ACIT RG 25(3), MUMBAI V. PRASHANT J. PATEL, MUMBAI

ITA 587/MUM/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 83684 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 7 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2014
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 27-05-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 21-01-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: IN CIRCUMSTANCES OF CA SE
• Keywords: Business income; Rule of consistency

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI JH FOT; IKY JKO U;KF;D LNL; JH FOT; IKY JKO U;KF;D LNL; JH FOT; IKY JKO U;KF;D LNL; JH FOT; IKY JKO U;KF;D LNL; ,OA ,OA ,OA ,OA JH JH JH JH UJSUNZ DQEKJ FCYYS;K UJSUNZ DQEKJ FCYYS;K UJSUNZ DQEKJ FCYYS;K UJSUNZ DQEKJ FCYYS;K] YS[KK LNL; DS LE{K ] YS[KK LNL; DS LE{K ] YS[KK LNL; DS LE{K ] YS[KK LNL; DS LE{K BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER VK;DJ VIHY LA[;K / ITA NO.587/MUM/2011 FU/KKZJ.K O'KZ @ ASSESSMENT YEAR: - 2007-08 THE ACIT-25(3), C-11, R. NO. 308, PRATYAKSH KAR BHAVAN, BANDRA-KURLA COMPLEX, BANDRA (EAST) MUMBAI 400 051. VS.` SHRI PRASHANT J. PATEL 61, APSARA, DHANUKARWADI, 932, DUTT MANDIR ROAD, KANDIVALI (WEST), MUMBAI 400067. PAN:- AAHPP 8923 A APPELLANT RESPONDENT ORDER PER VIJAY PAL RAO, JM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 29.11.2010 OF CIT(A) FOR THE A.Y. 2007-08. THE REVENUE HAS RAI SED FOLLOWING GROUNDS IN THIS APPEAL:- ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DIRECTING THE ASSESSING OFFICER TO ACCEPT THE CLAIM OF SHORT TERM CAPITAL GAIN OF RS. 17,05,790/- AND LONG TERM CAPITAL GAIN OF RS. 8,48, 619/- ON PROFIT ARRIVING FROM PURCHASE & SALE OF SHARES INSTEAD OF BUSINESS INCOME TREATED BY THE ASSESSING OFFICER WITHOUT APPRECIATING THE FACT THAT THE ASSESSEE IS DEALING IN LARGE VOLUME OF SHARES, MOST OF THE SHARES ARE BOUGHT AND SOLD WITHIN SHORT PERIOD, WHIL E SOME ARE NOT SOLD DUE TO MARKET CONDITIONS AND THEIR HOLDING WITH THE ASSESSEE REMA INS BEYOND FEW DAYS AND IT WILL NOT CHANGE THE NATURE OF TRANSACTION AND THE ASSESSEE I S VERY WELL ENGAGED IN THE BUSINESS OF REVENUE BY/ JKTLO DH VKSJ LS JKTLO DH VKSJ LS JKTLO DH VKSJ LS JKTLO DH VKSJ LS SHRI SAMBIT MISHRA ASSESSEE BY / FU/KKZFJRH DH VKSJ LS FU/KKZFJRH DH VKSJ LS FU/KKZFJRH DH VKSJ LS FU/KKZFJRH DH VKSJ LS DR. K. SHIVARAM AND SHRI AJAY R. SINGH DATE OF HEARING 02.09.2014 DATE OF PRONOUNCEMENT 05.09.2014 SHRI PRASHANT J. PATEL 2 | P A G E SHARE TRADING, WHICH DENOTE THAT THE MOTIVE OF THE ASSESSEE IS TO CARRY ON BUSINESS IN SHARES TO BOOK PROFIT RATHER THAN INVESTMENT IN SHARES. 