SHAH CONSTRUCTION CO., MUMBAI V. ITO12(3)(4), MUMBAI

ITA 565/MUM/2015

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 3279 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 6 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-08-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: E
• Assessment Year: 2011-2012
• Appeal Filed On: 27-01-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: V JUSTIN
• Keywords: Business income; Business expenditure; Proportionate interest

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH E, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA NO.565/M/2015 ASSESSMENT YEAR: 2011-12 M/S. SHAH CONSTRUCTION CO., 201, COMMERCE HOUSE, 140, N.M. ROAD, FORT, MUMBAI 400 020 PAN: AACFS 4280Q VS. THE INCOME TAX OFFICER- 12(3)(4), ROOM NO.111, 1 ST FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400020 (APPELLANT) (RE SPONDENT) PRESENT FOR: ASSESSEE BY : SHRI VIMAL PUNMIYA, A.R. REVENUE BY : SHRI V. JUSTIN, D.R. DATE OF HEARING : 20.06.2018 DATE OF PRONOUNCEMENT : 24.08.2018 O R D E R PER RAJESH KUMAR, ACCOUNTANT MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 07.11.2014 OF THE COMMISSIONE R OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS TH E CIT(A)] RELEVANT TO ASSESSMENT YEAR 2011-12. 2. IN THE VARIOUS GROUNDS OF APPEAL, THE ASSESSEE HA S RAISED TWO ISSUES. THE MAIN ISSUE RAISED BY THE ASSESSEE IS AGAINST THE UPHOLDING THE DISALLOWANCE OF INTEREST OF RS.1,0 2,37,297/- PAID TO AXIS BANK LTD BY LD. CIT(A) AS MADE BY THE AO ON THE GROUND THAT THE ASSESSEE COULD NOT ESTABLISH THE NE XUS BETWEEN THE BORROWING FUNDS FROM AXIS BANK AND REPA YMENTS ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 2 TO THE PREVIOUS LENDERS WHEREAS ANOTHER GROUND WITH OUT PREJUDICE RAISED BY THE ASSESSEE IS TO DIRECT THE A O TO ALLOW THE DEDUCTION OF INTEREST AS BUSINESS EXPENDITURE T O BE SET OFF AGAINST THE BUSINESS INCOME OF THE ASSESSEE. 3. THE FACTS IN BRIEF ARE THAT THE ASSESSEE IS A PA RTNERSHIP CARRYING ON THE BUSINESS OF REAL ESTATE DEVELOPER D URING THE YEAR THE ASSESSEE HAS SHOWN A LOSS OF RS.2,33,636/- FROM HOUSE PROPERTY WHICH WAS ARRIVED AT AFTER CLAIMING INTEREST OF RS.1,08,73,636/- UNDER SECTION 24 OF THE ACT COMPRIS ING RS.1,02,37,297/- PAID TO AXIS BANK LTD. AND RS.6,36,700/ - PAID TO RAMESH S. SHAH FAMILY TRUST. THE ASSESSEE HA S DEVELOPED PROPERTY KNOWN AS SUMER CHAMBERS ALONG WI TH M/S. R.K. BUILDERS AND PROJECT WAS COMPLETED IN A.Y . 