ADDL CIT RG 13(3), MUMBAI V. ADITYA AGARWAL, MUMBAI

ITA 5459/MUM/2009

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 62332 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 7 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-05-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 01-05-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 01-10-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G K NAIR
• Keywords: Business income; Salary income; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES D , MUMBAI BEFORE: SHRI P. M. JAGTAP, AM & SHRI AMIT SHUKLA, JM ITA NO.5459 /MUM/2009 ASSESSMENT YEAR: 2006-2007 ADDL.CIT RG 13(3), AAYAKAR BHAVAN, MUMBAI- 400 020. ADITYA AGARWAL, 402, VYAPARA BHAVAN, 368/370, NARSI NATHA STREET, MASJID, MUMBAI-400 009. PAN NO.AAAPA8348P APPELLANT VS. RESPONDENT APPELLANT BY : MS.G.K.NAIR RESPONDENT BY : MR. VIJAY MEHTA DATE OF HEARING : 1 ST MAY 2012 DATE OF PRONOUNCEMENT : 11 TH MAY 2012 O R D E R PER AMIT SHUKLA (J.M.) : THIS APPEAL HAS BEEN FILED BY THE DEPARTMENT AGAINST THE ORDER DATED 30-7-2009, PASSED BY THE CIT( A)-XIII, MUMBAI FOR THE QUANTUM OF ASSESSMENT FOR THE ASSESSM ENT YEAR 2006-2007 ON THE FOLLOWING GROUNDS OF APPEAL :- 1. (I) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) HAS ERRED IN DIRECTING THE A.O. TO TREAT SHARE TR ANSACTIONS UNDER THE HEAD CAPITAL GAINS. (II) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE FACTORS LIKE, VOLUME, FREQUENCY, PERIOD OF HOLDING AS CRITERI ON TO DETERMINE THE NATURE OF TRANSACTIONS. ITA NO : 5459/MUM/2009 2 2. THE APPELLANT PRAYS THAT THE ORDER OF CIT(A) ON THE ABOVE GROUND BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 2. THE FACTUAL MATRIX OF THESE GROUNDS ARE THAT THE ASSESSEE IS AN INDIVIDUAL, WHO IS EARNING SALARY INCOME FROM MICROWEB COMMUNICATIONS PVT. LTD. AND INCOME FROM SALES & PURCHASE OF SHARES. BESIDES THIS, HE EARNED INTEREST INCOME UNDER THE HEAD INCOME FROM OTHER SOURCES. DURING THE RELEVANT FINANCIAL YEAR, THE ASSESSEE HAD EARNED HUGE SURPLUS OUT OF SALES AND PURCHASE OF SHARES WHICH WERE DECLARED AS SHORT TERM CAPITAL GAIN IN THE RETURN OF INCOME. THE ASSESSING OFFICER TOOK NOTE OF THE FACT THAT IN THE ASSESSMENT YEAR 2005-2006, THE ASSESSEE HAD SHOWN SHORT TERM CAPITAL LOSS OF ` .18,67,750/- AND LONG TERM CAPITAL LOSS OF `. 