M/s Panyam Cements and Mineral Indurstries Limited, Hyderabad V. The Addl.CIT, Kurnool Range, Kurnool

ITA 706/HYD/2013

• Counselvise Citation: 70622514 RSA 2013
• Duration Of Justice: 1 year(s) 10 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 11-03-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 10-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G APARNA RAO
• Assessee Lawyers: D V ANJANEYULU
• Keywords: Capital asset
• Section: 143(3); 115JB; 263; 63; 11

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A, HYDERABAD BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER ITA NO. 706/HYD/2013 ASSESSMENT YEAR: 2008-09 M/S PANYAM CEMENTS AND MINERAL INDUSTRIES LTD., KURNOOL. PAN AABCP 2298M VS. ADDL. COMMISSIONER OF INCOME-TAX, KURNOOL RANGE, KURNOO. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI D.V. ANJANEYULU REVENUE BY : SMT. G. APARNA RAO DATE OF HEARING 11-03-2015 DATE OF PRONOUNCEMENT 25-03-2015 O R D E R PER SAKTIJIT DEY, J.M.: THIS APPEAL BY ASSESSEE IS DIRECTED AGAINST THE OR DER DATED 09/01/2014 PASSED BY LD. CIT-III, HYDERABAD U/S 263 OF THE ACT FOR THE AY 2008-09. 2. BRIEFLY THE FACTS ARE, ASSESSEE A COMPANY IS ENG AGED IN MANUFACTURING AND SALE OF CEMENT. FOR THE AY UNDER CONSIDERATION, ASSESSEE FILED ITS RETURN OF INCOME ON 29/09/08 DEC LARING NIL INCOME AFTER SET OFF OF BROUGHT FORWARD LOSSES. ASSESSEE A LSO DECLARED BOOK PROFIT AT NIL U/S 115JB OF THE ACT. DURING THE AS SESSMENT PROCEEDING, AO NOTICED THAT ASSESSEE ON 18/12/07 HAS ENTERED IN TO A DEVELOPMENT AGREEMENT WITH M/S BHIMSHANKAR REALTORS PVT. LTD. FOR DEVELOPMENT OF ITS VACANT LAND. SIMULTANEOUSLY, ASS ESSEE ALSO EXECUTED GENERAL POWER OF ATTORNEY (GPA) IN FAVOUR OF THE SAID DEVELOPER. AS PER THE TERMS OF THE DEVELOPMENT AGRE EMENT, ASSESSEE WAS TO RECEIVE 11.655% OF THE CONSTRUCTED AREA. BES IDES CONSTRUCTED 2 ITA NO. 706 /HYD/2013 M/S PANYAM CEMENTS & MINERAL INDUSTRIES LTD. AREA, THE DEVELOPER ALSO AGREED TO PAY INTEREST FRO M REFUNDABLE DEPOSITS OF RS. 10 CRORES AND NON-REFUNDABLE DEPOSI TS OF RS. 43.10 CRORES TO ASSESSEE. FURTHER, AS PER THE DEVELOPMENT AGREEMENT DATED 08/07/07, THE DEVELOPER AGREED TO PAY AN ADDITIONAL AMOUNT OF RS. 11 CRORES TO THE OWNER OF THE LAND AS NON-REFUNDABLE C ONSIDERATION. ON GOING THROUGH THE DEVELOPMENT AGREEMENT CUM GPA, AO WAS OF THE VIEW THAT THERE BEING A TRANSFER OF CAPITAL ASSET I N TERMS OF SECTION 2(47)(V) OF THE ACT, CONSIDERATION RECEIVED BY ASSE SSEE IS SUBJECT TO CAPITAL GAIN. HOWEVER, SINCE ASSESSEE DID NOT DECLA RE ANY CAPITAL GAIN IN THE RETURN FILED, AO CALLED FOR AN