ACIT, CHENNAI V. Kannan Santhanam, CHENNAI

ITA 636/CHNY/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 8585 (ITAT-CHENNAI)
• Duration Of Justice: 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-09-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 18-03-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHIVA SRINIVAS
• Assessee Lawyers: P B SRINIVASAN CA
• Keywords: Capital asset
• Section: 139

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI . . . , .. ' #$, & '( BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER ./ ITA NO.636/MDS/2016 * +* / ASSESSMENT YEAR : 2011-12 THE ASSISTANT COMMISSIONER OF INCOME TAX, NON CORPORATE CIRCLE 16, CHENNAI - 600 034. V. SHRI KANNAN SANTHANAM, 401-A LAURES 59-60, C.P. RAMASAMY ROAD, ALWARPET, CHENNAI - 600 018. PAN : AAHPS 1094 F (-./ APPELLANT) (/0-./ RESPONDENT) -. 1 2 / APPELLANT BY : SHRI SHIVA SRINIVAS, JCIT /0-. 1 2 / RESPONDENT BY : SHRI P.B. SRINIVASAN, CA ' 1 3& / DATE OF HEARING : 27.07.2016 45+ 1 3& / DATE OF PRONOUNCEMENT : 15.09.2016 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST T HE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) 4, CHENN AI, DATED 28.12.2015 AND PERTAINS TO ASSESSMENT YEAR 2011-12. 2. THE ONLY ISSUE ARISES FOR CONSIDERATION IS WITH REGARD TO DISALLOWANCE OF DEDUCTION CLAIMED BY THE ASSESSEE U NDER SECTION 2 I.T.A. NO.636/MDS/16 54 OF THE INCOME-TAX ACT, 1961 (IN SHORT 'THE ACT') WHILE COMPUTING CAPITAL GAIN. 3. SHRI SHIVA SRINIVAS, THE LD. DEPARTMENTAL REPRES ENTATIVE, SUBMITTED THAT THE ASSESSEE HAS SOLD A RESIDENTIAL FLAT AT SANTHOME HIGH ROAD, CHENNAI ON 09.03.2011 FOR A TOTAL CONSID ERATION OF ` 1,09,00,000/-. THE ASSESSEE ADMITTED THE LONG TERM CAPITAL GAIN AT ` 64,84,686/-. THE ASSESSEE EXPLAINED BEFORE THE ASS ESSING OFFICER THAT A SUM OF ` 99,00,000/- WAS INVESTED BEFORE THE DATE OF FILING OF RETURN UNDER SECTION 139(1) OF THE ACT AND CLAIMED THE EXEMPTION OF THE ENTIRE LONG TERM CAPITAL GAIN OF ` 64,84,686/- UNDER SECTION 54 OF THE ACT. THE LD. D.R. FURTHER SUBMITTED THAT THE A SSESSING OFFICER FOUND THAT THE ASSESSEE ENTERED INTO AN AGREEMENT F OR PURCHASE OF FLAT AT TALAGATTAPURA, UTTARAHALLIHOBLI FROM M/S TO TAL ENVIRONMENT BUILDING SYSTEMS PVT. LTD. FOR A TOTAL COST OF ` 1,88,61,550/-. THE ASSESSEE HAS PAID ` 83,00,000/- ON 31.07.2011. ACCORDING TO THE LD. D.R., THE POSSESSION OF THE FLAT WAS HANDED OVE R TO THE ASSESSEE ONLY ON 28.02.2014. 