2005-06. AFTER COMPLETION OF THE PROJECT, THE ASSESSEE RECEI VED ITS SHARE IN A-WING WHICH IS RESIDENTIAL AREA AND B-WIN G WHICH IS A COMMERCIAL AREA AND SAME WERE SHOWN AS CLOSING STOC K IN THE BALANCE SHEET OF THE ASSESSEE. THEREAFTER, ASSESSEE SOLD PART OF THE TOTAL AREA SHOWN IN CLOSING STOCK DURING A.Y. 2005-06 AND 2007-08 AND INCOME WAS OFFERED FOR TAXATION UND ER THE HEAD INCOME FROM BUSINESS AND PROFESSION. THE UNS OLD AREA WAS CONVERTED FROM STOCK IN TRADE TO INVESTMENT AND WAS SHOWN AS UNDER: INVESTMENT IN SUMER HEIGHTS BUILDING A RS.2,78,7 6,708/- INVESTMENT IN SUMER HEIGHTS BUILDING B RS.6,80, 07,882/- RS.9,58,84,590/- ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 3 THE LOAN PERTAINING TO THE SAID PROPERTY ALSO APPE ARED IN THE BALANCE SHEET AS UNDER: 1. RAMESH S. SHAH FAMILY TRUST RS. 69,09,673 2. MANAKCHAND H. LOONKAR RS.5,15,05,674 3. SUMERCHAND H. SHAH HUF RS. 71,77,123 RS.6,55,92,470 THEREAFTER, ASSESSEE LET OUT THE COMMERCIAL BANK F OR A MONTHLY RENT OF RS.15 LAKHS TO AXIS BANK LTD. AND ALS O BORROWED A LOAN OF RS.8,45,00,000/- FROM THE AXIS BA NK LTD. AND THUS CLAIMED THE INTEREST PAID TO AXIS BANK LTD . AND RAMESH S. SHAH FAMILY TRUST AS ALLOWABLE DEDUCTION U NDER SECTION 24 OF THE ACT. ACCORDING TO THE AO, ASSESS EE HAS ALREADY ACQUIRED THE PROPERTY BEFORE BORROWING MONE Y FROM THE AXIS BANK LTD. AND THEREFORE ASKED THE ASSESSEE TO EXPLAIN AS TO WHY THE INTEREST IS ADMISSIBLE UNDER SECTION 24B OF THE ACT. THE ASSESSEE SUBMITTED THAT THE LOAN WAS TAKEN FROM AXIS BANK LTD. TO REPAY THE EXISTING CREDITORS FROM WHOM THE MONEY WAS BORROWED FOR THE CONSTRUCTION OF PROPERTY AS UNDER: DATE PARTICULARS AMOUNT PAID 09/10/2009 LOAN TAKEN 8,45,00,000 15/10/2009 1 MANJU B. SHAH 75,00,000 75,00,000 15/10/2009 2 MAHENDRA LOONKAR 1,50,00,000 1,50,00,000 26/11/2009 1,00,00,000 29/12/2009 5,00,000 2,55,00,000 12/11/2009 3 RAMESH S. SHAH HUF 73,00,000 26/11/2009 1,00,00,000 29/11/2009 50,00,000 2,23,00,000 ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 4 26/11/2009 4 PALASH B. SHAH 1,00,00,000 29/12/2009 25,00,000 1,25,00,000 20/10/2009 5 RUCHIRA R. SHAH 1,67,00,000 1,67,00,000 8,45,00,000 4. THE AO OBSERVED THAT ASSESSEE HAS CONVERTED UNSO LD STOCK INTO INVESTMENT IN FINANCIAL YEAR 2007-08 AND ALSO OBSERVED THAT LOANS APPEARING AS OUTSTANDING AS ON 31.03.2008 WERE AS UNDER: RAMESH S. SHAH FAMILY TRUST RS. 69,09,673 MANAKCHAND H. LOONKAR HUF RS.5,15,05,674 SUMERCHAND H. SHAH HUF RS. 71,77,123 RS.6,55,92,470 5. HOWEVER, THE LOAN TAKEN FROM AXIS BANK LTD. WAS UTILISED TO REPAY THE FIVE CREDITORS AS STATED HEREINABOVE T HEREFORE ACCORDING TO THE AO THERE IS NO NEXUS BETWEEN BORRO