2. THE ASSESSEE IS AN INDIVIDUAL AND A PARTNER IN M /S SPAN CORPORATION HAVING 50% SHARE, WHICH IS ENGAGED IN THE BUSINESS OF MANU FACTURE AND SALE OF FLEXIBLE PACKAGING MATERIAL. IN THE RETURN OF INCOME THE ASS ESSEE HAS CLAIMED SHORT TERM CAPITAL GAIN OF RS. 17,05,790/- AND LONG TERM CAPIT AL GAIN OF RS. 8,48,619/- ARISING FROM PURCHASE AND SALE OF SHARES. APART FROM THE CA PITAL GAIN INCOME THE ASSESSEE HAS ALSO SHOWN BUSINESS INCOME (REMUNERATION FROM T HE FIRM) OF RS. 24,000/- AND INCOME FROM OTHER SOURCES OF RS. 1,71,280/-. T HE ASSESSING OFFICER NOTED THAT ALL THE RECEIPTS OF THE ASSESSEE WERE ARISING OUT OF TRANSACTIONS IN SHARES AND SECURITIES EXCEPT BANK INTEREST. THE ASSESSING OFF ICER WAS OF THE OPINION THAT IN VIEW OF THE REGULARITY, VOLUME AND TURNOVER, PRIOD OF HOLDING OF SHARES, SHORT TERM CAPITAL GAIN AND LONG TERM CAPITAL GAIN ADMITTED BY THE ASSESSEE WERE TO BE ASSESSED UNDER THE HEAD BUSINESS. THE ASSESSING O FFICER ALSO NOTED THAT THE ASSESSEE INVESTED IN PORTFOLIO MANAGEMENT SCHEME OF M/S KOTAK SECURITIES LTD. FROM WHICH HE EARNED RS. 6,18,806/- AS SHORT TERM C APITAL GAIN AND RS 2,74,367/- AS LONG TERM CAPITAL GAIN WHICH WAS INCLUDED IN THE TOTAL FIGURE OF CAPITAL GAIN ADMITTED BY THE ASSESSEE. BY CONSIDERING THE VOLUME , REGULARITY AND DIVIDEND INCOME IN COMPARISON TO THE CAPITAL GAIN, THE ASSES SING OFFICER HELD THAT THE ASSESSEE WAS ENGAGED IN THE ORGANIZED ACTIVITY OF P URCHASE AND SALE OF SHARES WITH A PROFIT MOTIVE AND, THEREFORE, THE SAME WAS T REATED AS BUSINESS INCOME OF THE ASSESSEE AND ACCORDINGLY ASSESSED TO TAX. 2. ON APPEAL, CIT(A) ALLOWED THE CLAIM OF THE ASSES SEE . SHRI PRASHANT J. PATEL 3 | P A G E 3. BEFORE US, THE LD. DR HAS SUBMITTED THAT THE ASS ESSEE HAS PURCHASED AND SOLD 2,80,894 NUMBER OF SHARES DURING THE YEAR. T HE PURCHASE AMOUNT IS RS. 1,67,53,118/- AND THE SALE AMOUNT IS RS. 17,83,39,1 01/-. THE LD. DR HAS SUBMITTED THAT THE VOLUME AND CONTINUITY OF SHARES AS WELL AS FREQUENCY CLEARLY SHOWS THAT THE ASSESSEE IS ENGAGED IN THE REGULAR A CTIVITY OF PURCHASE AND SALE OF SHARES FROM WHERE THE INCOME IS CIRCULATED AGAIN TO THE ACTIVITY OF PURCHASE AND SALE OF SHARE . THUS THE LD. DR HAS CONTENDED THAT THE PURCHASE AND SALE OF SHARES IS NOT CONFINED TO EARN THE GAIN IN THE VALUE OF TH E SHARES BEING INVESTMENT BUT THE ASSESSEE IS CIRCULATING ITS INCOME ARISING FROM SAL E AND PURCHASE BY INFUSING THE SAME INTO THE ACTIVITY OF PURCHASE AND SALE OF SHAR ES. THUS IT IS MANIFEST FROM THE NATURE OF ACTIVITY OF PURCHASE AND SALE AND HOLDING PERIOD WAS FOR A FEW DAYS ONLY THAT THE SAME IS TRADING IN THE SHARES DURING THE Y EAR. FURTHER THE ASSESSEE HAS ALSO PURCHASED AND SOLD VARIOUS SHARES EITHER ON TH E SAME DATE OR WITHIN FEW DAYS. THE DIVIDEND INCOME OF THE ASSESSEE IS VERY L ESS IN COMPARISON TO THE VOLUME AS WELL AS THE CAPITAL GAIN ADMITTED BY THE ASSESSEE. THUS THE LD. DR HAS SUPPORTED THE ORDER OF ASSESSING OFFICER AND SUBMIT TED THAT MERELY BECAUSE SOME OF THE SHARES ARE HELD BY THE ASSESSEE FOR MORE THA N 12 MONTHS, IT CANNOT AUTIMOATICALLY MAKE THE ACTIVITY OF TRADING AS INVE STMENT. THE CIT(A) HAS ALLOWED THE CLAIM OF THE ASSESSEE BY CONSIDERING THE PAYMEN T OF STT BY THE ASSESSEE AND NO CLAIM OF REBATE WAS MADE BY THE ASSESSEE. FURTHE R THE CIT(A) HAS NOTED THAT THE ASSESSEE HAS USED ITS OWN FUND WHEREAS FROM THE DETAILS OF LOANS AND ADVANCES AT PAGE 6 OF THE PAPER BOOK THE ASSESSEE H AS SHOWN A LOAN OF RS. 3,00,000/-. THUS THE LD. DR HAS SUBMITTED THAT THE FINDING OF CIT(A) IS BASED ONLY ON ASSUMPTION OF WRONG FACTS, PAYMENTS OF STT DOES NOT CHANGE THE NATURE OF TRANSACTION AND FURTHER THE ASSESSEE HAS SHOWN THE LOAN AND, THEREFORE, THE BORROWED FUND WAS USED BY THE ASSESSEE FOR THE PURP OSE OF PURCHASE AND SALE OF SHRI PRASHANT J. PATEL 4 | P A G E SHARES. THE LD. DR HAS THEN SUBMITTED THAT THE ASSE SSEE HAS CLAIMED THE PMS SERVICE CHARGES AS AN EXPENDITURE WHICH SHOWS THAT THE ACTIVITY OF THE ASSESSEE IS TRADING AND, THEREFORE, THE ASSESSEE HAS CLAIMED TH E CHARGES PAID TO THE PMS AGAINST BUSINESS INCOME OTHERWISE NO DEDUCTION IS A LLOWABLE WITH RESPECT TO THE PAYMENT TO THE PMS AGAINST THE CAPITAL GAIN. 4. AS REGARDS THE A.Y. 2004-05, THE LD. DR HAS SUBM ITTED THAT THERE IS NO DISCUSSION ON THE ISSUE OF CAPITAL GAIN OR BUSINESS INCOME FOR A.Y. 2004-05 AND THE CLAIM OF THE ASSESSEE WAS THOUGH ACCEPTED BY TH E ASSESSING OFFICER BUT WITHOUT ANY DISCUSSION OR EXAMINATION, THEREFORE, T HE SAME IS NOT APPLIED AS RES JUDICATA FOR THE A.Y. UNDER CONSIDERATION. THE LD. DR THEN REFERRED THE ASSESSMENT ORDER FOR THE A.Y. 2000-01 AND SUBMITTED THAT THE ASSESSEE, HIMSELF HAS MENTIONED HIS BUSINESS AS SHARE BROKER, THEREFO RE, THERE IS NO CONSISTENCY OF THE ACTIVITY OF THE ASSESSEE AND THUS THE ASSESSMEN T ORDER FOR A.Y. 2004-05 CANNOT BE APPLIED AS RES JUDICATA OR RULE OF CONSISTENCY. 5. ON THE OTHER HAND, THE LD AUTHORIZED REPRESENTAT IVE OF THE ASSESSEE HAS SUBMITTED THAT THE ASSESSEE HAS BEEN CONSISTENTLY S HOWING THE SHARES AS INVESTMENT IN THE BALANCE-SHEET. THE SHARES HELD FO R MORE THAN ONE YEAR WERE PURCHASED IN THE EARLIER YEAR AND NOT IN THE YEAR U NDER CONSIDERATION. THE ASSESSING OFFICER HAS ACCEPTED THE INVESTMENT IN TH E EARLIER YEAR, THEREFORE, IN THE A.Y. UNDER CONSIDERATION, THE SHARE WHICH WERE ACCE PTED AS INVESTEMENT CANNOT BE TREATED AS STOCK IN TRADE. THE ASSESSEE HAS ALS O GIVEN PART OF HIS SURPLUS FUND TO LEADING STOCK BROKER M/S KOTAK SECURITIES LTD AN D OUT OF THE TOTAL SHORT TERM CAPITAL GAIN OF RS. 17,05,789/-, THE SHORT TERM C APITAL GAIN FROM PMS IS RS. 6,18,806/- SIMILARLY OUT OF THE TOTAL LONG TERM CAP ITAL GAIN OF RS. 8,48,619/-, THE SHRI PRASHANT J. PATEL 5 | P A G E LONG TERM GAIN FROM PMS IS RS. 2,74,367/-. ALL THE TRANSACTIONS ARE DONE ON RECOGNIZED STOCK EXCHANGE AND STT HAS BEEN PAID ON THE SAME. ALL THE TRANSACTIONS ARE DELIVERY BASED AND THE ASSESSEE HA S NOT CLAIMED ANY REBATE U/S 88E FOR STT PAID. THEREFORE, THE INTENTION OF THE A SSESSEE AND TREATMENT OF THE SHARES HELD AS INVESTEMENT IS CLEARLY EXHIBITED FR OM THE RECORD OF THE ASSESSEE . HE HAS FURTHER SUBMITTED THAT SINCE LAST MORE THAN 20 YEARS, THE ASSESSEE HAS BEEN INVESTING THE SURPLUS FUNDS IN SHARES AND SECU RITIES. THE ASSESSEE IS ENGAGED IN ITS OWN BUSINESS OF MANUFACTURING AND SU PPLY OF PRINTED PACKAGING MATERIALS. FOR THE A.Y. 2004-05, IN THE SCRUTINY AS SESSMENT U/S 143(3), THE ASSESSING OFFICER ACCEPTED THE CLAIM OF THE CAPITAL GAIN. APART FROM THE INVESTMENT IN SHARES AND SECURITIES, THE ASSESSEE H AS ALSO INVESTED ABOUT RS. 49,00,000/- IN TAX FREE GOVT BONDS WHICH SHOWS THAT THE ASSESSEE IS INVESTING IN THE SHARES AND BONDS AS NO TRADER OF SHARES WOULD B LOCK SUCH A HUGE AMOUNT IN LOW INTEREST YIELDING GOVT. BONDS. THE INVESTMENT IN SHARES HAS BEEN MADE FROM ITS OWN SURPLUS FUNDS AND NO BORROWED FUND HAS BEEN USED BY THE ASSESSEE FOR PURCHASE OF SHARES. SINCE THE ASSESSEE HAS BEEN HOL DING SHARES FOR LAST SEVERAL YEARS FOR INVESTMENT, THEREFORE AS PER THE RULE OF CONSISTENCY AS HELD BY THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CI T VS. GOPAL PUROHIT (2010) 336 ITR 287 (BOM.)(HC) WHICH HAS BEEN AFFIRMED BY THE H ONBLE SUPREME COURT IN (334 ITR 308)(ST.), THE CAPITAL GAIN OFFERED BY THE ASSESSEE CANNOT BE TREATED DIFFERENTLY FOR THE YEAR UNDER CONSIDERATION. THE L D AUTHORIZED REPRESENTATIVE HAS ALSO RELIED UPON THE DECISION OF THIS TRIBUNA L DATED 07.03.2014 IN THE CASE OF RAJESH C. SHAH VS. ADDL. CIT IN ITA NO. 4135/MUM/20 12 AND SUBMITTED THAT THE TRIBUNAL IN THAT CASE HAS RE-AFFIRMED THE RULE OF C ONSITENCY. EVEN FOR THE A.Y. 2009-10, THE ASSESSEES CLAIM OF CAPITAL GAIN HAS B EEN ACCEPED BY THE ASSESSING OFFICER IN THE SCRUTINY ASSESSMENT COMPLETED U/S 14 3(3). THUS THE LD. AUTHORIZED SHRI PRASHANT J. PATEL 6 | P A G E REPRESENTATIVE HAS SUBMITTED THAT IN THE ABSENCE OF ANY ADVERSE FACT IN THE A.Y. UNDER CONSIDERATION, THE ASSESSING OFFICER CANNOT T AKE A DIFFERENT VIEW . 6. APART FROM THIS THE LD. AUTHORIZED REPRESENTATIV E HAS ALSO SUBMITTED THAT THE INVESTMENT MADE THROUGH THE PMS CANNOT BE TREAT ED AS TRADING ACTIVITY. IN SUPPORT OF HIS CONTENTION HE HAS RELIED UPON THE DE CISION OF PUNE BENCHES OF THIS TRIBUNAL IN THE CASE OF APOORVA PATNI VS. ADDL. CI T (2012) 24 TAXMANN.COM 223 (PUNE) (TRIB) AND ARA TRADING & INVESTMENT PVT. LTD VS. DCIT (2011) 47 SOT 172 (PUNE)(TRIB). THUS THE LD. AUTHORIZED REPRESENTATIV E HAS SUBMITTED THAT THE MAJORITY OF THE SHORT TERM CAPITAL ARISING FROM THE SHARES HELD FOR MORE THAN 60 DAYS AND UPTO ONE YEAR AS WELL AS FROM THE INVESTME NT MADE THROUGH PMS. HE HAS FURTHER SUBMITTED THAT THE ASSESSING OFFICER HAS TR EATED EVEN THE LONG TERM CAPITAL GAIN AS BUSINESS INCOME WHEREAS THE INVEST MENT MADE IN THE SHARES IN THE EARLIER YEARS HAS BEEN ACCEPTED BY THE ASSESSING OF FICER. 7. WE HAVE CONSIDERED THE RIVAL SUBMISSIIONS AS WE LL AS RELEVANT MATERIAL ON RECORD. THOUGH THE ASSESSING OFFICER HAS TREATED TH E LONG TERM CAPITAL GAIN AS WELL AS SHORT TERM CAPITAL GAIN AS BUSINESS INCOME BY GI VING THE REASONS THAT THE VOLUME, FREQUENCY, CONTINUITY AND REGULARITY OF THE TRANSACTION OF PURCHASE AND SALE OF SHARES SHOWS THAT THE TRANSACTION MUST HAVE ENTERED INTO BY THE ASSESSEE FOR PROFIT MOTIVE, HOWEVER, THE ASSESSING OFFICER H AS NOT DISCUSSED THE DETAILS OF TRANSACTIONS OF PURCAHSE AND SALE PROBABLY DUE TO T HE REASON THAT THE ASSESSEE HAS NOT FURNISHED THE SAME. THE CIT(A) THOUGH GIVEN THE DETAILS OF CAPITAL GAIN ARISING FROM THE SHARES HELD FOR LESS THAN 30 DAYS TO LESS THAN 365 DAYS, HOWEVER NO DETAILS OF NUMBER OF SHARES HELD AND DATE OF PUR CHASE AND SALE HAS BEEN EITHER RECORDED OR DISCUSSED BY THE CIT(A). SHRI PRASHANT J. PATEL 7 | P A G E 8. AS REGARDS THE LONG TERM CAPITAL GAIN, WE ARE OF THE VIEW THAT THE SAME CANNOT BE TREATED AS BUSINESS INCOME WHEN THE ASSES SEE HAS PURCHASED THE SHARES IN THE EARLIER YEARS AND THE ASSESSING OFFIC ER HAS ACCEPTED THE INVESTMENT SHOWN BY THE ASSESSEE IN THE BOOKS OF ACCOUNTS IN T HE EARLIER YEARS, THEREFORE, TO THE EXTENT OF LONG TERM CAPITAL GAIN ADMITTED BY TH E