76,652/- WHEREIN IT WAS HELD THAT HE IS ENGAGED IN THE TRADING ACTIVITIES OF SHARES AND ENTIRE LOSS SHOWN IN T HE CAPITAL GAIN WAS CONSIDERED AS BUSINESS LOSS. IN THE RELEVANT A SSESSMENT YEAR, ASSESSEE HAD SHOWN SIMILAR INCOME UNDER THE HEAD CAPITAL GAIN AT ` .4,99,37,911/- AND AFTER ADJUSTING BROUGHT FORWARD CAPITA L LOSS, THE NET SHORT TERM CAPITAL GAIN WAS SHOWN AT ` .4,78,29,843/-. AS DONE IN THE EARLIER YEAR, THE ASSESSING OFFICER REQUIRED THE ASSE SSEE TO EXPLAIN AS TO WHY THE INCOME SHOWN UNDER THE HEAD CAPITA L GAIN BE NOT TREATED AS BUSINESS INCOME IN THE RELEVANT YEAR ALSO. 2.1 IN RESPONSE, THE ASSESSEE SUBM ITTED THAT HE IS EMPLOYED WITH MICROWEB COMMUNICATIONS PVT. LTD. FROM WHERE HE IS GETTING SALARY ITA NO : 5459/MUM/2009 3 AND DOES NOT HAVE ANY BUSINESS ACTIVITIES AND DURING THE YEAR TOTAL NUMBER OF SCRIPS, WHICH WERE SUBJEC T MATTER OF TRANSACTIONS WERE NOT MORE THAN 15. THE ASSESSEE HAS BEEN MAINTAINING BOOKS OF ACCOUNTS, WHEREIN THE SHARES HAVE BEEN SHOW N AS INVESTMENTS. FURTHER THE INVESTMENT HAVE BEEN MADE ON SHARES AND MUTUAL FUND, OUT OF HIS OWN CAPITAL TO EARN DIVIDEND INCOME WHICH IN THIS YEAR, AMOUNTED TO ` .24,23,638/- FROM SHARES AND ` .1,13,016/- FROM MUTUAL FUND. LASTLY, IT WAS SUBMITTED THAT IN THE EARLIER Y EAR THE CIT(A), HAS ACCEPTED THE STAND OF THE ASSESSEE THAT THE SAID TRANSACTIONS ARE TO BE TAXED UNDER THE HEAD CAPITAL GAINS. 2.2 THE ASSESSING OFFICER REJECTED THE CONTENTION OF THE ASSESSEE ON THE FOLLOWING GROUNDS WHICH ARE DISCUSSED IN BRIEF :- (I) BY MAINTAINING THE ACCOUNTS SEPARATELY AND SHOWING THE SHARES UNDER THE HEAD INVESTMENT DOES NOT CHANGE THE NATURE OF TRANSACTIONS AND THE ACTUAL INCOME OR PROFIT FROM SALE OF SHARES. THE REAL INTENTION OR THE MOTIVE OF THE ASSESSEE BEHIND SUCH INVESTMENT WAS BUSINESS ONLY; (II) THE PLEA THAT INVESTMENT IS MADE OUT OF OWN FUNDS HAVE NO RELEVANCE UPON CONSIDERING ANY PARTICULAR INCOME UNDER PARTICULAR HEAD OF INCOME. EVEN A BUSINESS ACTIVITIES CAN BE CONDUCTED OUT OF OWN FUNDS; ITA NO : 5459/MUM/2009 4 (III) SUBSTANTIAL DIVIDEND INCOME EARNED WILL NOT MAKE A DIFFERENCE BECAUSE EVEN IF SHARES HAVE BEEN KEPT AS STOCK-IN-TRADE ON THE LAST DAY OF THE FINANCIAL YEAR, THE DIVIDEND INCOME MAY ARISE TO THE ASSESSEE; (IV) THE EMPLOYMENT WITH MIRCOWEB COMMUNICATIONS PVT. LTD. HAS NO CONNECTION WITH THE TREATMENT OF ANY PARTICULAR TRANSACTIONS AS ADVENTURE IN THE NATURE OF BUSINESS; (V) PURCHASE AND SALE OF SHAR ES DOES NOT REQUIRE FULLTIME ENGAGEMENT AS MOST OF THESE TRANSACTIONS ARE DONE BY BROKERS THROUGH A PHONE CALL OR THROUGH ONLINE PORTALS OF DEPOSITORY SERVICES; (VI) THE ASSESSEES CONTENTIONS THAT HE HAD TRANSACTED IN VERY SMALL NUMBER OF SCRIPS AND ONLY FEW TRANSACTIONS RESULTED