M/s. Basant Metal Works, Jalandhar V. The Asstt. Commissioner of Income-tax, Jalandhar

ITA 560/ASR/2011

• Counselvise Citation: 56020914 RSA 2011
• Duration Of Justice: 8 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-08-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 25-07-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 29-11-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S S KALRA
• Assessee Lawyers: LAXMAN SINGH
• Keywords: Capital asset; Fair market value; Valuation report

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR. BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SH. B.P.JAIN, ACCOUNTANT MEMBER I.T.A. NO.553(ASR)/2011 ASSESSMENT YEAR:2006-07 PAN :AAMPJ5128Q THE DY. COMMR. OF INCOME-TAX, VS. SH.RAVI KANT JAIN CIRCLE-II, JALANDHAR. C/O M/S. BASANT METAL WORKS , JALANDHAR. (APPELLANT) (RESPONDENT) ITA NO.560(ASR)/2011 ASSESSMENT YEAR : 2006-07 M/S. BASANT METAL WORKS, VS. ASSTT. COMMR. OF INCO ME-TAX, JALANDHAR. RANGE-II, JALANDHAR. (APPELLANT) (RESPONDENT) APPELLANT BY: SH. LAXMAN SINGH, CIT(DR) RESPONDENT BY: SH. S.S. KALRA, CA DATE OF HEARING: 25/07/2012 DATE OF PRONOUNCEMENT:06/08/2012 ORDER PER BENCH ; THESE TWO APPEALS ONE BY THE REVENUE AND ANOTHER BY THE ASSESSEE ARE AGAINST THE COMMON IMPUGNED ORDER OF THE CIT(A) , JALANDHAR, 26.09.2011 FOR THE ASSESSMENT YEAR 2006-07. ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 2 2. THE REVENUE IN ITA NO.553(ASR)/2011 HAS RAISED F OLLOWING GROUNDS OF APPEAL: 1. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF T HE CASE, THE LD. CIT(A) HAS ERRED IN ESTIMATING THE FAIR MARKET VALU E, AS ON 01.04.1981 OF THE SOLD PROPERTY @ RS.6000/- PER MAR LA ON A/C OF LONG TERM CAPITAL GAIN BY IGNORING THE FAIR MARK ET VALUE @ RS.1000/- PER MARLA AS ADOPTED BY THE AO. 2. THAT IT IS PRAYED THAT THE ORDER OF THE LD. CIT( A) BE SET ASIDE AND THAT OF THE A.O. RESTORED. 3. THAT THE APPELLANT REQUESTS FOR LEAVE TO ADD OR AMEND OR ALTER THE GROUNDS OF APPEAL BEFORE THE APPEAL IS HEARD AN D DISPOSED OF. 3. THE ASSESSEE IN ITA NO.560(ASR)/2011 HAS RAISED FOLLOWING GROUNDS OF APPEAL: 1. THAT THE ORDER OF THE LD. CIT(A) JALANDHAR IS A GAINST LAW AND FACTS OF THE CASE. 2. THAT THE LD. CIT(A) HAS ERRED IN ADOPTING LAND R ATE OF PROPERTY SOLD BY THE ASSESSEE AS ON 01/04/1981 AT RS.4000/- PER MARLA AS AGAINST RS.8000/- ADOPTED BY THE ASSESSEE. 3. THAT WHILE DOING SO THE LD. CIT(A) HAS FAILED TO APPRECIATE THE FACT THAT THE VALUATION ADOPTED BY THE ASSESSEE WAS ON THE BASIS OF REPORT OF THE APPROVED VALUER WHICH WAS FURTHER BASED ON THE SALE INSTANCE. 