ASSESSEE, THE ASSESSING OFFICER IS NOT JUSTIFIED IN TREATING THE SAME AS BUSINESS I NCOME. ACCORDINGLY, WE FIND NO REASON TO INTERFERE WITH THE ORDER OF CIT(A) IN ALL OWING THE CLAIM OF THE ASSESSEE TO THE EXTENT OF LONG TERM CAPITAL GAIN. 9. AS REGARDS THE SHORT TERM CAPITAL GAIN ARISING F ROM THE SHARES PURCHASED AND SOLD BY THE ASSESSEE ON ITS OWN AS WELL AS THRO UGH PMS, IT IS PERTINENT TO NOTE THAT THE DETAILS OF THE TRANSACTIONS INCLUDING THE DATE OF PURCHASE, DATE OF SALE, NUMBER OF SHARES, FREQUENCY OF TRANSACTIONS AND CIR CULATION OF THE FUND HAS NEITHER BEEN FURNISHED BY THE ASSESSEE NOR HAS BEEN CONSIDERED BY THE AUTHORITIES BELOW. EVEN BEFORE US, THE ASSESSEE HAS NOT FURNISHED THE COMPLETE DETAILS OF THE PURCHASE AND SALE OF SHARES GIVING R ISE TO THE SHORT TERM CAPITAL GAIN. THE NATURE OF TRANSACTION OF PURCHASE AND SALE HAS TO BE DETERMINED AFTER CONSIDERING VARIOUS FACTORS INCLUDING VOLUME, FREQU ENCY, HOLDING PERIOD AS WELL AS THE REPETITIVE TRANSACTION IF ANY CARRIED OUT BY TH E ASSESSEE. THEREFORE, IN THE ABSENCE OF COMPLETE AND RELEVANT DETAILS IT IS NOT POSSIBLE TO GIVE THE DEFINITE FINDING ON THE ISSUE OF NATURE OF TRANSACTION OF PU RCHASE AND SALE BY THE ASSESSEE BY ITS OWN OR THROUGH PMS GIVING RISE TO SHORT TERM CAPITAL GAIN AS CLAIMED BY THE ASSESSEE. THOUGH THE RULE OF CONSISTENCY HAS TO BE FOLLOWED, HOWEVER, IN THE ABSENCE OF COMPLETE DETAILS IT IS NOT POSSIBLE TO D ETERMINE WHETHER THE FACTS AND CIRCUMSTANCES ARE IDENTICAL AS TO THE EARLIER YEARS . THEREFORE, UNDER THESE FACTS SHRI PRASHANT J. PATEL 8 | P A G E AND CIRCUMSTANCES OF THE CASE AND IN THE INTEREST O F JUSTICE, THE ISSUE OF SHORT TERM CAPITAL GAIN TREATED BY THE ASSESSING OFFICER AS BUSINESS INCOME IS REMITTED TO THE RECORD OF ASSESSING OFFICER FOR PROPER VERIF ICATION/ EXAMINATION AND ADJUDICATION AFTER CONSIDERING THE VARIOUS FACTORS AS WELL AS THE RULING OF THE HONBLE HIGH COURT AND THIS TRIBUNAL AS RELIED UPON BY THE ASSESSEE. NEEDLESS TO SAY THAT THE ASSESSEE BE GIVEN AN OPPORTUNITY OF HE ARING BEFORE PASSSING AFRESH ORDER. 10. IN THE RESULT APPEAL OF THE REVENUE IS DISMISSE D. ORDER PRONOUNCED IN THE OPEN COURT TODAY I.E 05- 9-2014 SD/- SD/- ( N.K. BILLAIYA ) (VIJAY PAL RAO) (ACCOUNTANT MEMBER/ YS[KK LNL; YS[KK LNL; YS[KK LNL; YS[KK LNL; ) (JUDICIAL MEMBER/ U;KF;D LNL; U;KF;D LNL; U;KF;D LNL; U;KF;D LNL; ) MUMBAI DATED 05-9 -2014 SKS SR. P.S, COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR, C BENCH, ITAT, MUMBAI 0BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI