M/s. Casio India Company Pvt. Ltd., New Delhi V. DCIT, New Delhi

ITA 5611/DEL/2012

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 3633 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 4 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-04-2017
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: I2
• Next Hearing Date: 04-01-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 06-11-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: T M SHIVAKUMAR
• Keywords: Transfer pricing; International transaction; Wholly owned subsidiary
• Section: 92B

Judgement Text

INCOME TAX APPELLATE TRIBUNAL DELHI BENCH I - 2 : NEW DELHI BEFORE SHRI C. M .GARG , JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA NO. 6135 /DEL/2012 (ASSESSMENT YEAR: 2007 - 8) A CIT, CIRCLE - 3(1), NEW DELHI VS. CASIO INDIA COMPANY PVT. LTD, 210, OKHLA INDUSTRIAL ESTATE (FIRST FLOOR), OK H LA PHASE - III, NEW DELHI PAN:AAACC3448H (APPELLANT) (RESPONDENT) ITA NO. 5611 /DEL/2012 (ASSESSMENT YEAR: 2008 - 09) CASIO INDIA COMPANY PVT. LTD, 210, OKHLA INDUSTRIAL ESTATE (FIRST FLOOR), OKHLA PHASE - III, NEW DELHI PAN:AAACC3448H VS. DCIT, CIRCLE - 3(1), NEW DELHI (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI NAGESWAR RAO, ADV REVENUE BY: SH. TM SHIVAKUMAR, CIT DR DATE OF HEARING 04/01/ 2017 DATE OF PRONOUNCEMENT 03 / 04 / 2017 O R D E R PER PRASHANT MAHARISHI, A. M. ITA NO. 6135/DEL/2012 (AY 2007 - 08) & 5611/DEL/2012 (AY 2008 - 09) 1. THE ONLY ISSUE RAISED IN TH ESE APPEAL S IS AGAINST THE ADDITION OF RS. 20071538 / - AND RS. 53244393/ - ON ACCOUNT OF TRANSFER PRICING ADJUSTMENT OF ADVERTISEMENT, MARKETING AND PROMOTION (AMP) EXPENSES FOR AY 2007 - 08 AND 2008 - 09 RESPECTIVELY . 2. THE SE APPEAL S FILED BY THE PARTIES W ERE EARLIER DISPOSED OF BY THE TRIBUNAL VIDE ITS ORDER S DATED 13.12.2013 AND RESTORING THE COMPUTATION OF ALP OF AMP EXPENSES TO THE LD. T PO TO BE DECIDED IN ACCORDANCE WITH THE SPECIAL BENCH DECISION IN THE CASE OF LG ELECTRONICS INDIA (P.) LTD. V. ASSTT. CIT [2013] 140 ITD 41/29 TAXMANN.COM 300 (DELHI - TRIB.) . THE ASSESSEE AND REVENUE APPEALED AGAINST THE TRIBUNAL ORDER BEFORE HONBLE HIGH COURT . ITA NO. 6135/DEL/2012 ITA NO. 5611/DEL/2012 A Y : 2007 - 8 AND 20008 - 09 2 3. THE HON'BLE JURISDICTIONAL HIGH COURT HAS DISPOSED OF THE APPEALS OF THE PARTIES IN A BATCH OF APPEALS WITH THE LEADING ORDER IN SONY ERICSON MOBILE COMMUNICATION (INDIA) (P.) LTD. V. CIT [2015] 374 ITR 118/231 TAXMAN 113/55 TAXMANN.COM 240 (DELHI) RESTORING THE MATTER TO THE TRIBUNAL FOR A FRESH DECISION IN TERMS OF TH E GUIDELINES LAID DOWN BY THEIR LORDSHIPS IN THIS JUDGMENT. THEREFORE, THE MATTER HAS BEEN LISTED FOR HEARING BEFORE US IN THESE APPEALS. 4. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT THE ASSESSEE IS A WHOLLY OWNED SUBSIDIARY OF CASIO COMPUTER COMPANY LI MITED, JAPAN ENGAGED IN THE BUSINESS OF DISTRIBUTION OF WATCHES AND SOME OTHER INFORMATION PRODUCTS AND OTHER RELATED PRODUCTS OF JAPANESE ENTITY, CASIO. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE LD. ASSESSING OFFICER REFERRED THE MATTER TO THE LD. TRANSFER PRICING OFFICER WITH RESPECT TO DETERMINATION OF ARMS LENGTH PRICE OF INTERNATIONAL TRANSACTIONS. CONSEQUENTLY, THE ABOVE STATED ADDITIONS WITH RESPECT TO ADVERTISEMENT, MARKETING AND PROMOTION EXPENSES WERE MADE. THE PARTIES UP TO THE LEVEL OF HON BLE HIGH COURT CONTESTED THESE ADDITIONS AND ASSESSEE, AS SUBMITTED , HAS FURTHER CHALLENGED IT BEFORE HON BLE SUPREME COURT . 5. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. SPECIAL BENCH OF THE TRIBUNAL IN THE CASE OF LG ELECTRONICS INDIA (P.) EARLIER DECIDED THE LEAD ISSUE. LTD. ( SUPRA ), BY ITS MAJORITY DECISION HELD, INTER ALIA , THAT AMP IS A TRANSACTION AND ALSO AN INTERNATIONAL TRANSACTION WITHIN THE MEANING OF SECTION 92B OF THE ACT AND THAT THE TPO HAS JURISDICTION TO COMPUTE THE ALP OF THIS INTERNATIONAL TRANSACTION DESPITE THE SAME NOT HAVING BEEN SPECIFICALLY REFERRED TO BY THE AO. IT FURTHER HELD THAT DETERMINATION OF THE ALP OF THIS INTERNATIONAL TRANSACTION MAY BE DETERMINED BY APPLICATION OF BRIGHT LINE TEST FOR WORKING OUT THE AMOUNT OF NON - ROUTINE AMP EXPENSES ON COST PLUS METHOD BY TREATING AMP TRANSACTION AS A SEP ARATE AND DISTINCT FROM OTHER INTERNATIONAL TRANSACTIONS. ULTIMATELY, THE MATTER WAS SENT BACK TO THE TPO FOR UNDERTAKING THE EXERCISE AFRESH IN THE LIGHT OF VARIOUS DIRECTIONS. THIS DECISION OF SPECIAL BENCH WAS CHALLENGED BEFORE THE HON'BLE HIGH COURTS A ND IN SEVERAL CASES INCLUDING THE CASE OF THE ITA NO. 6135/DEL/2012 ITA NO. 5611/DEL/2012 A Y : 2007 - 8 AND 20008 - 09 3 ASSESSEE FOR THE YEAR UNDER CONSIDERATION, HAS BEEN DISPOSED OF BY HONBLE HIGH C OURT CONFERRING JURISDICTION IN THE TPO TO DETERMINE THE ALP OF THE INTERNATIONAL TRANSACTION OF AMP EXPENSES. THE HON'BLE HIGH C OURT HAS HELD, INTER ALIA , THAT THE INTERNATIONAL TRANSACTION OF AMP EXPENSES SHOULD BE BUNDLED OR AGGREGATED WITH OTHER INTERNATIONAL TRANSACTION CARRIED OUT BY THE ASSESSEE AS A DISTRIBUTOR, WHO EITHER SIMPLY ACTS AN AGENT OF MANUFACTURER OR PURCHASES GO ODS FROM THE MANUFACTURER FOR RESALE AT HIS OWN ACCOUNT. HOWEVER, IN THE CASE OF A MANUFACTURER, THE IMPORT OF RAW MATERIAL HAS BEEN HELD