4. THE ISSUES INVOLVED IN BOTH THE APPEALS ARE COMM ON AND THE LD. FIRST APPELLATE AUTHORITY HAS ALSO PASSED ONE CONSOLIDATE D ORDER IN BOTH THE APPEALS. AS THE FACTS INVOLVED IN BOTH THE APPEALS ARE IDENTICAL, THEREFORE, FOR ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 3 THE SAKE OF CONVENIENCE, WE ARE ALSO NARRATING THE FACTS RELATING TO THE ISSUES IN BOTH THE CASES, AS UNDER: (I) THE ASSESSEE SH. RAVI KANT JAIN FILED HIS RETU RN OF INCOME DECLARING NET INCOME OF RS.1,68,830/- ON 26.10.2006 AND M/. BASANT METAL WORKS, FILED ITS RETURN OF INCOME DECLARING INCOME OF RS.17,26,306/- ON 27.10.2006. THE AO PROCESSED THE SAME UNDER SECTION 143(1) OF THE ACT AND LATER ON CASES OF THE ASSESSEES WERE SELECTED FOR S CRUTINY BY ISSUING STATUTORY NOTICES TO THE ASSESSEES. THE AO ISSUED A QUESTIONN AIRE TO THE ASSESSEES AND IN RESPONSE TO THE SAME THE AUTHORIZED REPRESENTATI VE OF THE ASSESSEES APPEARED AND FURNISHED THE REQUISITE INFORMATION AN D DETAILS FROM TIME TO TIME IN THE ASSESSMENT PROCEEDINGS. (II) BOTH THE ASSESSEES SH. RAVI KANT JAIN CLAIMED LONG TERM CAPITAL LOSS AT RS.15,03,422/- AND M/S. BASANT METAL WORKS AT RS.3,21,229/- RESPECTIVELY, ON THE PROPERTY AT HOSHIARPUR ROAD, J ALANDHAR. THE AO ASKED THE ASSESSEES TO EXPLAIN THE BASIS OF TREATING THE FAIR MARKET VALUE OF THE PROPERTY AS ON 01.04.1981 AT RS.12,000 PER MARLA IN THE CASE OF SH. RAVI KANT JAIN AND RS.8,000/- PER MARLA IN THE CASE OF M /S. BASANT METAL WORKS. BOTH THE ASSESSEES FILED THEIR ALMOST IDENTICAL EXP LANATION AND EVIDENCE, WHICH IS A COPY OF THE REGISTERED TITLE DEED NO.746 DATED 19.08.1981, WHICH IS A RESIDENTIAL PROPERTY SITUATED ABOUT KM TOWARDS CONGESTED CITY ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 4 AREA AND LOCATED IN A MOHALLA. THE PROPERTY OF THE ASSESSEE IS LOCATED ON THE MAIN HOSHIARPUR ROAD OF STATE HIGHWAY ABOUT 100 FT. WIDE WITH LARGE FRONT OF 127 FT. OWNED BY ONE OF THE PARTNERS OF THE FIRM AND HAVING HIGH COMMERCIAL VALUE. BOTH THE ASSESSEES, CLAIMED THAT IF A SMALL RESIDENTIAL HOUSE AT A DISTANCE OF 0.5 KM WAS WORTH RS.10,000/- PER MARLA THEN THE FAIR MARKET VALUE OF RS.12,000/- PER MARLA IN THE CASE O F SH. RAVI KANT JAIN AND RS.8000/- PER MARLA IN THE CASE OF M/S. BASANT MEA L WORKS, WHICH IS A COMMERCIAL PROPERTY ON THE MAIN HIGHWAY OF THE CITY , CANNOT BE SAID TO BE OVER-VALUED AND THEY REQUESTED THE AO TO PROCESS TH E VALUED ADOPTED BY THEM. (III) THE AO ISSUED SUMMONED TO THE VALUER, SH. B .K. SINGAL, ARCHITECT/ GOVT. APPROVED VALUER, S/O SH. RAM SARAN ADVOCATE, R/O SHASHI MARKET, JALANDHAR AND RECORDED HIS STATEMENT ON 5.1 1.2008. THE AO MAINLY ASKED FROM THE VALUER TO EXPLAIN THE REASONS WITH E VIDENCE FOR THE VALUE DETERMINED BY HIM IN THE CASE OF THE ASSESSEE. HE S TATED THAT HAS ENQUIRED FROM THE MARKET AND VARIOUS PROPERTY DEALERS ABOUT THE VALUE OF THE PROPERTY IN QUESTION AS WELL AS HE ALSO RELIED UPON THE SALE DEED OF A RESIDENTIAL PROPERTY WHICH WAS ONLY AVAILABLE WITH HIM AND