. BY WAY OF THIS APPEAL, THE ASSESSEE IS AGGRIEVED BY IMPOSITION OF PENALTY U/S 271(1)(C) FOR RS.16.68 LACS VIDE ORDER DATED 30/09/2014. THIS PENALTY HAS BEEN LEVIED AGAINST FOLLOWING QUAN TUM ADDITIONS: - ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 8 NO. NATURE OF ADDITION QUANTUM ADDITION (RS.) 1. UNEXPLAINED CASH CREDIT RS.50 LACS 2. LABOUR CHARGES FOR WANT OF TDS RS.2,78,988/- 3. BAD DEBTS RS.84,615/- 4. PRELIMINARY EXPENSES WRITTEN-OFF RS.35,000/- SINCE WE HAVE DELETED QUANTUM ADDITIONS LISTED AT SERIAL NUMBER 1, PENALTY AGAINST THE SAME DO NOT SURVIVE. THE ADDITI ON LISTED AT SERIAL NO. 2 IS MERE STATUTORY DISALLOWANCE AND DO NOT CALL FOR IMPOSITION OF PENALTY. THE REMAINING ADDITIONS HAS BEEN MADE FOR WANT OF R EQUISITE DETAILS ONLY. HOWEVER, THE SAME DO NOT INDICATE FURNISHING OF INACCURATE PARTICULARS OF INCOME OR CONCEALMENT OF INCOME SO A S TO JUSTIFY IMPOSITION OF PENALTY. HENCE, BY DELETING THE SAME, WE ALLOW THE APPEAL. CONCLUSION 8. RESULTANTLY, ITA NO. 4423/MUM/2016 STAND PARTLY ALLOWED WHEREAS ITA NO.4424/MUM/2016 STAND ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 05 TH FEBRUARY, 2019. SD/- SD/- (C.N. PRASAD) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 05.02.2019 SR.PS, JAISY VARGHESE ! / COPY OF THE ORDER FORWARDED TO : 1. !# / THE APPELLANT 2. $!# / THE RESPONDENT 3. + ( ) / THE CIT(A) 4. + / CIT CONCERNED 5. ,- & . , . , / DR, ITAT, MUMBAI 6. -/01 / GUARD FILE ITA NOS.4423-24/MUM/2016 M/S. WESTIN DEVELOPERS PRIVATE LIMITED ASSESSMENT YEAR :2011-12 9 / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.