INTO THE CAPITAL GAINS OF ` .4,78,29,843/- WILL NOT MAKE ANY DIFFERENCE AS IN THE EARLIER YEAR ALSO EVEN THOUGH THERE WERE HUGE VOLUME OF TRANSACTIONS THE ASSESSEES STAND WAS SAME AND THE ASSESSEE IS CONTINUING THE SAME BUSINESS LIKE IN THE EARLIER YEAR. ACCORDINGLY THE ASSESSING OFFICER TREATED THE ENTIRE INCOME SHOWN AS SHORT TERM CAPITAL GAIN AT ` .4,99,37,911/- AND THE LONG TERM CAPITAL GAIN OF ` .6,93,343/-, AS BUSINESS INCOME. ITA NO : 5459/MUM/2009 5 3. BEFORE THE CIT(A) THE ASSESSEE REITERATED THE SAME SUBMISSIONS AND FURTHER EXPLAINED THAT HE IS MAINLY GETTING INCOME FROM CAPITAL GAINS AND SALARY AND T HE INVESTMENTS IN SHARES FROM LAST SEVERAL YEARS HAVE BEEN TREATED AS PURE INVESTMENT, WHICH IS REFLECTED FROM THE BOOKS OF ACCOUNTS AND BALANCE SHEET. IT WAS PLACED ON RECORD THAT IN THE ASSESSMENT YEAR 2004-2005, THE SALE OF SHARES HAVE BEEN TREATED AS SHORT TERM CAPITAL GAIN WHICH HAS BEEN ACCEPTED BY THE DEPARTMENT AND ALSO IN THE A SSESSMENT YEAR 2005-2006 THE STAND OF THE ASSESSEE HAS BEEN AFFIRMED BY THE CIT(A). FURTHER IT WAS SUBMITTED THAT NO ORGANISATIONAL INFR ASTRUCTURE WAS MAINTAINED IN THE FORM OF OFFICE STAFF, CORRESPONDENC E, ETC. FOR THE PURPOSE OF ALLEGED BUSINESS OF SALE AND PUR CHASE OF SHARES. 3.1 THE CIT(A) AFTER ANALYSING THE EXPLANATION/SUBMISSION OF THE ASSESSEE AND DETAILS OF SCRIPS AND TRANSACTIONS, PLACED ON RECORD, ACCEPTED THE ASSESSEES CONTENTION THAT THE INCOME ARISING OUT OF SALE AND PURCHASE OF SHARES ARE LIABLE TO BE TAXED UNDER THE HEAD CAPITAL GAIN AND NOT BUSINESS INCOME. HIS MAIN REASONING IN BRIEF FOR ACCEPTING THE ASSESSEES VERSION WERE :- (I) IT IS AN ADMITTED FACT THAT FROM LAST SO MANY YEARS THE ASSESSEE WAS SHOWING THE SHARE TRANSACTIONS IN THE BOOKS OF ACCOUNTS AS INVESTMENT WHICH SHOWS THE INTENTION OF THE ASSESSEE AND THIS POSITION EXCEPT FOR ITA NO : 5459/MUM/2009 6 IN THE ASSESSMENT YEAR 2005-2006 HAVE BEEN ACCEPTED IN THE EARLIER YEARS. (II) THE TURN OVER OF LONG TERM CAPITAL GAIN AND SHORT TERM CAPITAL GAIN WERE ` .18.85 CRORES, WHICH CANNOT BE HELD TO BE VOLUMINOUS AS A TURN OVER IN ONE SCRIP OF RELIANCE CAPITAL WAS ITSELF AT ` .9.77 CRORES IN THREE TRANSACTIONS; (III) IN THE CASE OF THE ASSESSEE, THERE ARE VERY FEW TRANSACTIONS BOTH IN THE CASE OF LONG TERM CAPITAL GAIN AND SHORT TERM CAPITAL GAIN; (IV) THE PERIOD OF HOLDING IN LONG TERM CAPITAL GAIN WERE FROM 369 TO 1560 DAYS AND SHARES TRANSACTIONS RESULTING INTO SHORT TERM CAPITAL GAIN WERE ALSO FOR SUBSTANTIAL PERIOD EXCEPT FO R THREE SCRIPS WHERE