EXPLANAT ION FROM ASSESSEE. THOUGH, ASSESSEE SUBMITTED THAT THE AGREEMENTS HAVE NOT YET BEEN ACTED UPON, HENCE, THERE IS NO QUESTION OF ACCRUAL OF CAPITAL GAIN, BUT, AO REJECTING THE SUBMISSIONS OF ASSESSEE PROCEEDED TO COMPLETE THE ASSESSMENT U/S 143(3) OF THE ACT VIDE ORDER DATED 3 1/12/2010 COMPUTING LONG TERM CAPITAL GAIN (LTCG) AT RS. 79,6 9,38,698. BEING AGGRIEVED OF SUCH ASSESSMENT ORDER, ASSESSEE PREFER RED APPEAL BEFORE CIT(A). 3. DURING THE PENDENCY OF APPEAL BEFORE LD. CIT(A), LD. CIT IN EXERCISE OF POWER U/S 263 OF THE ACT CALLED FOR ASS ESSMENT RECORDS OF ASSESSEE FOR THE IMPUGNED AY AND AFTER VERIFICATION OF THE SAME WAS OF THE VIEW THAT ASSESSMENT ORDER IS ERRONEOUS AND PREJUDICIAL TO THE INTERESTS OF REVENUE AS AO WHILE COMPLETING ASSESSM ENT HAS NOT COMPUTED BOOK PROFIT AS PER THE PROVISIONS OF SECTI ON 115JB OF THE ACT. HE FURTHER NOTED THAT THOUGH, THERE IS A DELAY IN REMITTANCE OF TDS ON COMMISSION PAYMENT TO CENTRAL GOVT. ACCOUNT, AO FAILED TO APPLY THE PROVISIONS OF SECTION 40(A)(IA). ACCORDIN GLY, LD. CIT ISSUED A SHOW CAUSE NOTICE TO ASSESSEE TO EXPLAIN. IN RESPO NSE TO THE SAID SHOW CAUSE NOTICE, ASSESSEE FILED ITS WRITTEN SUBMI SSIONS OBJECTING TO INITIATION OF PROCEEDING U/S 263 OF THE ACT. IT WAS SUBMITTED BY ASSESSEE THAT SECTION 115JB WOULD APPLY WHERE THE I NCOME ASSESSED AND TAX THEREON UNDER THE NORMAL PROVISIONS IS LESS THAN THE BOOK PROFIT AND TAX THEREON. HOWEVER, SINCE IN CASE OF A SSESSEE, THE 3 ITA NO. 706 /HYD/2013 M/S PANYAM CEMENTS & MINERAL INDUSTRIES LTD. INCOME DETERMINED BY AO AND THE CONSEQUENT INCOME-T AX THERE ON IS MUCH MORE THAN THE BOOK PROFIT AS WELL AS THE TAX T O BE PAID THEREON, NEITHER THERE IS ANY ERROR IN THE ASSESSMENT ORDER NOR IT IS PREJUDICIAL TO THE INTERESTS OF REVENUE. FURTHER, IT WAS SUBMIT TED BY ASSESSEE THAT EVEN OTHERWISE ALSO, NO BOOK PROFIT CAN BE COMPUTED U/S 115JB OF THE ACT AS ASSESSEE IS A SICK COMPANY AND THE ENTIRE NE T WORTH OF SUCH COMPANY BECOMES EQUAL TO THE ACCUMULATED LOSSES. LD . CIT AFTER GOING THROUGH THE SUBMISSIONS OF ASSESSEE, HOWEVER, DID NOT FIND MERIT IN THEM. LD. CIT OBSERVED THAT BY VIRTUE OF O RDER PASSED BY LD. CIT(A) WHILE DECIDING ASSESSEES APPEAL AGAINST ASS ESSMENT ORDER THE CAPITAL GAIN TOWARDS TRANSFER OF LAND IS ASSESS ABLE IN THE AY 2006-07. THAT BEING THE CASE, INCOME RETURNED BY AS SESSEE IN THE RETURN OF INCOME STANDS RESTORED AND ASSESSEE WOULD BE LIABLE TO PAY THE TAX COMPUTED UNDER SECTION 115JB. HOWEVER, AS A O HAS FAILED TO COMPUTE BOOK PROFIT U/S 115JB OF THE ACT, ASSESSMEN T ORDER IS ERRONEOUS AND PREJUDICIAL TO THE INTERESTS OF REVEN UE. AS FAR AS THE MERITS OF THE ISSUE IS CONCERNED, LD. CIT HELD THAT FOR CLAIMING RELIEF U/S 115JB(2)(VII), THE MANDATORY CONDITION IS THERE MUST BE AN ORDER FROM BIFR U/S 17(1) OF THE SICK INDUSTRIAL COMPANIE S ACT, 1985. AS IN ASSESSEES CASE, THE BOARD HAS NOT PASSED ANY SUCH ORDER, NO RELIEF WOULD BE ALLOWABLE U/S 115JB(VII). LD. CIT, THEREFO RE, HELD THAT AO HAVING FAILED TO APPLY THE PROVISIONS OF SECTION 11 5JB, THE ASSESSMENT ORDER IS ERRONEOUS AND PREJUDICIAL TO TH E INTERESTS OF REVENUE. HOWEVER, AS FAR AS THE ISSUE OF APPLICABIL ITY OF SECTION 40(A)(IA) IS CONCERNED, LD. CIT ACCEPTED ASSESSEES EXPLANATION. ULTIMATELY, LD. CIT PASSED THE IMPUGNED ORDER SETTI NG ASIDE THE ASSESSMENT ORDER WITH A DIRECTION TO AO TO COMPUTE BOOK PROFIT U/S 115JB OF THE ACT. BEING AGGRIEVED OF THE ORDER OF L D. CIT, ASSESSEE IS BEFORE US. 4. LD. AR SUBMITTED BEFORE US, INVOKING POWER U/S 263 OF THE ACT FOR THE PURPOSE OF DIRECTING AO TO COMPUTE BOOK PRO FIT U/S 115JB OF THE ACT IS WITHOUT JURISDICTION AS AO HAS ENQUIRED INTO THE MATTER AND 4 ITA NO. 706 /HYD/2013 M/S PANYAM CEMENTS & MINERAL INDUSTRIES LTD. EXAMINED THE ISSUE IN COURSE OF ASSESSMENT PROCEEDI NG. LD. AR REFERRING TO THE SHOW CAUSE NOTICE ISSUED BY AO ON 18/11/10 AND 21/12/10 AS WELL AS ASSESSEES REPLY DATED 30/11/10 SUBMITTED BEFORE US THAT THE ISSUE WAS EXAMINED IN DETAIL BY AO DURI NG THE ASSESSMENT PROCEEDING, HOWEVER, AO SINCE DETERMINED THE INCOME OF ASSESSEE AT MUCH HIGHER FIGURE THAN THE BOOK PROFIT U/S 115JB, THERE WAS NO NEED TO APPLY THE PROVISIONS OF SECTION 115JB OF THE ACT , AS REQUIRED UNDER LAW. ACCORDINGLY, AO PASSED ASSESSMENT ORDER BY RAI SING THE TAX DEMAND ON THE INCOME DETERMINED UNDER THE NORMAL PR OVISIONS OF THE ACT SINCE IT WAS MORE THAN THE TAX COMPUTED ON THE BOOK PROFIT. LD. AR SUBMITTED, LD. CIT WHILE EXERCISING POWER U/S 2 63 OF THE ACT, CAN CONSIDER THE ASSESSMENT ORDER TO BE ERRONEOUS AND P REJUDICIAL TO THE INTERESTS OF REVENUE ON THE BASIS OF THE FACTS AND MATERIALS ON RECORD AS ON THE DATE OF COMPLETION OF ASSESSMENT. HOWEVER , IN THE PRESENT CASE, ONLY BECAUSE LD. CIT(A) SUBSEQUENTLY PASSED THE ORDER HOLDING THAT CAPITAL GAIN WOULD BE TAXABLE IN AY 2006-07 BY VIRTUE OF WHICH THE INCOME RETURNED BY ASSESSEE WAS RESTORED, FOR T HAT REASON ALONE, IT CANNOT BE HELD THAT ASSESSMENT ORDER IS ERRONEOU S AND PREJUDICIAL TO THE INTERESTS OF REVENUE. LD. AR SUBMITTED, ON T HE DATE ASSESSMENT ORDER WAS PASSED, THE INCOME COMPUTED UNDER THE NOR MAL PROVISIONS WAS MORE THAN THE BOOK PROFIT COMPUTED U/S 115JB. T HEREFORE, ASSESSMENT ORDER AS WAS PASSED IS IN ACCORDANCE WIT H THE STATUTORY PROVISIONS AND THERE WAS NO NEED TO COMPUTE BOOK PR OFIT U/S 115JB OF THE ACT. HE SUBMITTED THAT AT THAT STAGE, AO COULD NOT HAVE FORESEEN OR APPREHENDED THAT THE INCOME DETERMINED BY HIM WO ULD NOT BE SUSTAINED BY THE APPELLATE AUTHORITY. THEREFORE, EV EN IF THERE MIGHT BE AN ERROR IN THE ASSESSMENT ORDER FOR NOT COMPUTING THE BOOK PROFIT, BUT, THERE IS NO PREJUDICE CAUSED TO REVENUE AS INC OME COMPUTED UNDER NORMAL PROVISIONS WAS MUCH MORE THAN THE BOOK PROFIT U/S 115JB AND THE DEMAND RAISED ON SUCH INCOME COMPUTED UNDER NORMAL PROVISIONS IS ENFORCEABLE AS PER THE PROVISI ONS OF LAW. LD. AR SUBMITTED, AS THERE WAS NO PREJUDICE CAUSED TO REVE NUE BY VIRTUE OF THE ASSESSMENT ORDER, ONE OF THE CONDITIONS OF SECT ION 263 IS NOT 5 ITA NO. 706 /HYD/2013 M/S PANYAM CEMENTS & MINERAL INDUSTRIES LTD. SATISFIED, HENCE, THE ORDER PASSED U/S 263 IS INVAL ID. IN SUPPORT OF HIS SUBMISSIONS, LD. AR RELIED ON THE FOLLOWING DECISIO N: 1. CIT VS. GREENWORLD CORPORATION, [2009] 314 ITR 8 1 (SC) 5. LD. DR, ON THE OTHER HAND, SUBMITTED BEFORE US, THE ASSESSMENT ORDER IS ERRONEOUS AND PREJUDICIAL TO THE INTERESTS OF REVENUE AS AO WHILE COMPLETING THE ASSESSMENT HAS FAILED TO COMPU TE BOOK PROFIT U/S 115JB OF THE ACT THOUGH THE SAID PROVISION IS CLEAR LY APPLICABLE. LD. DR SUBMITTED, ASSESSEES CLAIM THAT SECTION 115JB I S NOT APPLICABLE AS IT IS A SICK COMPANY HAVING ACCUMULATED LOSSES, CANNOT BE ACCEPTED IN ABSENCE OF AN ORDER FROM BIFR U/S 17(1) OF THE ACT, SICK INDUSTRIAL COMPANIES ACT, 1985. 6. WE HAVE CONSIDERED THE SUBMISSIONS OF THE PARTI ES AND PERUSED THE MATERIALS ON RECORD. WE HAVE ALSO CAREFULLY APP LIED OUR MIND TO THE DECISIONS RELIED UPON BY LD. AR. AT THE OUTSET, IT NEEDS TO BE PUT ON RECORD THAT THE PRIMARY CONTENTION OF LD. AR WHI LE CHALLENGING THE IMPUGNED ORDER PASSED U/S 263 IS, THERE IS NO PREJU DICE CAUSED TO THE REVENUE AS A RESULT OF THE ASSESSMENT ORDER, HENCE, INVOKING POWER U/S 263 IS INVALID. KEEPING IN VIEW THE AFORESAID C ONTENTION, WE PROCEED TO DECIDE THE ISSUE. UNDISPUTEDLY, ASSESSEE FILED ITS RETURN OF INCOME DECLARING NIL INCOME AFTER SET OFF OF BROU GHT FORWARD LOSSES OF RS. 36,00,51,214 UNDER THE NORMAL PROVISIONS OF THE ACT. SIMULTANEOUSLY, ASSESSEE ALSO DECLARED BOOK PROFIT AT NIL UNDER SECTION 115JB OF THE ACT ON THE PLEA THAT IT BEING A SICK COMPANY, THERE IS NO BOOK PROFIT. AS CAN BE SEEN FROM THE SH OW CAUSE NOTICES ISSUED BY AO ON 30/11/10 AND 18/11/10 IN COURSE OF ASSESSMENT PROCEEDING, COPIES OF WHICH ARE PLACED AT PAGES 27 TO 34 OF ASSESSEES PAPER BOOK, AO DURING THE ASSESSMENT PRO CEEDING DID CONDUCT ENQUIRY WITH REGARD TO APPLICABILITY OF SEC TION 115JB. FROM THE REPLY SUBMITTED BY ASSESSEE ON 30/11/10, A COPY OF WHICH IS AT PAGE 32 OF PAPER BOOK, IT IS SEEN THAT ASSESSEE SUB MITTED THAT SINCE IT IS A SICK COMPANY AS PER THE BIFR PROCEEDING, NO BOOK PROFIT IS TO 6 ITA NO. 706 /HYD/2013 M/S PANYAM CEMENTS & MINERAL INDUSTRIES LTD. BE COMPUTED AS PER THE PROVISIONS OF SECTION 115JB( 2)(VII). OF COURSE, IT IS A FACT THAT AO WHILE COMPLETING ASSESSMENT HA S NOT COMPUTED BOOK PROFIT U/S 115JB OF THE ACT. HOWEVER, IT IS AL SO A FACT THAT AO WHILE COMPLETING THE ASSESSMENT HAS NOT ACCEPTED N IL INCOME OFFERED BY ASSESSEE AND ON THE OTHER HAND, HAS DETE RMINED THE TOTAL INCOME UNDER THE NORMAL PROVISIONS AT RS. 79,69,38, 698 BY COMPUTING LTCG, ON WHICH TAX ALONG WITH INTEREST WAS COMPUTED AT RS. 23,78,47,932. WHEREAS THE BOOK PROFIT AS PER THE A SSESSEES COMPUTATION, WHICH IS ALSO NOT DISPUTED BY LD. CIT, IS RS. 45,08,84,000 AND TAX THEREON IS RS. 4,64,41,052. TH EREFORE, THE INCOME COMPUTED UNDER THE NORMAL PROVISIONS AND TAX THEREON BEING MUCH MORE THAN THE TAX PAYABLE ON THE BOOK PROFIT C OMPUTED U/S 115JB OF THE ACT, AO PROCEEDED TO COMPLETE ASSESSME NT AND ENFORCE THE DEMAND UNDER THE NORMAL PROVISIONS OF THE ACT W ITHOUT COMPUTING THE BOOK PROFIT. IN OUR VIEW, SINCE INCOME DETERMIN ED AND TAX COMPUTED UNDER THE NORMAL PROVISIONS IS MUCH MORE T HAN THE BOOK PROFIT AND TAX THEREON U/S 115JB, ACTION OF THE AO IN NOT COMPUTING/ENFORCING THE TAX DEMAND ON THE PROFIT CO MPUTED U/S 115JB CANNOT BE CONSIDERED TO BE PREJUDICIAL TO THE INTER ESTS OF REVENUE. ONLY BECAUSE SUBSEQUENTLY, LD. CIT(A) WHILE CONSIDE RING ASSESSEES APPEAL AGAINST ASSESSMENT ORDER HAS HELD THAT CAPIT AL GAIN IS TAXABLE IN AY 2006-07 AND AS A RESULT OF WHICH INCOME RETUR NED BY ASSESSEE WAS RESTORED, THAT WILL NOT RENDER ASSESSMENT ORDER ERRONEOUS AND PREJUDICIAL TO THE INTERESTS OF REVENUE. 7. WHILE ASSUMING JURISDICTION U/S 263, LD. CIT HAS TO EXAMINE THE ERROR AND PREJUDICE CAUSED TO REVENUE BY VIRTUE OF ASSESSMENT ORDER ON THE BASIS OF THE FACTS AND MATERIALS ON RECORD A S ON THE DATE OF COMPLETION OF ASSESSMENT. HE CANNOT TAKE INTO CONSI DERATION ANY EVENT SUBSEQUENT THERETO. AS CAN BE SEEN, LD. CIT U PON CONSIDERING THE FACT THAT BY VIRTUE OF ORDER OF LD. CIT(A) PASS ED ON 25/03/13 INCOME OF ASSESSEE WAS AGAIN RESTORED BACK TO THE R ETURNED INCOME, 7 ITA NO. 706 /HYD/2013 M/S PANYAM CEMENTS & MINERAL INDUSTRIES LTD. HAS HELD THE ASSESSMENT ORDER TO BE ERRONEOUS AND P REJUDICIAL TO THE INTERESTS OF