WING AND REPAYMENT OF THE PREVIOUS LOAN AND THEREFORE NO DED UCTION IS ADMISSIBLE UNDER SECTION 24B OF THE ACT AND THE CBD T CIRCULAR NO.28 DATED 20.08.1969 (F.NO.8/8/69-IT (A-I) AS THE SA ID CIRCULAR PROVIDES THAT ONLY LOAN BORROWED TO REPAY THE PREVIOUS LOAN TAKEN FOR THE CONSTRUCTION OF THE PROPERTY HAS TO BE CONSIDERED AT THE TIME OF ALLOWING DEDUCTION UNDER SECTION 24B OF THE ACT. HOWEVER, AO FURTHER OBSERVED THAT THE INVESTMENTS AS APPEARING IN THE BALANCE SHEET AS ON 31.03.2009 WAS RS.12,47,74,629/- AS PER DETAILS AS UNDE R: INVESTMENT IN SUMER HEIGHTS BUILDING A RS. 4 ,21,16,550 INVESTMENT IN SUMER HEIGHTS BUILDING B RS. 8 ,26,58,079 RS.12,47,74,629 ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 5 ACCORDING TO THE AO IF THE LOAN OF RS.8,26,58,079/ - IS TAKEN FOR THE PURPOSE OF CONSTRUCTION OF BUILDING A AND B THEN THE SAME CAN NOT BE ATTRIBUTED TO THE CONSTRUCTION OF BUILDING B ONLY AND HAS TO BE DIVIDED BETWEEN THE TWO PROPER TIES ACCORDING TO THE PERCENTAGE OF INVESTMENTS WHICH TH E AO WORKED OUT AS UNDER: NAME OF THE BUILDING COST 9% OF INVESTMENT TOTAL INTEREST PAID PROPORTIONATE INTEREST ALLOWABLE BUILDING A 4,21,16,550 34% 36,97,159 BUILDING B 8,26,58,079 66% 71,76,838 TOTAL 12,47,74,629 100% 1,08,73,997 1,08,73,997 FINALLY, THE AO DISALLOWED THE ENTIRE INTEREST OF RS.1,02,37,297/- WHEREAS THE INTEREST PAID TO RAMESH S. SHAH FAMILY TRUST RS.6,36,700/- WAS ALLOWED. 6. IN THE APPELLATE PROCEEDINGS, THE LD. CIT(A) DISM ISSED THE APPEAL OF THE ASSESSEE BY OBSERVING THAT ASSESS EE COULD NOT ESTABLISH THE NEXUS BETWEEN THE MONEY BORROWED FROM AXIS BANK LTD. IS IN FACT UTILISED TO REPAY THE LOA NS WHICH WERE TAKEN FOR THE PURPOSE OF CONSTRUCTION OF THE PROPER TIES. HENCE, THE ASSESSEE IS IN APPEAL BEFORE US. 7. THE LD. A.R. VEHEMENTLY SUBMITTED BEFORE US THAT THE ORDER OF LD. CIT(A) CONFIRMING THE DISALLOWANCE AS MADE BY THE AO AS TOTALLY WRONG AND AGAINST THE FACTS OF TH E CASE. THE LD. A.R. SUBMITTED THAT THE ASSESSEE CONVERTED THE UN SOLD STOCK OF BLOCK-A AND BLOCK-B OF SUMER BUILDINGS WHI CH HE RECEIVED AFTER CONFIRMATION AND ALSO AFTER REDUCING THE ALREADY ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 6 DISPOSED OF STOCK IN A.Y. 2005-06 AND 2007-08 IN F.Y. 2005- 06 AND 2007-08 WHICH WAS DULY OFFERED TO TAX CONVER TED THE REMAINING INTO INVESTMENTS WHICH WAS DULY SHOWN AS INVESTMENT IN THE BALANCE SHEET AS ON 31.03.2008 AND THE CORRESPONDING LOANS WERE ALSO SHOWN AS OUTSTANDING. THEREAFTER, AS ON 31.03.2009 THE VALUE OF INVESTMENTS WAS SHOWN AT RS.12,47,74,629/- COMPRISING SUMER HEIGHT BUILDING-A RS.4,21,16,550/- AND SUMER HEIGHT BUILDIN G-B RS.8,26,58,079/-. THE LD. A.R. SUBMITTED THAT THE ASSE SSEE LET OUT THE COMMERCIAL WING-B TO AXIS BANK LTD. ON A MONTHLY RENTAL OF RS.15 LAKHS AND ALSO MADE BORROWINGS TO T HE TUNE OF RS.8,45,00,000/-. SINCE THE DISBURSEMENT OF FUNDS FR OM AXIS BANK LTD. TOOK MERELY 6 MONTHS THEREFORE DURING THE INTERVENING PERIOD THE PARTNERS OF THE FIRM CONTRIB UTED FUNDS TO REPAY THE LOAN TO MANAKCHAND H. LOONKAR OF RS.5,15,05,674/- AND THUS THE DISBURSEMENT WAS USED TO REPAY THE MONEY RAISED FOR THE CONSTRUCTION OF THE SUMER HEIGHTS BUILDING AND ESTABLISHED THE DIRECT NEXUS B ETWEEN THE CONSTRUCTION OF PROPERTY WHICH IS LET OUT AND THE B ORROWING WHICH IS MADE FROM THE AXIS BANK LTD. THE LD. A.R. DREW OUR ATTENTION TO PARA NO.4 OF ASSESSMENT ORDER WHEREIN T HE AO HAS RECORDED A FINDING OF FACT THAT THE INTEREST OF RS.1,08,73,997/- HAS TO BE APPORTIONED IN THE RATIO OF INVESTMENTS IN THE BUILDING-A AND B WHICH HE BIFURC ATED INTO TWO BUILDINGS AS BUILDING-A RS.36,97,159/- AND BUILDI NG-B RS.71,76,838/-. THE LD. A.R. VEHEMENTLY SUBMITTED THA T THE AO HAS MISRECOGNIZED THE FACT THAT RS.71,76,838/- PERT AINED TO THE BUILDING-B WHEREAS RS.36,97,159/- PERTAINED TO ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 7 BUILDING-A. FINALLY, THE LD. A.R. PRAYED BEFORE THE BEN CH THAT IN VIEW OF THE SAID FINDING THE INTEREST OF RS.1,02,37 ,297/- SHOULD BE ALLOWED UNDER SECTION 24B AS CLAIMED BY T HE ASSESSEE. THE LD. A.R. HAS ALSO TAKEN WITHOUT PREJU DICE SUBMISSION AND ARGUMENT THAT IF AT ALL THE FIRST PR AYER OF THE ASSESSEE IS NOT ACCEPTED BY THE TRIBUNAL RS.71,76,838 /- SHOULD BE ALLOWED UNDER SECTION 24B OF THE ACT AND RS. 36,97,159/- MAY BE ALLOWED AS BUSINESS EXPENDITURE TO BE OFF SET AGAINST THE BUSINESS INCOME OF THE ASSESSEE. 8. THE LD. D.R., ON THE OTHER HAND, RELIED ON THE O RDERS OF AUTHORITIES BELOW AND SUBMITTED THAT SINCE THE ASSE SSEE IS COMPLETELY FAILED IN ESTABLISHING A NEXUS BETWEEN T HE BORROWED FUNDS FROM THE AXIS BANK LTD. AND THE REPA YMENT TO THE EXISTING LENDERS AND THEREFORE THE AO HAS RIGHT LY DISALLOWED THE ENTIRE INTEREST AS CLAIMED BY THE AS SESSEE UNDER SECTION 24B OF THE ACT. THE LD. D.R. ALSO REBUT TED THE RELIANCE OF ASSESSEE ON CIRCULAR NO.28 DATED 20.08.1 969 BY SUBMITTING THAT THE SAID CIRCULAR IS NOT APPLICABLE IN THE PRESENT CIRCUMSTANCES AS THE NO NEXUS OF THE SUBSEQ UENT LOAN BORROWED BY THE ASSESSEE TO REPAY THE EARLIER LOAN WAS ESTABLISHED AND THUS THE LD. CIT(A) HAS PASSED A VER Y REASONED AND DETAILED ORDER AFTER TAKING INTO ACCOU NT THE EVERY ASPECT OF THE MATTER AND THEREFORE THE SAME D ESERVED TO BE AFFIRMED. 