THE PERIOD OF HOLDING WAS ONLY 4 TO 5 DAYS. THE MAIN INCOME UNDER THE HEAD SHORT CAPITAL GAIN WAS FROM THE SCRIP OF RELIANCE CAPITAL WHICH EARNED CAPITAL GAIN OF ` 5.22 CRORES WHEREIN HOLDING PERIOD WAS OF 100 TO 119 DAYS. (V) THE ASSESSEE WAS NOT MAINTAINING ANY INFRASTRUCTURE IN THE FORM OF OFFICE STA FF, ETC. FOR THE PURPOSE OF ALLEGED BUSINESS OF SALE AND PURCHASE OF SHARES AND THAT IT HAS BEEN DONE OUT OF HIS OWN FUNDS; ITA NO : 5459/MUM/2009 7 (VI) IN THE IMMEDIATELY PREC EDING YEAR I.E. 2005-2006, THE CIT (A) HAS REVERSED THE FINDING OF THE ASSESSING OFFICER WHEREIN IT WAS HELD THAT THE ASSESSEE IS AN INVESTOR. ON THESE GROUNDS THE LEARNED CIT(A) ALLOWED THE GROUNDS RAISED BY THE ASSESSEE. 4. LEARNED SENIOR DR DREW OUR ATTENTION TO PAGE 1 AND 2 OF THE ASSESSEES PAPER BOOK, TO SHOW THAT IN THE TRANSACTIONS WHICH HAVE BEEN SHOWN UNDER THE HEAD SHORT TERM CAPITAL GAIN IN SOME CASES, HOLDING PERIOD IS OF 1 TO 5 DAYS ONL Y, WHICH SHOWS THAT THE ASSESSEE WAS INVOLVED AS TRADER AND NOT INVESTOR. THIS ALSO GOES TO SHOW THAT THE ASSESSEE WAS MAINLY INVOLVED IN BUSINESS ACTIVITIES AND IT IS NOT A CHARACTERISTIC OF INVESTOR TO SELL THE SHARES IN SUCH A SHORT PERIOD. FOR THE TRANSACTION ENTERED FOR LONG TERM HOLDING, HE RELIED UPON THE FINDINGS OF THE ASSESSING OFFICER. HE FURTHER SUBMITTED THAT THE DECISION OF CIT(A) IN THE EARLIER YEAR FOR THE ASSESSMENT YEAR 2005- 2006, CANNOT BE RELIED UPON, AS THE DEPARTMENTS APPEAL BEFORE THE TRIBUNAL WAS DISMISSED ON TECHNICAL GROUND OF SMALLER TAX EFFECT. HE, THUS, HEAVILY RELIED UPON THE FINDINGS AND THE REASONING GIVEN BY THE ASSESSING OFFICER. 5. PER CONTRA , LEARNED AR ON BEHALF OF THE ASSESSEE, ALSO REFERRED TO PAGE 2 OF THE PAPER BOOK, WHEREIN THE TRANSACTIONS RELATING TO SHORT TERM CAPITAL GAINS HAVE BEEN GIVEN A ND POINTED OUT THAT THE SCRIPS IN ITA NO : 5459/MUM/2009 8 WHICH PERIOD OF HOLDING WAS OF FEW DAYS WAS DUE TO CERTAIN EXIGENCIES AS THERE WAS FEAR THAT SHARE VALUE MAY CONTINUE TO FALL. THE ASSESSEE MADE AN EARLY EXIT WITHIN A FEW DA YS AS A PRUDENT INVESTOR. HE POINTED OUT THAT IN THE SCRIP RELATING TO ADITYA INTERNATIONAL, BAJAJ HINDUSTAN LTD., HTMT AND SKF INDIA, THE A SSESSEE HAD MADE AN EARLY EXIT ONLY TO SAVE HIMSELF FROM BIGGER LOSS AND IN FACT IN ALL THESE SCRIPS THE ASSESSEE DID SUFFER LOSSES. THE MA JOR GAIN HAD COME FROM RELIANCE CAPITAL & LLOYD STEEL, WHEREIN THE PERIOD OF HOLDING WERE BETWEEN 100 TO 253 DAYS. HE FURTHER REITER ATED THE CONTENTION THAT OVERALL TRANSACTIONS WHETHER FOR SHORT TERM OR