4. REFERRING TO THE ORDER OF THE ASSESSING OFFICER, THE LD. DEPARTMENTAL REPRESENTATIVE SUBMITTED THAT FOR THE PURPOSE OF CLAIMING DEDUCTION UNDER SECTION 54 OF THE ACT, IT IS OBLIGATORY ON 3 I.T.A. NO.636/MDS/16 THE PART OF THE ASSESSEE TO DEPOSIT THE CAPITAL GAI N, WHICH WAS NOT UTILISED FOR THE PURPOSE OF PURCHASE OR CONSTRUCTIO N OF RESIDENTIAL HOUSE IN CAPITAL GAINS ACCOUNT SCHEME. IN THE CASE BEFORE US, THE ASSESSEE HAS NOT PURCHASED OR CONSTRUCTED A RESIDEN TIAL HOUSE AND THE CAPITAL GAIN WAS ALSO NOT DEPOSITED IN THE CAPI TAL GAINS ACCOUNT BEFORE FILING THE RETURN OF INCOME UNDER SECTION 13 9(1) OF THE ACT. ACCORDING TO THE LD. D.R., FOR THE PURPOSE OF CLAIM ING EXEMPTION UNDER SECTION 54 OF THE ACT, THE ASSESSEE HAS TO PU RCHASE OR CONSTRUCT A HABITABLE RESIDENTIAL HOUSE BEFORE THE DUE DATE FOR FILING OF RETURN OF INCOME. MERE HANDING OVER THE MONEY T O THE BUILDER IS NOT SUFFICIENT ENOUGH FOR CLAIMING EXEMPTION UNDER SECTION 54 OF THE ACT. ACCORDING TO THE LD. D.R., EVEN THOUGH THE AS SESSEE HAS PAID ADVANCE FOR PURCHASE OF RESIDENTIAL FLAT TO M/S TOT AL ENVIRONMENT BUILDING SYSTEMS PVT. LTD., THE CONSTRUCTION OF FLA T WAS NOT COMPLETED AS ON 31.07.2011, THEREFORE, THE ASSESSEE HAS TO NECESSARILY DEPOSIT THE MONEY IN THE CAPITAL GAINS ACCOUNT. ON A QUERY FROM THE BENCH, WHEN THE ASSESSEE HAS ADVANCE D THE MONEY TO THE BUILDER, NAMELY, M/S TOTAL ENVIRONMENT BUILD ING SYSTEMS PVT. LTD., FOR PURCHASE OF FLAT, WHERE WILL THE ASSESSEE GET MONEY FOR MAKING DEPOSIT IN THE CAPITAL GAINS ACCOUNT? THE L D. D.R. CLARIFIED THAT IT IS THE MANDATE OF THE LEGISLATURE TO DEPOSI T THE MONEY IN THE 4 I.T.A. NO.636/MDS/16 CAPITAL GAINS ACCOUNT IN CASE THE SAME WAS NOT USED TO PURCHASE OR CONSTRUCT A RESIDENTIAL HOUSE. THE LD. D.R. FUR THER SUBMITTED THAT PURCHASE OR CONSTRUCTION OF HOUSE DOES NOT INCLUDE THE HOUSE WHICH WAS IN THE PROCESS OF CONSTRUCTION. THEREFORE, ACC ORDING TO THE LD. D.R., THE ASSESSING OFFICER HAS RIGHTLY DISALLOWED THE CLAIM OF THE ASSESSEE. 5. ON THE CONTRARY, SHRI P.B. SRINIVASAN, THE LD. R EPRESENTATIVE FOR THE ASSESSEE, SUBMITTED THAT THE ASSESSEE ADMIT TEDLY SOLD A RESIDENTIAL FLAT AT SANTHOME HIGH ROAD, CHENNAI, ON 09.03.2011 FOR A TOTAL CONSIDERATION OF ` 1,09,00,000/-. THE CAPITAL GAIN COMPUTED BY THE ASSESSEE TO THE EXTENT OF ` 64,84,686/- WAS ADMITTED BY THE ASSESSING OFFICER. THE ONLY DISPUTE IS WITH REGARD TO CLAIM OF EXEMPTION UNDER SECTION 54 OF THE ACT. ACCORDING T O THE LD. REPRESENTATIVE, THE ASSESSEE HAS UTILISED THE AMOUN T OF CAPITAL GAIN BY WAY OF MAKING DEPOSIT TO THE BUILDER, NAMELY, M/ S TOTAL ENVIRONMENT BUILDING SYSTEMS PVT. LTD. FOR PURCHASE OF RESIDENTIAL FLAT. ACCORDING TO THE LD. REPRESENTATIVE, WHEN TH E ASSESSEE GAVE DEPOSIT TO THE BUILDER FOR PURCHASE OR CONSTRUCTION OF FLAT, IT AMOUNTS TO UTILIZATION OF MONEY AS PROVIDED UNDER SECTION 2 54(2) OF THE ACT. WHEN THE ASSESSEE DEPOSITED MONEY, ACCORDING TO THE LD. 5 I.T.A. NO.636/MDS/16 REPRESENTATIVE, THE CAPITAL GAIN WOULD NOT REMAIN W ITH THE ASSESSEE FOR MAKING DEPOSIT IN CAPITAL GAINS ACCOUNT. 6. REFERRING TO THE JUDGMENT OF APEX COURT IN FIBRE BOARDS (P) LTD. V. CIT (2015) 376 ITR 596, THE LD. REPRESENTAT IVE FOR THE ASSESSEE SUBMITTED THAT WHAT IS REQUIRED TO BE DEPO SITED IN THE CAPITAL GAINS ACCOUNT IS UNUTILISED FOR PORTION OF CAPITAL GAIN. IN THIS CASE, THE ASSESSEE HAS UTILISED THE CAPITAL GAIN BY WAY OF MAKING ADVANCE TO THE BUILDER FOR PURCHASE OF FLAT. ADVAN CE PAID BY THE ASSESSEE FOR PURCHASE/CONSTRUCTION OF A RESIDENTIAL FLAT WOULD AMOUNT TO UTILIZATION OF CAPITAL GAIN BY THE ASSESS EE FOR THE PURPOSE OF PURCHASING OR CONSTRUCTING A NEW ASSET. IN VIEW OF THIS JUDGMENT OF APEX COURT, ACCORDING TO THE LD. REPRESENTATIVE, THE ASSESSEE IS ELIGIBLE FOR EXEMPTION UNDER SECTION 54 OF THE ACT. 7. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS ON EITH ER SIDE AND PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. ADMITTEDLY, THE ASSESSEE SOLD A RESIDENTIAL FLAT ON 09.03.2011 FOR A TOTAL CONSIDERATION OF ` 1,09,00,000/-. THE ASSESSEE ADMITTEDLY EARNED ` 64,84,686/- AS CAPITAL GAIN, WHICH IS NOT IN DISPUT E. THE DISPUTE IS WITH REGARD TO CLAIM OF THE ASSESSEE UNDER SECTION 54 OF THE ACT. 6 I.T.A. NO.636/MDS/16 WE HAVE CAREFULLY GONE THROUGH THE PROVISIONS OF SE CTION 54 OF THE ACT WHICH READS AS FOLLOWS:- 54 (1) SUBJECT TO THE PROVISIONS OF SUB-SECTION (2), WHERE, IN THE CASE OF AN ASSESSEE BEING AN INDIVIDUAL OR A HINDU UNDIV IDED FAMILY THE CAPITAL GAIN ARISES FROM THE TRANSFER OF A LONG-TER M CAPITAL ASSET BEING BUILDINGS OR LANDS APPURTENANT THERETO, AND BEING A RESIDENTIAL HOUSE, THE INCOME OF WHICH IS CHARGEABLE UNDER THE HEAD I NCOME FROM HOUSE PROPERTY (HEREAFTER IN THIS SECTION REFERRED TO AS THE ORIGINAL ASSET) AND THE ASSESSEE HAS WITHIN A PERIOD OF ONE YEAR BE FORE OR TWO YEARS AFTER THE DATE ON WHICH THE TRANSFER TOOK PLACE PUR CHASED, OR HAS WITHIN A PERIOD OF THREE YEARS AFTER THAT DATE CONS TRUCTED, ONE RESIDENTIAL HOUSE IN INDIA THEN, INSTEAD OF THE CAP ITAL GAIN BEING CHARGED TO INCOME-TAX AS INCOME OF THE PREVIOUS YEAR IN WHICH THE TRANSFER TOOK PLACE, IT SHALL BE DEALT WITH IN ACCO RDANCE WITH THE FOLLOWING PROVISIONS OF THIS SECTION, THAT