HAS ALREADY BEEN PRODUCED BY THE ASSESSEES IN THE ASSESSMENT PROCEEDINGS. THE AO ALSO DEPUTED HIS INSPECTOR SH. Y.P.BHAMBRI FOR DETERMINING THE FAIR MARKET VALUE OF THE ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 5 PROPERTY IN QUESTION. HE SUBMITTED HIS REPORT BY ST ATING THAT HE HAS VISITED THE OFFICE OF THE SUB-REGISTRAR, JALANDHAR ON 01.12 .2008 AND REQUESTED FOR SALE AND PURCHASE RATE OF LAND SITUATED AT HOSHIARP UR ROAD, BACKSIDE REERU COLD STORAGE, JALANDHAR, AS ON 01.04.1981 AND THE O FFICIALS OF THE CONCERNED BRANCH POINTED OUT THAT THERE WERE NO CIRCLE RATES AS ON 01.04.1981 AND THEY SUPPLIED THE BOOKS OF REGISTRIES MADE DURING THE FI NANCIAL YEAR 1981-82 WHICH WERE A LOT OF NUMBERS. THE INSPECTOR CHECKED THE BOOKS OF THE REGISTRY FOR THE PERIOD 1.4.1981 TO 31.03.1982 ABOU T 15 VOLUMES AND ABLE TO GET ONLY ONE REGISTRY NUMBER 67 DATED 6.4.1981 FOR LAND MEASURING 2K-1M (41 MARLAS) SOLD FOR RS.28,000/- LAND SITUATED IN VILLAGE REERU, HOSHIARPUR ROAD, JALANDHAR. , WHICH IS AT THE RATE OF RS.682/- PER MARLA. THE AO ALSO RECEIVED A REPORT FROM THE TEHSILDAR JALANDHAR, REG ARDING FAIR MARKET VALUE OF LAND IN THAT AREA FOR THE YEAR 1981. ACCORDING T O THE REPORT PER MARLA RATE IN THAT AREA WAS RS.175- PER MARLA. (IV) THE AO CONFRONTED THE REPORT OF INSPECTOR AS WELL AS TEHSILDAR TO THE ASSESSEE ON 04/12/2008 AND THE ASSESSEES FI LED THEIR REPLIES BY STATING THAT THE REPORT AS WELL AS REGISTRY PRODUCED BY THE INSPECTOR WHICH INCLUDES REGISTRY NO.67 DATED 06.04.1981 HAVE NO RELEVANCE O R COMPARISON WITH THE LAND SOLD BY THE ASSESSEE FOR THE REASON THAT THE ASSESSEES LAND IS A COMMERCIAL PROPERTY LOCATED AT THE MAIN HOSHIARPUR ROAD, JALANDHAR WITH A ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 6 WIDE FRONTAGE OF 127 FT AND WAS FULLY DEVELOPED IN 1981 WHEREAS THE LAND REFERRED TO IN THE INSPECTORS REPORT IS AN AGRICUL TURAL LAND AND CANNOT BE USED FOR ANYTHING OTHER THAN AGRICULTURE. (V) AFTER CONSIDERING THE REPLY FILED BY THE ASSES SEES, THE AO WAS OF THE OPINION THAT THAT THERE WAS NO CONCRETE BAS IS FOR THE ASSESSEES TO ADOPT THE FAIR MARKET VALUE AT RS.12,000/- PER MAR LA IN THE CASE OF SH. RAVI KANT JAIN AND RS.8,000/- PER MARLA IN THE CASE OF M /S. BASANT METAL WORKS. HE HELD THAT THE INSPECTORS REPORT AND THAT OF THE REVENUE AUTHORITY (TEHSILDAR, JALANDHAR) ARE ENOUGH EVIDENCE TO PROVE THAT THE VALUE ADOPTED BY THE ASSESSEE IS ON THE HIGHER SIDE AND OVER-VALU ED AND ON THE BASIS OF THESE EVIDENCE, THE AO ADOPTED THE FAIR MARKET VALU E AT RS.1000/- PER MARLA FOR BEING COMMERCIAL PROPERTY IN THE CASE OF SH. R AVI KANT JAIN AND RS.1200/- PER MARLA FOR M/S. BASANT METAL WORKS, FO R CALCULATING THE LONG TERM CAPITAL GAIN OF THE ASSESSEES PROPERTY AND COM PLETED THE ASSESSMENT VIDE HIS ORDER DATED 18.12.2008 UNDER SECTION 143(3 ) OF THE ACT. 5. AGGRIEVED BY THE ASSESSMENT ORDERS DATED 18.12.2 008 PASSED BY THE A.O., THE ASSESSEES FILED THE APPEALS BEFORE THE LD . CIT(A), WHO VIDE CONSOLIDATED ORDER DATED 26.09.2011 PARTLY ALLOWED THE APPEALS OF THE ASSESSEES AND DIRECTED THE AO TO RECOMPUTED THE CAP ITAL GAIN BY TAKING THE FAIR MARKET VALUE AS ON 01.04.1981 ON ESTIMATION BA SIS I.E. AT RS.6000/- PER ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 7 MARLA IN THE CASE OF SH. RAVI KANT JAIN AND RS.4000 /- PER MARLA IN THE CASE OF M/S. BASANT METAL WORKS. 6. NOW THE ASSESSEE AS WELL AS THE REVENUE ARE AGGR IEVED BY THE IMPUGNED ORDER OF THE LD. CIT(A) AND FILED THE PRES ENT APPEALS BEFORE THIS BENCH. 7. THE LD. COUNSEL FOR THE ASSESSEE, SH. S.S. KALRA , CA, APPEARED FOR THE ASSESSEES AND SH. LAXMAN SINGH CIT(DR) APPEARED FO R THE REVENUE. THE LD. COUNSEL FOR THE ASSESSEE, ALSO FILED A SMALL PA PER BOOK, IN WHICH HE HAS ATTACHED A COPY OF VALUATION REPORT, A COPY OF REG D. NO.67 AND COPY OF REGD. DEED DATED 19.08.1981. HE STATED THAT THE LD . FIRST APPELLATE AUTHORITY HAS WRONGLY ADOPTED THE LAND REPORT OF THE PROPERTY SOLD BY THE ASSESSEE AS ON 01.04.1981 AT RS.4000 PER MARLA IN THE CASE M/S. BASANT METAL WORKS AS AGAINST RS.8000/- PER MARLA ADOPTED BY THE ASSESSEE . HE ALSO STATED THAT SH. RAVI KANT JAIN HAS NOT FILE ANY APPEAL AGAINST THE ORDER DATED 26.09.2011 PASSED BY THE LD. FIRST APPELLATE AUTHORITY, WHO HA S ESTIMATED THE FAIR MARKET VALUE OF THE PROPERTY OF THE ASSESSEE AS ON 01.04.1 981 AT RS.6000/- PER MARLA ON ACCOUNT OF LONG TERM CAPITAL GAINS. HE RELIED UP ON THE ORDER PASSED BY THE LD. CIT(A) IN THE CASE OF SH. RAVI KANT JAIN BUT HE STRONGLY OBJECT THE VALUE ADOPTED BY THE LD. CIT(A) IN THE CASE OF M/S. BASAN T METAL WORKS AT RS.4000/- PER MARLA AS AGAINST RS. 8000/- ADOPTED B Y THE ASSESSEE. HE ALSO ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 8 DREW OUR ATTENTION TOWARDS THE VALUATION REPORT GIV EN BY SH. B.K.SINGAL, WHO IS ARCHITECT/GOVT. APPROVED VALUER. HE FURTHER STATED THAT THE LD. CIT(A) RELIED UPON THE REPORT OF THE INSPECTOR, WHO HAS NO T EXPERT ON THE SUBJECT AND ALSO FILED ONE REGISTRY NO.67 DATED 6.4.1981 LAND M EASURING 2K 1M (41 MARLAS) SOLD FOR RS.28000/- LAND SITUATED IN VILLAG E REERU, HOSHIARPUR ROAD, JALANDHAR. HE STATED THAT THE INSTANCE PRODUCED BY THE INSPECTOR AS WELL AS THE REPORT OF TEHSILDAR HAVE NOT RELEVANCE OR COMPA RISON WITH THE LAND SOLD BY THE ASSESSEE FOR THE REASON THAT THE ASSESSEES LAND IS COMMERCIAL PROPERTY LOCATED AT THE MAIN HOSHIARPUR ROAD, JALANDHAR WITH A WIDE FRONT OF 127 FT AND WAS FULLY DEVELOPED IN 1981 WHEREAS THE LAND RE FERRED TO IN THE INSPECTORS REPORT IS AN AGRICULTURAL LAND AND CANN OT BE USED FOR ANYTHING OTHER THAN AGRICULTURE. HE REQUESTED THAT IN THE CA SE OF M/S. BASANT METAL WORKS, THE FAIR MARKET VALUE ADOPTED BY THE ASSESSE E AT RS.8000/- PER MARLA WHICH IS ON THE BASIS OF GOVT. APPROVE VALUER MAY BE ADOPTED BY ALLOWING THE APPEAL OF THE ASSESSEE AND APPEAL FILED BY THE DEPARTMENT IN THE CASE OF SH. RAVI KANT JAIN MAY BE DISMISSED. 8. ON THE CONTRARY, SH. LAXMAN SINGH CIT(DR) RELIED UPON THE ORDER PASSED BY THE LD. CIT(A) IN THE CASE OF M/S. BASANT METAL WORKS BUT IN THE CASE OF SH. RAVI KANT JAIN, HE STATED THAT THE LD. FIRST APPELLATE AUTHORITY HAS WRONGLY ESTIMATED THE FAIR MARKET VALUE AS ON 01.04 .1981 OF THE SOLD ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 9 PROPERTY AT RS.6000/- PER MARLA ON ACCOUNT OF LONG- TERM CAPITAL GAIN BY IGNORING THE FAIR MARKET VALUE AT THE RATE OF RS. 1000/- PER MARLA AS ADOPTED BY THE A.O. 9. WE HAVE HEARD BOTH THE PARTIES AND PERUSED RELEV ANT MATERIAL AVAILABLE WITH US, ESPECIALLY THE ORDERS PASSED BY THE REVENUE AUTHORITIES ALONGWITH SOME EVIDENCE FILED BY THE ASSESSEE IN TH E PRESENT APPEALS. IT IS A MATTER OF FACT THAT IN BOTH THE CASES THE ISSUE IN DISPUTE IS COMPUTATION OF LONG TERM CAPITAL GAINS OF THE PROPERTY SITUATED AT HOSHIARPUR ROAD, JALANDHAR. THE LAND OF THE FIRM IS SITUATED BEHIND THE PROPERTY OF THE INDIVIDUAL AND INDIVIDUAL SH. RAVI KANT JAIN, THE A SSESSEE IS A PARTNER IN THE FIRM M/S. BASANT METAL WORKS. IN BOTH THE CASES, TH E AO HAS NOT ACCEPTED THE CASES OF ACQUISITION OF LAND SOLD ON THE FAIR M ARKET VALUE OF LAND AS ON 01.04.1981 AND HAS ASSESSED THE LONG TERM CAPITAL G AIN AT HIGHER VALUE THAN RETURNED BY THE ASSESSEE. THE ASSESSEE HAS SUBMITTE D A COPY OF REGISTERED DEED NO.746 DATED 19.8.1981 AS AN EVIDENCE IN SUPPO RT OF THEIR CLAIM. THIS SALE DEED IS A EVIDENCE OF ONE RESIDENTIAL HOUSE AB OUT KM TOWARDS CONGESTED CITY AREA LOCATED IN THE MOHALL AND HAVIN G NO COMMERCIAL VALUE. WHEREAS, THE PROPERTY OF THE ASSESSEES ARE HAVING C OMMERCIAL VALUE AS PER REPORT OF THE GOVT. APPROVED VALUER, SH. B.K. SINGH AL. NO DOUBT, THE ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 10 REVENUE HAS ALSO PRODUCED ONE SALE DEED NO.67 DATED 6.4.1981 OF THE LAND MEASURING 2K 1M (41 M) SOLD FOR RS.28,000/- SITUATE D IN VILLAGE REERU, HOSHIARPUR ROAD, JALANDHAR. THE SAID LAND WAS SOLD BY SH. UJJAGAR AND PURCHASED BY SH. AMRIK SINGH S/O SH. KISHAN SINGH, HARBANS SINGH S/O BILLA SINGH AND SH. KISHAN SINGH S/O SH. SUNDER SIN GH AT THE RATE OF RS.682/- PER MARLA. THE REVENUE HAS ALSO PRODUCED A REPORT OF TEHSILDAR JALANDHAR REGARDING FAIR MARKET VALUE OF THE LAND I N THE AREA OF THE ASSESSEE FOR THE YEAR 1981. ACCORDING TO THE REPORT OF THE T EHSILDAR, JALANDHAR, THE FAIR MARKET VALUE OF THE LAND OF THAT AREA WAS RS.1 75/- PER MARLA IN 1981. NO DOUBT, THE REPORT OF THE INSPECTOR AS WELL AS TE HSILDAR JALANDHAR WAS CONFRONTED TO THE ASSESSEE ON 04.12.2009 AND THE AS SESSEES HAVE FILED THEIR REPLY BY STATING THAT INSTANCE GIVEN BY THE INSPECT OR AS WELL AS THE TEHSILDAR, JALANDHAR HAVE NO RELEVANCY OR COMPARISON WITH THE LAND SOLD BY THE ASSESSEE FOR THE REASON THAT THE ASSESSEES AND IS A COMMERCIAL PROPERTY LOCATED ON THE MAIN HOSHIARPUR ROAD, JALANDHAR AND THE LAND IN THE INSPECTORS REPORT IS AN AGRICULTURAL LAND AND CANN OT BE USED FOR ANYTHING OTHER THAN AGRICULTURE. 9.1. AFTER PERUSING THE ORDERS PASSED BY THE REVENU E AUTHORITIES AS WELL AS SALE INSTANCE MENTIONED BY THE LD. FIRST APPELLA TE AUTHORITY AND THE ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 11 IMPUGNED ORDER, WE FIND THAT THE AO HAS NOT REFERRE D THE MATTER TO THE VALUATION OFFICER FOR ASCERTAINING THE FAIR MARKET VALUE OF THE PROPERTY IN DISPUTE. BUT THE LD. CIT(A) HAS ALSO NOT POINTED OU T THIS DEFICIENCY IN THE IMPUGNED ORDER. IF THE VALUE DECLARED BY THE ASSES SEES OF THE PROPERTY IN DISPUTE IS UNDER VALUED THEN AS PER PROVISIONS OF LAW, THE AO MAY REFER THE VALUATION OF CAPITAL ASSET TO THE VALUATION OFFICER TO ASCERTAIN THE FAIR MARKET VALUE OF THE CAPITAL ASSET FOR THE PURPOSE OF DETER MINATION OF CAPITAL GAIN OF THE PROPERTY IN DISPUTE. BUT THE SAME HAS NOT BEEN DONE. KEEPING IN VIEW THE FACTS AND CIRCUMSTANCES OF THE PRESENT CASE AND THE EVIDENCE PRODUCED BY BOTH THE PARTIES AND THE ASSESSMENT ORDER IN DISPUT E I.E. 2006-07, WE FIND THAT THE LD. FIRST APPELLATE AUTHORITY HAS REASONAB LY DETERMINED THE FAIR MARKET VALUE IN THE CASE OF THE ASSESSEES AND GIVEN THE SUFFICIENT RELIEF TO THE ASSESSEES ON THE BASIS OF EVIDENCES PRODUCED BY THE ASSESSEES AS WELL AS THE REVENUE. 9.2. KEEPING IN VIEW THE FACTS AND CIRCUMSTANCES OF THE CASES EXPLAINED ABOVE, WE ARE OF THE CONSIDERED OPINION THAT NO INT ERFERENCE IS CALLED FOR IN THE WELL REASONED ORDER PASSED BY THE LD. FIRST APP ELLATE AUTHORITY IN THE PRESENT APPEALS. HENCE, WE DISMISS BOTH THE APPEALS FILED BY THE REVENUE AS ITA NO.553(ASR)/2011 ITA NO.560(ASR)/2011 12 WELL AS BY ASSESSEE BY UPHOLDING THE IMPUGNED ORDER DATED 26.09.2011 PASSED BY THE LD. FIRST APPELLATE AUTHORITY. 10. IN THE RESULT, BOTH THE APPEALS OF THE REVENUE AS WELL AS ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 6TH AUGUST, 2012. SD/- SD/- (B.P. JAIN) (H.S. SIDHU) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 6 TH AUGUST, 2012 /SKR/ COPY OF THE ORDER FORWARDED TO: 1. THE ASSESSEES: 1) SH. RAVI KANT JAIN (II) M/S. BASA NT METAL WORKS, JALANHDAR. 2. THE ACIT,R-II/DCIT CIR.II JALANDHAR. 3. THE CIT(A), JLR. 4. THE CIT, JLR. 5. THE SR DR, ITAT, AMRITSAR. TRUE COPY BY ORDER (ASSISTANT REGISTRAR) INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH: AMRITSAR.