FOR LONG TERM CAPITAL GAINS WERE VERY FEW. HE ALSO DREW OUR ATT ENTION TO VARIOUS ASSESSMENTS FOR THE EARLIER YEARS AND SUBMITTED THAT T HOUGH THEY WERE COMPLETED UNDER SECTION 143(1) BUT HAVE ATTAINED FI NALITY AS THEY HAVE NOT BEEN RE- OPENED. HE RELIED UPON THE ASSESSM ENT ORDER PASSED UNDER SECTION 143(3) FOR THE ASSESSMENT YEAR 2007-2008, WHEREIN LONG TERM CAPITAL GAIN ARISING OUT OF SALES OF SHARES HAVE BEEN ACCEPTED. COPY OF BALANCESHEET WERE SHOWN TO US, WHEREIN THE SHARES HAVE BEEN SHOWN UNDER THE HEAD INVESTMENT AND THEY HAVE BEEN VALUED AT COST. 6 . IN THE REJOINDER THE LEARNED DR SUBMITTED THAT THE EARLIER ASSESSMENT ORDERS CANNOT BE TAKEN IN TO COGNIZANCE AS THE SAME WERE COMPLETED UNDER SECTION 143(1) AND THAT ALL THE POINTS WHICH HAVE BEEN ARGUED BY THE LD. AR HAVE BEEN DEALT WITH BY THE ASSESSING OFFICER. ITA NO : 5459/MUM/2009 9 7. WE HAVE CAREFULLY CONSIDERED THE RIVAL SUBMISSIONS OF THE PARTIES, FINDINGS GIVEN BY THE ASSESS ING OFFICER AS WELL AS THE CIT(A) AND ALSO PERUSED THE MATERIAL PLACED ON RECORD. THERE IS A VERY THIN LINE DISTINCTION BETWEEN THE ACTIVITI ES WHICH CAN BE CONSIDERED PURELY FOR INVESTMENT PURPOSES OR FOR TRADI NG PURPOSES IN SUCH KIND OF CASES. THE PARAMETERS LIKE VOLUME AND FREQUEN CY OF TRANSACTIONS, CONTINUITY AND HOLDING PERIOD, INTENTION OF THE ASSESSEE, TREATMENT GIVEN IN THE BOOKS OF ACCOUNTS AND HOST OF OTHER FACTORS THOUGH ARE VERY RELEVANT FOR JUDGING A TRANSACTION LIKE THIS, WHET HER IT IS PURELY FOR INVESTMENT OR FOR TRADING ACTIVITIES BUT EVEN THESE PARAMETERS MAY BREAK DOWN IN CERTAIN CASES AND THERE CANNOT BE ALL EMBRACING FORMULA TO JUDGE THESE KIND OF TRANSACTIONS. IT HAS BECOME QUITE A PHENOMENON IN LAST FEW DECADES DUE TO OPENING OF ECONOMY AND HUGE GROWTH OF VARIOUS COMPANIES (DUE TO INTERNAL AND EXTERNAL FACTORS) THAT MANY PEOPLE OF THE COUNTRY HAD INVESTED IN THE EQUI TY SHARES AND MUTUAL FUNDS TO MAXIMIZE THEIR INVESTMENTS WITHIN A SHORT PERIOD, EVEN TRANSACTION ARE BEING ENTERED FOR SHORT PERIOD. TO JUDGE SUCH TRANSACTIONS, ONE HAS TO ADOPT PRAGMATIC APPROACH LOOKING TO THE FACTS AND MERITS OF THE CASE, KEEPING IN MIND THE INTENTION OF THE ASSESSEE AND WHOLE GAMUT OF TRANSACTIONS WHETHER IT IS FOR COMMERCIAL CONSIDERATION OR NOT. 7.1 HERE IN THIS CASE, IT IS SEEN THAT THE MAIN INCOME FROM SHORT TERM CAPITAL GAIN IS ARISING OUT OF SALE OF ONE OR TWO SCRIPS VIZ. RELIANCE CAP AND LLOYD STEEL. THE PERIOD OF HOLDING IN THESE SCRIPS ARE BETWEEN 100 TO 254 DAYS IN SOME CASE S LIKE RELIANCE PVT. LTD., THE ITA NO : 5459/MUM/2009 10 PERIOD OF HOLDING IS AROUND 352 DAYS. THE REASONING GIVEN BY THE AR THAT IN SOME OF THE SCRIPS IN WHICH THE PERIOD OF HOLDING WAS LESS THAN 5 DAYS WAS DUE TO FEAR OF HEAVY LOSS, APPEARS TO BE GENUINE AS IMMEDIATELY AFTER THE PURCHASE, THE ASSESSEE DID SUFFER A LOSS AND HE DID NOT WANT TO AUGMENT THIS LOSS. EL EMENT OF RISK IS ALWAYS INVOLVED IN TRANSACTION OF SECURITIES AND THIS CANNOT BE PARAMOUNT FACTOR TO JUDGE THE CRITERIA OF TRADER OR INVESTOR. IN VESTOR CAN ALSO MAKE AN EARLY EXIT EITHER TO HAVE IMMEDIATE GAIN OR TO SAVE LOSS. MOREOVER, IN THIS CASE THE ASSESSEE HAS RECEIVED SUBSTANT IAL DIVIDEND INCOME FROM SUCH INVESTMENT OF SHARES. THE TREATMENT GIVEN IN THE BOOKS OF ACCOUNT AND THE BALANCESHEET THOUGH MAY NOT BE VERY DECISIVE FA CTOR BUT SUCH TREATMENT IF COUPLED WITH VARIOUS OTHER FACTORS LIKE HE IS SYSTEMATICALLY MAKING INVESTMENT FOR A GAIN AND NOT MAINTAINING PORTFOLIO ON BEHALF OF ANY PERSON TO EARN COMMISSION OR BROKERAGE, DO REFLECT THE INTENTION OF THE ASSESSEE. IT IS ALSO BORNE OUT FROM THE EARLIER RECORDS AND THE SUBSEQUENT RECORDS, THAT THE ASSESS EE HAS ONLY MADE INVESTMENT TO ACHIEVE MAXIMUM GAIN FROM SALE AND PURCHASE OF SECURITIES AND THIS HAS BEEN ACCEPTED BY THE DEPARTMENT. SUCH AN INVESTMENT IN THIS CASE CANNOT BE TREATED AS TRADING ACTIVITY OR FOR THE PURPOSE OF BUSINESS, WHICH HAS A VERY WIDE CONNOTATION UNDER THE INCOME TAX LAW. FOR FALLING IN THE REALM OF TRADING A CTIVITY IN SHARES, IT IS NECESSARY THAT ASSESSEES INTENTION MUST BE TO EARN BROKERAGE, COMMISSION OR SHARE IN PROFIT AND NOT MERELY DIVI DEND OR GAIN. THIS VITAL FACTOR IS ABSENT IN ASSESSEES CASE, THUS, TH E REASONING GIVEN BY THE CIT(A) ITA NO : 5459/MUM/2009 11 ON THE FACTS OF THE CASE APPEARS TO BE VERY PLAUSIBLE AND ACCEPTABLE FOR BOTH THE TRANSACTIONS, S HORT TERM AND LONG TERM. 8 . THUS, ON THE FACTS AND CIRCUMSTANC ES OF THE CASE, WE HOLD THAT THE TRANSACTIONS OF SALE AND PURC HASE OF SHARES AS SHOWN BY THE ASSESSEE ARE TO BE TAXED UNDER THE HEAD CAPITAL GAINS AND NOT BUSINESS INCOME ACCORDINGLY THE FI NDINGS OF THE CIT(A) ARE UPHELD. 9 . IN THE RESULT, THE APPEAL FIL ED BY THE DEPARTMENT IS DISMISSED. ORDER PRONOUNCED ON THIS 11 TH DAY OF MAY, 2012. SD/- SD/- ( P.M.JAGTAP ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DT: 11 TH MAY, 2012 COPY FORWARDED TO : 1. THE APPELLANT, 2. THE RESPONDENT, 3. THE C.I.T. 4. CIT (A) 5. THE DR, B - BENCH, ITAT, MUMBAI //TRUE COPY// BY ORDER ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI PKM