TO BE AN INDEPENDENT TRANSACTION OF MARKETING AND DISTRIBUTION. IN THE CASE OF A DISTRIBUTOR, THE HON'BLE HIGH COURT H ELD THAT WHERE TNMM HAS BEEN APPLIED AS THE MOST APPROPRIATE METHOD, WHICH METHOD HAS NOT BEEN DISTURBED BY THE TPO, THEN, THE INTERNATIONAL TRANSACTIONS OF AMP AND DISTRIBUTION ACTIVITIES SHOULD BE CLUBBED. IT FURTHER HELD THAT FOR DETERMINING THE ALP OF SUCH TRANSACTIONS UNDER A COMBINED APPROACH, ONLY SUCH COMPARABLES SHOULD BE CHOSEN WHICH CONFORM TO THE AMP FUNCTIONS AND OTHER DISTRIBUTION FUNCTIONS CONDUCTED BY THE ASSESSEE. IF THERE IS SOME DIFFERENCE IN THE FUNCTIONS UNDER THESE INTERNATIONAL TRANSA CTIONS, INCLUDING THAT OF AMP, BETWEEN THE ASSESSEE AND THE COMPARABLES, THEN, SUITABLE ADJUSTMENT SHOULD BE MADE TO BRING BOTH THE TRANSACTIONS AT PAR. IF PROBABLE COMPARABLES ARE NOT PERFORMING SIMILAR FUNCTIONS AS DONE BY THE ASSESSEE AND NO ADJUSTMENT IS POSSIBLE FOR BRINGING THE INTERNATIONAL TRANSACTIONS OF THE ASSESSEE IN AN AGGREGATE MANNER AT PAR WITH THOSE UNDERTAKEN BY THE COMPARABLES, THEN, SEGREGATION SHOULD BE DONE AND THE INTERNATIONAL TRANSACTION OF AMP SPEND SHOULD BE SEPARATELY PROCESSED U NDER THE TRANSFER PRICING PROVISIONS FOR THE PURPOSES OF DETERMINING ITS ALP SEPARATELY. IN SUCH DETERMINATION OF ALP OF AMP EXPENSES IN A SEGREGATED MANNER, PROPER SET OFF ON ACCOUNT OF EXCESS PURCHASE PRICE ADJUSTMENT SHOULD BE ALLOWED. THE HONBLE HIGH COURT HAS SET THE VIEW TAKEN BY THE TRIBUNAL IN SEGREGATING ROUTINE AND NON - ROUTINE EXPENSES ON THE BASIS OF BRIGHT LINE TEST ASIDE . THE VIEW TAKEN BY THE SPECIAL BENCH THAT THE EXPENSES ITA NO. 6135/DEL/2012 ITA NO. 5611/DEL/2012 A Y : 2007 - 8 AND 20008 - 09 4 CONCERNED WITH THE SALES, SUCH AS, REBATES AND DISCOUNTS ETC., SHOULD BE EXCLUDED FROM THE AMBIT OF AMP EXPENSES, HAS BEEN UPHELD. 6. THE HON'BLE HIGH COURT HAS DEALT WITH THE CASE OF THE ASSESSEE IN A GROUP OF CASES WHO ARE EITHER DISTRIBUTORS OR MANUFACTURERS. THERE IS NO SEPARATE DISCUSSION QUA THE ASSESSEE IN THE JUDGMENT ON THE DETERMINATION OF THE ALP OF AMP EXPENSES. UNDISPUTEDLY, ASSESSEE IS A 'DISTRIBUTOR' . 7. THE LD. AR SUBMITTED THAT THE ASSESSEE APPLIED TNMM AS THE MOST APPROPRIATE METHOD. SINCE THE PROFIT MARGIN DECLARED BY THE ASSESSEE WAS FAVOURABLY COMPARABLE WITH THE AVERAGE MARGIN OF THE COMPARABLES, WHICH FACT HAS NOT BEEN DISPUTED BY THE TPO, THEN, NO ADJUSTMENT SHOULD BE MADE ON ACCOUNT OF AMP EXPENSES BECAUSE SUCH EXPENSES STAND SUBSUMED IN THE OVERALL OPERATING PROFIT. THIS WAS COUNTERED BY THE LD. DR WITH RE FERENCE TO CERTAIN PARAS OF THE JUDGMENT IN SONY ERICSON MOBILE COMMUNICATIONS INDIA (P.) LTD. ( SUPRA ) NOT PERMITTING THE ACCEPTANCE OF SUCH A WIDE PROPOSITION. 8. WE CANNOT ACCEPT TH IS PROPOSITION FOR DELETION OF THE ADDITION TOWARDS AMP EXPENSES ON THE PLAIN LOGIC OF THE ASSESSEE'S PROFIT MARGIN MATCHING WITH THOSE OF COMPARABLES AND THAT AMP IS A FUNCTION, WHICH HAS SUBSUMED IN THE PROFIT OF THE ASSESSEE . IT IS PERTINENT TO NOTE THAT THE TPO EXAMINED AND GOT SATISFIED WITH THE ASSESSEE'S PROFIT MARGIN V IS - - VIS THE COMPARABLES ONLY OF THE INTERNATIONAL TRANSACTIONS OF DISTRIBUTION FUNCTION. HE DETERMINED THE ALP OF AMP EXPENSES BY APPLYING BRIGHT LINE TEST AND IN THIS PROCESS SIMPLY COMPARED THE QUANTITATIVE FIGURES OF AMP EXPENSES INCURRED BY THE ASSESS EE AND COMPARABLES FOR WORKING OUT THE NON - ROUTINE EXPENSES. HE DID NOT EXAMINE THE AMP FUNCTIONS CARRIED OUT BY THE ASSESSEE AND THE COMPARABLES. AS THE BRIGHT LINE TEST PRIMARILY CONCENTRATES ON THE QUANTITATIVE ASPECTS OF THE AMP EXPENSES ALONE, IT OVER LOOKS THE EXAMINATION OF THE AMP FUNCTIONS CARRIED OUT BY THE ASSESSEE ON ONE HAND AND THE COMPARABLES ON THE OTHER. NOW, THE HON'BLE HIGH COURT IN SONY ERICSON MOBILE COMMUNICATIONS INDIA (P.) LTD. ( SUPRA ) HAS PROCEEDED HELD THAT AMP EXPENSE IS A SEPARATE INTERNATIONAL TRANSACTION AND ALSO BRIGHT LINE TEST IS NOT APPLICABLE FOR DETERMINING THE ITA NO. 6135/DEL/2012 ITA NO. 5611/DEL/2012 A Y : 2007 - 8 AND 20008 - 09 5 ALP OF AMP EXPENSES. THE MANNER FOR THE DETERMINATION OF THE ALP OF THE DISTRIBUTION ACTIVITY AND AMP ACTIVITY HAS ALSO BEEN SET OUT BY THE HON'BLE HIGH COURT TO BE CONDUCTED, FIRSTLY, IN A BUNDLED MANNER BY CONSIDERING THE DISTRIBUTION AND AMP FUNCTIONS PERFORMED BY THE ASSESSEE AS WELL AS THE PROBABLE COMPARABLES, AND IF PROBABLE COMPARABLES HAVING PERFORMED BOTH THE FUNCTIONS ARE NOT AVAILABLE, THEN TO DETERMINE THE ALP OF AMP EXPENSES IN A SEGREGATED MANNER. AS SUCH, IT BECOMES IMMENSELY IMPORTANT TO S EPARATELY EXAMINE THE DISTRIBUTION AND AMP FUNCTIONS UNDERTAKEN BY THE ASSESSEE AS WELL AS PROBABLE COMPARABLES. IT IS VITAL TO HIGHLIGHT THE DIFFERENCE BETWEEN THE AMP EXPENSES AND AMP FUNCTIONS. WHEREAS THE AMP FUNCTIONS ARE THE MEANS BY WHICH THE AMP AC TIVITY IS PERFORMED, THE AMP EXPENSES ARE THE AMOUNT SPENT ON THE PERFORMANCE OF SUCH MEANS (FUNCTIONS). TO PUT IT SIMPLY, AN EXAMINATION OF AMP FUNCTIONS CARRIED OUT BY THE ASSESSEE AND THE PROBABLE COMPARABLES IS SINE QUA NON IN THE PROCESS OF DETERMINAT ION OF THE ALP OF THE INTERNATIONAL TRANSACTION OF AMP SPEND, EITHER IN A SEGREGATE OR AN AGGREGATE MANNER. HON BLE HIGH COURT HAS HELD TO BUNDLE THE DISTRIBUTION ACTIVITY WITH THE