REVENUE AS IN THAT EVENT ASSESSEE WOUL D HAVE PAID TAX ON THE BOOK PROFIT. HOWEVER, THE ORDER OF LD. CIT(A) B EING A SUBSEQUENT EVENT NOT AVAILABLE ON RECORD ON THE DATE OF COMPLE TION OF ASSESSMENT, BY RELYING UPON SUCH ORDER OF LD. CIT(A ), ASSESSMENT ORDER CANNOT BE CONSIDERED TO BE ERRONEOUS AND PREJ UDICIAL TO THE INTERESTS OF REVENUE. IT IS WELL KNOWN THAT LD. CIT CAN EXERCISE POWER U/S 263 OF THE ACT, ON FULFILLMENT OF THE TWIN COND ITIONS ENSHRINED IN THE SAID PROVISION CUMULATIVELY. THE CONDITIONS ARE , AN ORDER SOUGHT TO BE REVISED MUST BE ERRONEOUS AS WELL AS PREJUDIC IAL TO THE INTERESTS OF REVENUE. IN ABSENCE OF ANY ONE OF THE AFORESAID CONDITIONS, EXERCISE OF POWER U/S 263 BECOMES INVALID. IN THE P RESENT CASE, EVEN ASSUMING THAT THERE IS AN ERROR IN THE ASSESSMENT O RDER AS AO HAS FAILED TO COMPUTE BOOK PROFIT U/S 115JB, IT CANNOT BE SAID THAT ASSESSMENT ORDER PASSED IS PREJUDICIAL TO THE INTER ESTS OF REVENUE AS THE INCOME DETERMINED UNDER THE NORMAL PROVISIONS W AS MUCH MORE THAN THE BOOK PROFIT COMPUTED U/S 115JB OF THE ACT. THEREFORE, AS ONE OF THE CONDITIONS OF SECTION 263 IS NOT FULFILLED, EXERCISE OF POWER U/S 263 IS NOT VALID. ACCORDINGLY, WE SET ASIDE THE IMP UGNED ORDER OF LD. CIT AND RESTORE THE ASSESSMENT ORDER. 8. BEFORE PARTING, WE MAY OBSERVE THAT WE HAVE NOT GONE INTO THE MERITS OF THE ISSUE AS TO WHETHER ASSESSEE IS ELIGI BLE FOR RELIEF U/S 115JB(2)(VII) AS LD. AR HAS NOT ADVANCED ANY SPECIF IC ARGUMENT ON THAT ISSUE AND HAS CONFINED HIS ARGUMENT ONLY TO TH E VALIDITY OF POWER EXERCISED U/S 263 OF THE ACT BY CONTENDING THAT ASS ESSMENT ORDER IS NOT PREJUDICIAL TO THE INTERESTS OF REVENUE. FURTHE R, WE MAKE IT CLEAR THAT THE FINDING GIVEN BY US IS PURELY IN THE CONTE XT OF THE VALIDITY OF POWER EXERCISED U/S 263 OF THE ACT, AND IT DOES NOT PREVENT THE AO FROM TAKING ACTION FOR COMPUTING THE CORRECT INCOME TAX LIABILITY OF ASSESSEE FOR THE YEAR UNDER CONSIDERATION, IF IT IS OTHERWISE PERMISSIBLE UNDER THE PROVISIONS OF THE ACT. 8 ITA NO. 706 /HYD/2013 M/S PANYAM CEMENTS & MINERAL INDUSTRIES LTD. 8. IN THE RESULT, APPEAL OF ASSESSEE IS CONSIDERED TO BE ALLOWED. PRONOUNCED IN THE OPEN COURT ON 25 TH MARCH, 2015. SD/- SD/- (B. RAMAKOTAIAH) (SAKTIJIT DEY) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DATED: 25 TH MARCH, 2015 KV COPY TO:- 1) M/S PANYAM CEMENTS AND MINERAL INDUSTRIES LTD., C/O M/S ANJANEYULU & CO., C.AS., 30, BHAGYALAKS HMI NAGAR, GANDHI NAGAR, HYDERABAD 500 080. 2) ADDL. CIT, KURNOOL RANGE, KURNOOL 3 CIT(A)-III, , HYDERABAD 4) THE DEPARTMENTAL REPRESENTATIVE, I.T.A.T., HYDE RABAD.