9. WE HAVE HEARD THE RIVAL SUBMISSIONS OF BOTH THE PARTIES AND PERUSED THE MATERIAL ON RECORD. THE UNDISPUTED FACTS ARE THAT THE ASSESSEE HAS CONSTRUCTED A BUILDING NAMELY SUMER ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 8 HEIGHTS COMPRISING TWO BLOCKS A & B WHEREIN BLOCK-A COMPRISED OF RESIDENTIAL UNITS AND BLOCK-B WAS A CO MMERCIAL BUILDING. AFTER COMPLETION OF THE BUILDING WHATEVER SHARE CAME TO THE ASSESSEE WAS SHOWN AS STOCK IN TRADE IN THE BALANCE SHEET AND ALSO THE CORRESPONDING LOANS WERE ACCOUNTED FOR WHICH WERE TAKEN FOR THE PURPOSE OF CONSTRUCTION OF THE BUILDING. THE ASSESSEE HAS SOL D CERTAIN PART OF THE CLOSING STOCK IN F.Y. 2005-06 AND 2007-0 8 AND DULY OFFERED THE SAME TO TAX AS IT WAS INCOME FROM BUSIN ESS IN THE F.Y. 2007-08. THE ASSESSEE CONVERTED THE UNSOLD STOC K AS INVESTMENTS AS ON 31.03.2008 WHICH ARE AS UNDER: INVESTMENT IN SUMER HEIGHTS BUILDING A RS.2,78,7 6,708/- INVESTMENT IN SUMER HEIGHTS BUILDING B RS.6,80, 07,882/- RS.9,58,84,590/- THE CORRESPONDING LOAN WAS ALSO SHOWN IN THE BALAN CE SHEET AS UNDER: 1. RAMESH S. SHAH FAMILY TRUST RS. 69,09,673 2. MANAKCHAND H. LOONKAR RS.5,15,05,674 3. SUMERCHAND H. SHAH HUF RS. 71,77,123 RS.6,55,92,470 THE ASSESSEE LET OUT THE COMMERCIAL WING I.E. PROPER TY B TO AXIS BANK LTD. ON A MONTHLY RENTAL OF RS.15 LKAHS AND ALSO BORROWED A SUM OF RS.8,45,00,000/- WHICH WAS UTILISED BY THE ASSESSEE TO REPAY THE LOAN CREDITORS WHICH WERE STA NDING IN THE BALANCE SHEET AS UNDER: DATE PARTICULARS AMOUNT PAID 09/10/2009 LOAN TAKEN 8,45,00,000 15/10/2009 1 MANJU B. SHAH 75,00,000 75,00,000 ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 9 15/10/2009 2 MAHENDRA LOONKAR 1,50,00,000 1,50,00,000 26/11/2009 1,00,00,000 29/12/2009 5,00,000 2,55,00,000 12/11/2009 3 RAMESH S. SHAH HUF 73,00,000 26/11/2009 1,00,00,000 29/11/2009 50,00,000 2,23,00,000 26/11/2009 4 PALASH B. SHAH 1,00,00,000 29/12/2009 25,00,000 1,25, 00,000 20/10/2009 5 RUCHIRA R. SHAH 1,67,00,000 1,67,00,000 8,45,00,000 THE CONTENTION OF THE AO WAS THAT SINCE THE LOAN R EPAID AS ABOVE WERE NOT TAKEN FOR THE PURPOSE OF THE CONS TRUCTION AND THEREFORE THE DEDUCTION OF INTEREST PAID TO AXI S BANK LTD. RS.1,02,37,297/- WAS NOT ALLOWABLE UNDER SECTION 24B OF THE ACT. WHEREAS, ON THE OTHER HAND, THE ASSESSEE HAS CLA IMED THAT THE MONEY TAKEN FROM 5 PARTIES AGGREGATING TO RS.8.5 CRORE WERE BORROWED FROM 5 CREDITORS AS DETAILED HE REINABOVE WERE USED TO PAY THE EARLIER LENDERS