IS TO SA Y, (I) IF THE AMOUNT OF THE CAPITAL GAIN IS GREATER T HAN THE COST OF THE RESIDENTIAL HOUSE SO PURCHASED OR CONSTRUCTED (HERE AFTER IN THIS SECTION REFERRED TO AS THE NEW ASSET), THE DIFFEREN CE BETWEEN THE AMOUNT OF THE CAPITAL GAIN AND THE COST OF THE NEW ASSET SHALL BE CHARGED UNDER SECTION 45 AS THE INCOME OF THE PREVIOU S YEAR ; AND FOR THE PURPOSE OF COMPUTING IN RESPECT OF THE NEW ASSET ANY CAPITAL GAIN ARISING FROM ITS TRANSFER WITHIN A PER IOD OF THREE YEARS OF ITS PURCHASE OR CONSTRUCTION, AS THE CASE MAY BE , THE COST SHALL BE NIL ; OR (II) IF THE AMOUNT OF THE CAPITAL GAIN IS EQUAL TO OR LESS THAN THE COST OF THE NEW ASSET, THE CAPITAL GAIN SHALL NOT BE CHA RGED UNDER SECTION 45 ; AND FOR THE PURPOSE OF COMPUTING IN RESP ECT OF THE NEW ASSET ANY CAPITAL GAIN ARISING FROM ITS TRANSFER WI THIN A PERIOD OF THREE YEARS OF ITS PURCHASE OR CONSTRUCTION, AS THE CASE MAY BE, THE COST SHALL BE REDUCED BY THE AMOUNT OF THE CAPI TAL GAIN. (2) THE AMOUNT OF THE CAPITAL GAIN WHICH IS NOT APP ROPRIATED BY THE ASSESSEE TOWARDS THE PURCHASE OF THE NEW ASSET MADE WITHIN ONE YEAR BEFORE THE DATE ON WHICH THE TRANSFER OF THE O RIGINAL ASSET TOOK PLACE, OR WHICH IS NOT UTILISED BY HIM FOR THE PURCHASE OR CONSTRUCTION OF THE NEW ASSET BEFORE THE DATE OF FU RNISHING THE 7 I.T.A. NO.636/MDS/16 RETURN OF INCOME UNDER SECTION 139, SHALL BE DEPOSITE D BY HIM BEFORE FURNISHING SUCH RETURN SUCH DEPOSIT BEING MA DE IN ANY CASE NOT LATER THAN THE DUE DATE APPLICABLE IN THE CASE OF THE ASSESSEE FOR FURNISHING THE RETURN OF INCOME UNDER SUB-SECTI ON (1) OF SECTION 139 IN AN ACCOUNT IN ANY SUCH BANK OR INSTITUTION AS MAY BE SPECIFIED IN, AND UTILISED IN ACCORDANCE WITH, ANY SCHEME WHI CH THE CENTRAL GOVERNMENT MAY, BY NOTIFICATION IN THE OFFICIAL GAZ ETTE, FRAME IN THIS BEHALF AND SUCH RETURN SHALL BE ACCOMPANIED BY PROOF OF SUCH DEPOSIT ; AND, FOR THE PURPOSES OF SUB-SECTION (1), THE AMOUNT, IF ANY, ALREADY UTILISED BY THE ASSESSEE FOR THE PURCH ASE OR CONSTRUCTION OF THE NEW ASSET TOGETHER WITH THE AMO UNT SO DEPOSITED SHALL BE DEEMED TO BE THE COST OF THE NEW ASSET : PROVIDED THAT IF THE AMOUNT DEPOSITED UNDER THIS SUB-SECTIO N IS NOT UTILISED WHOLLY OR PARTLY FOR THE PURCHASE OR CONST RUCTION OF THE NEW ASSET WITHIN THE PERIOD SPECIFIED IN SUB-SECTIO N (1), THEN, (I) THE AMOUNT NOT SO UTILISED SHALL BE CHARGED UNDER S ECTION 45 AS THE INCOME OF THE PREVIOUS YEAR IN WHICH THE PER IOD OF THREE YEARS FROM THE DATE OF THE TRANSFER OF THE OR IGINAL ASSET EXPIRES ; AND (II) (II) THE ASSESSEE SHALL BE ENTITLED TO WITHDRAW SUC H AMOUNT IN ACCORDANCE WITH THE SCHEME AFORESAID. 8. SECTION 54(2) IN CATEGORICAL TERM SAYS THAT THE AMOUNT OF CAPITAL GAIN WHICH IS NOT APPROPRIATED BY THE ASSES SEE TOWARDS THE PURCHASE OF THE NEW ASSET MADE WITHIN ONE YEAR BEFO RE THE DATE ON WHICH THE TRANSFER OF THE ORIGINAL ASSET TOOK PLACE OR WHICH IS NOT UTILISED FOR PURCHASE OR CONSTRUCTION OF A NEW ASSE T BEFORE THE DATE OF FILING OF RETURN OF INCOME UNDER SECTION 139(1) OF THE ACT, SHALL BE DEPOSITED IN THE SPECIFIED CAPITAL GAINS ACCOUNT. THEREFORE, WHAT IS REQUIRED TO BE SEEN IS WHETHER THE ASSESSEE HAS APPROPRIATED OR 8 I.T.A. NO.636/MDS/16 UTILISED THE CAPITAL GAIN FOR PURCHASE OR CONSTRUCT ION OF A RESIDENTIAL HOUSE. 9. IN THE CASE BEFORE US, THE CAPITAL GAIN IS ` 64,84,686/-. IT IS NOT IN DISPUTE THAT THE ASSESSEE HAS PAID A SUM OF ` 83,00,000/- AS ON 31.07.2011, BEING THE DUE DATE FOR FILING RETURN OF INCOME, TO M/S TOTAL ENVIRONMENT BUILDING SYSTEMS PVT. LTD. FOR PU RCHASE OF A FLAT. THE QUESTION ARISES FOR CONSIDERATION IS WHETHER TH E PAYMENT MADE BY THE ASSESSEE TOWARDS ADVANCE FOR PURCHASE OF FLA T FROM M/S TOTAL ENVIRONMENT BUILDING SYSTEMS PVT. LTD. WOULD AMOUNT TO UTILIZATION OF CAPITAL GAIN AS REQUIRED UNDER SECTI ON 54(2) OF THE ACT. THE APEX COURT IN FIBRE BOARDS (P) LTD. (SUPRA) EXA MINED THIS ISSUE IN THE CONTEXT OF SECTION 54G OF THE ACT AND FOUND THAT THE ADVANCE PAID FOR PURCHASE OF ASSET WOULD CERTAINLY AMOUNT T O UTILIZATION OF CAPITAL GAIN BY THE ASSESSEE FOR THE PURPOSE OF PUR CHASING / ACQUIRING THE CAPITAL ASSET. IN FACT, THE APEX COU RT HAS OBSERVED AS FOLLOWS AT PAGE 621 OF THE ITR.:- WE ARE OF THE VIEW THAT THE AFORESAID CONSTRUCTION OF SECTION 54G WOULD RENDER NUGATORY A VITAL PART OF THE SAID SECTION SO FAR AS THE ASSESSEE IS CONCERNED. UNDER SUB- SECTION (1), THE ASSESSEE IS GIVEN A PERIOD OF THRE E YEARS AFTER THE DATE ON WHICH THE TRANSFER TAKES PLACE TO PURCHASE NEW MACHINERY OR PLANT AND ACQUIRE BUILDING OR LAND OR CONSTRUCT BUILDING FOR THE PURPOSE OF HIS BUSINESS IN THE SAID 9 I.T.A. NO.636/MDS/16 AREA. IF THE HIGH COURT IS RIGHT, THE ASSESSEE HAS TO PURCHASE AND/OR ACQUIRE MACHINERY, PLANT, LAND AND BUILDING WITHIN THE SAME ASSESSMENT YEAR IN WHICH THE TRANSF ER TAKES PLACE. FURTHER, THE HIGH COURT HAS MISSED THE KEY WORDS NOT UTILISED IN SUB-SECTION (2) WHICH WOULD SHOW THAT I T IS ENOUGH THAT THE CAPITAL GAIN MADE BY THE ASSESSEE SHOULD O NLY BE UTILISED BY HIM IN THE ASSESSMENT YEAR IN QUESTIO N FOR ALL OR ANY OF THE PURPOSES AFORESAID, THAT IS TOWARDS PURC HASE AND ACQUISITION OF PLANT AND MACHINERY, AND LAND AND BU ILDING. ADVANCES PAID FOR THE PURPOSE OF PURCHASE AND/OR AC QUISITION OF THE AFORESAID ASSETS WOULD CERTAINLY AMOUNT TO U TILIZATION BY THE ASSESSEE OF THE CAPITAL GAINS MADE BY HIM FO R THE PURPOSE OF PURCHASING AND/OR ACQUIRING THE AFORESAI D ASSETS. WE FIND THEREFORE THAT ON THIS GROUND ALSO, THE ASS ESSEE IS LIABLE TO SUCCEED. 10. WE HAVE ALSO CAREFULLY GONE THROUGH THE PROVISI ONS OF SECTION 54G OF THE ACT. SECTION 54G(2) OF THE ACT MAKES THE ASSESSEE FOR CLAIMING EXEMPTION UNDER SECTION 54G T O APPROPRIATE THE CAPITAL GAIN OR TO UTILIZE THE SAME WITHIN THE DUE DATE FOR FILING OF RETURN OF INCOME UNDER SECTION 139(1) OF THE ACT, T HE UNUTILIZED PORTION SHOULD BE DEPOSITED IN THE CAPITAL GAINS AC COUNT. SECTION 54G(2) OF THE ACT IS PARI MATERIA SAME AS SECTION 54(2) OF THE ACT. THEREFORE, THIS TRIBUNAL IS OF THE CONSIDERED OPINI ON THAT THE OBSERVATION / FINDING OF THE APEX COURT IS EQUALLY APPLICABLE IN RESPECT OF THE PROVISIONS OF SECTION 54(2) OF THE A CT. IN OTHER WORDS, WHEN THE ASSESSEE ADVANCED A SUM OF ` 83,00,000/- AS ON 31.07.2011, BEFORE THE DUE DATE FOR FILING OF RETUR N OF INCOME, FOR A PURCHASE OF RESIDENTIAL FLAT TO M/S TOTAL ENVIRONME NT BUILDING 10 I.T.A. NO.636/MDS/16 SYSTEMS PVT. LTD., THIS WOULD AMOUNT TO UTILIZATION OF CAPITAL GAIN. IN THE CASE BEFORE US, THE ADMITTED CAPITAL GAIN IS ` 64,84,686/- AND WHAT WAS ADVANCED BY THE ASSESSEE FOR PURCHASING TH E FLAT IS ` 83,00,000/-. IN VIEW OF THE ABOVE, THIS TRIBUNAL I S OF THE CONSIDERED OPINION THAT THE ASSESSEE, IN FACT, UTIL ISED THE CAPITAL GAIN FOR PURCHASING THE FLAT BEFORE 31.07.2011. HE NCE, THE ASSESSEE IS ENTITLED FOR EXEMPTION UNDER SECTION 54 OF THE ACT. THIS TRIBUNAL IS OF THE CONSIDERED OPINION THAT THE CIT( APPEALS) HAS RIGHTLY ALLOWED THE CLAIM OF THE ASSESSEE BY PLACIN G RELIANCE ON THE JUDGMENT OF APEX COURT IN FIBRE BOARDS (P) LTD. (SU PRA). IN VIEW OF THE ABOVE, THIS TRIBUNAL DO NOT FIND ANY REASON TO INTERFERE WITH THE ORDER OF THE LOWER AUTHORITY AND ACCORDINGLY THE SA ME IS CONFIRMED. 11. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED ON 15 TH SEPTEMBER, 2016 AT CHENNAI. SD/- SD/- ( . . ' #$ ) ( . . . ) (D.S. SUNDER SINGH) (N.R.S. GANESAN) & / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 7 /DATED, THE 15 TH SEPTEMBER, 2016. KRI. 11 I.T.A. NO.636/MDS/16 1 /3#8 98+3 /COPY TO: 1. -. /APPELLANT 2. /0-. /RESPONDENT 3. ' :3 () /CIT(A)-4, CHENNAI 4. PRINCIPAL CIT-5, CHENNAI 5. 8; /3 /DR 6. * < /GF.