AMP ACTIVITY, BEING TWO SEPARATE BUT CONNECTED INTERNATIONAL TRANSACTIONS, FOR THE PURPOSES OF DETERMINATION OF THE ALP OF BOTH THESE INTERNATIONAL TRANSACTIONS IN A COMBINED MANNER. THE ARGUMENT OF THE LD. AR, IF TAKEN TO A LOGICAL CONCLUSION, WILL MAKE THE AMP SPEND AS A NON - INTERNATIONAL TRANSACTION, WHICH, IN OUR CONSIDERED O PINION, IS NOT APPROPRIATE. ONCE AMP EXPENSE HAS BEEN HELD TO BE AN INTERNATIONAL TRANSACTION, IT IS, BUT, NATURAL THAT THE FUNCTIONS PERFORMED BY THE ASSESSEE UNDER SUCH A TRANSACTION NEED TO BE COMPARED WITH SIMILAR FUNCTIONS PERFORMED BY A COMPARABLE CA SE. IF AMP FUNCTIONS PERFORMED BY THE ASSESSEE TURN OUT TO BE DIFFERENT FROM THOSE PERFORMED BY A PROBABLE COMPARABLE COMPANY, THEN, AN ADJUSTMENT IS REQUIRED TO BE MADE SO AS TO BRING THE AMP FUNCTIONS PERFORMED BY THE ASSESSEE AS WELL AS THE COMPARABLE, AT THE SAME FOOTINGS . IF WE CONCUR WITH THE CONTENTION OF THE LD. AR THAT THE ADDITION ON ACCOUNT TRANSFER PRICING ADJUSTMENT OF AMP EXPENSES BE DELETED WITHOUT ANY EXAMINATION OF THE AMP FUNCTIONS CARRIED OUT BY THE ASSESSEE AS WELL AS COMPARABLES, ITA NO. 6135/DEL/2012 ITA NO. 5611/DEL/2012 A Y : 2007 - 8 AND 20008 - 09 6 IT WOU LD BE CONTRARY TO FINDING OF THE HON'BLE HIGH COURT WHICH HAS EMPHATICALLY HELD AMP EXPENSES TO BE INTERNATIONAL TRANSACTION, IN WHATEVER FACTS AND CIRCUMSTANCES. HON'BLE HIGH COURT HAS HELD THAT THAT THE DISTRIBUTION ACTIVITY AND AMP EXPENSES ARE TWO SE PARATE BUT RELATED INTERNATIONAL TRANSACTIONS. IT IS ONLY FOR THE PURPOSES OF DETERMINING THEIR ALP THAT THESE TWO SHOULD BE AGGREGATED. THE PROCESS OF SUCH AGGREGATION DOES NOT TAKE AWAY THE SEPARATE CHARACTER OF THE AMP TRANSACTION. AN ANALYSIS AND EXAMI NATION OF THE DISTRIBUTION AND AMP FUNCTIONS CARRIED OUT BY THE ASSESSEE MUST BE NECESSARILY DONE IN THE INDEPENDENT MANNER AT FIRST INSTANCE AND THEN COMPARABILITY ANALYSIS, WHICH IS NOW A REASONABLY DEVELOPED EXERCISE WITH RESPECT TO SEGREGATION AND SELE CTING COMPARABLES. THE ESSENCE OF THE JUDGMENT IN THE CASE OF SONY ERICSON MOBILE COMMUNICATIONS INDIA (P.) LTD. ( SUPRA ) IS THAT THE TWO INTERNATIONAL TRANSACTIONS OF DISTRIBUTION AND AMP SHOULD BE EXAMINED ON THE TOUCHSTONE OF TRANSFER PRICING PROVISIONS, BUT ON AN AGGREGATE BASIS. DETERMINING THE ALP OF TWO TRANSACTIONS IN AN AGGREGATE MANNER POSTULATES MAKING A COMPARISON OF BOTH THE FUNCTIONS OF DISTRIBUTION AND AMP CARRIED OUT BY THE ASSESSEE WITH THE COMPARABLES, SO THAT SURPLUS FROM THE DISTRIBUTION ACTIVITY COULD BE ADJUSTED AGAINST THE DEFICIT IN THE AMP ACTIVITY. 