AND THEREFORE THERE IS A DIRECT NEXUS AND THE SAME IS ADMISSIBLE UNDER SECTI ON 24B OF THE ACT. WE, FURTHER, FIND THAT THERE IS A NEXUS BET WEEN THE BORROWING AND REPAYMENT OF EARLIER LOAN CREDITORS. THE FACT IS ALSO ADEQUATELY SUBSTANTIATED BY THE OBSERVATION OF THE AO IN THE ASSESSMENT ORDER WHEREIN THE AO HAS APPORTIONED THE INTEREST BETWEEN PROPERTY A AND PROPERTY B AS UNDER : NAME OF THE BUILDING COST 9% OF INVESTMENT TOTAL INTEREST PAID PROPORTIONATE INTEREST ALLOWABLE BUILDING A 4,21,16,550 34% 36,97,159 BUILDING B 8,26,58,079 66% 71,76,838 ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 10 TOTAL 12,47,74,629 100% 1,08,73,997 1,08,73,997 10. THEREFORE, IN VIEW OF THE SAID FACTS AND CIRCUM STANCES, WE ARE NOT IN AGREEMENT WITH THE FINDING OF THE LD. CIT(A) THAT THERE IS NO DIRECT NEXUS BETWEEN THE BORROWING S AND REPAYMENT TO THE EARLIER LENDERS. THE AO HAS HIMSE LF OBSERVED THAT THE INTEREST OF RS.1,08,73,997/- WHICH IS MADE UP OF TWO AMOUNTS RS.1,02,37,297/- AS INTEREST TO AXI S BANK LTD. AND RS.6,36,700/- PAID TO RAMESH S. SHAH FAMILY TR UST. WE, FURTHER, NOTE THAT THE AO GOT CONFUSED AND MISUN DERSTOOD THE SEQUENCE OF TRANSACTION AND THEIR CHRONOLOGY. T HE ASSESSEE FIRST CONSTRUCTED THE BUILDING WITH BORROW ED MONEY THEREAFTER TO PAY THE MAJOR CREDITOR MANAKCHAND H. L OONKAR HUF RETIRED PARTNER OF RS.5,15,05,674/-. THE FIVE PARTNERS OF THE FIRM CONTRIBUTED RS.5,20,00,000/- AND THEREAFTER THE LOAN FROM THE AXIS BANK LTD. WAS USED TO PAY THE MONEY TO THE PARTNERS AND TO THE LENDERS. UNDER THESE CIRCUMSTAN CES, WE ARE OF THE VIEW THAT THE OBSERVATION OF THE AO THAT INTEREST OF RS.1,08,73,997/- HAS TO BE APPORTIONED BETWEEN TWO B UILDINGS I.E. BUILDING A AND B IN THE RATIO OF INVESTMENT ACC ORDING TO WHICH THE INTEREST ATTRIBUTABLE TO BUILDING A COMES TO RS.36,97,159/- AND BUILDING B RS.71,76,838/-. THUS, W E DIRECT THE AO TO ALLOW THE INTEREST OF RS.1,02,37,297/ - IN THE PROPORTION OF 34% TO BUILDING A AND 36% TO BUILDING B. RESULTANTLY, RS.67,56,616/- IS ADMISSIBLE UNDER SEC TION 24B AND RS.34,80,681/- IS TO BE TREATED AS BUSINESS INTE REST BE SET OFF AGAINST THE BUSINESS INCOME OF THE ASSESSEE. TH E AO IS ACCORDINGLY DIRECTED. ITA NO.565/M/2015 M/S. SHAH CONSTRUCTION CO. 11 11. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PAR TLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 24.08.2018. SD/- SD/- (C.N. PRASAD) (RAJESH KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 24.08.2018. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY /ASSTT. REGISTRAR, ITAT, MUMBAI.