9. COMING BACK TO THE FACTS OF THE INSTANT CASE, WE FIND THAT NO DETAIL OF THE AMP FUNCTIONS PERFORMED BY THE ASSESSEE IS AVAILABLE ON RECORD. SIMILARLY, THERE IS NO REFERENCE IN THE ORDER O F THE TPO TO ANY AMP FUNCTIONS PERFORMED BY COMPARABLES. IN FACT, NO SUCH ANALYSIS OR COMPARISON HAS BEEN UNDERTAKEN BY THE TPO BECAUSE OF HIS APPLYING THE BRIGHT LINE TEST FOR DETERMINING THE VALUE OF THE INTERNATIONAL TRANSACTION OF AMP EXPENSE AND THEN APPLYING THE COST PLUS METHOD FOR DETERMINING ITS ALP. THE LD. AR ALSO FAILED TO DRAW OUR ATTENTION TOWARDS ANY MATERIAL DIVULGING THE AMP FUNCTIONS PERFORMED BY THE ASSESSEE AS WELL AS COMPARABLES. AS SUCH, WE ARE HANDICAPPED TO DETERMINE THE ALP OF AMP E XPENSES AT OUR END, IN EITHER A COMBINED OR A SEPARATE APPROACH. THE LD. AR HAS ALSO DISPUTED THE BASE OF TOTAL AMP EXPENSES TAKEN BY THE TPO. HE ARGUED THAT SOME OF EXPENSES, WHICH ARE IN THE NATURE OF SELLING ITA NO. 6135/DEL/2012 ITA NO. 5611/DEL/2012 A Y : 2007 - 8 AND 20008 - 09 7 EXPENSES DIRECTLY INCURRED IN CONNECTION WITH SALES NOT LEADING TO BRAND PROMOTION IN ANY MANNER, SHOULD BE EXCLUDED. IN PRINCIPLE, WE AGREE WITH THE CONTENTION OF THE LD. AR THAT SELLING EXPENSES INCURRED FOR MAKING SALES ARE DISTINCT FROM AMP EXPENSES AND, HENCE, SHOULD NOT BE INCLUDED IN THE BASE AMOUNT FOR CONSIDERATION. THE HON'BLE JURISDICTIONAL HIGH COURT IN SONY ERICSON MOBILE COMMUNICATION INDIA (P) LTD . ( SUPRA ) HAS ALSO HELD SO. AS THERE IS INAPPROPRIATE DISCUSSION ABOUT THE PRECISE NATURE OF EXPENSES, WHICH HAVE BEEN ASSAILED BEFORE US, WE CONSIDER IT EXPEDIENT TO DIRECT THE AO TO FIRST ASCERTAIN THE CORRECT NATURE OF SUCH EXPENSES. IF THESE EXPENSES ARE FOUND TO BE IN THE NATURE OF SELLING EXPENSES DIRECTLY IN CONNECTION WITH SALES, THEN, THEY SHOULD BE REM OVED FROM THE BASE AMOUNT FOR COMPUTING THE ALP OF AMP EXPENSES. IN THE OTHERWISE SCENARIO, THE AMP EXPENSES, WHICH ARE NOT IN THE NATURE OF SELLING EXPENSES INCURRED DIRECTLY FOR SALES, SHOULD CONTINUE TO INCLUDE IN THE BASE AMOUNT. UNDER SUCH CIRCUMSTANC ES, WE SET ASIDE THE IMPUGNED ORDER AND SEND THE MATTER BACK TO THE FILE OF THE TPO/AO FOR DETERMINING THE ALP OF THE INTERNATIONAL TRANSACTION OF AMP SPEND AFRESH IN ACCORDANCE WITH THE MANNER LAID DOWN BY THE HON'BLE HIGH COURT IN SONY ERICSON MOBILE COM MUNICATIONS INDIA (P.) LTD. ( SUPRA ). 10. IN THE RESULT, THE APPEAL IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PR ONOUNCED IN THE OPEN COURT ON 0 3 / 04 / 2017 . - S D / - - S D / - ( C.M.GARG ) (PRASHANT MAHARISHI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 0 3 / 04 / 2017 A K KEOT COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI