KRISHNA SHEET PROCESSORS P.LTD, MUMBAI V. ASST CIT CIR 1, KALYAN

ITA 7465/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93118 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 6 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 16-04-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 17-12-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASGHAR ZAIN
• Assessee Lawyers: S M BANDI
• Keywords: Bogus Share capital
• Section: 131; 68; 132

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI . . , , BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI N.K . BILLAIYA, A CCOUNTANT M EMBER / I .T.A. NO. 546/MUM/2013 ( / ASSESSMENT YEAR : 2009 - 10 THE ACIT, CIRCLE 1, MOHAN PLAZA, WAYALE NAGAR KHADAKPADA, KALYAN(W) / VS. M/S. KRISHNA SHEET PROCESSORS PVT. LTD., 801, BUSINESS CLAS S IC, 8 TH FLOOR, CHINCHOLI BUNDER ROAD, OFF. S.V. ROAD, MALAD (W), MUMBAI - 400 064 / I .T.A. NO . 74 6 5 /MUM/ 201 2 ( / ASSESSMENT YEAR : 2009 - 10 M/S. KRISHNA SHEET PROCESSORS PVT. LTD., 801, BUSINESS CLASIC, 8 TH FLOOR, CHINCHOLI BUNDER ROAD, OFF. S.V. ROAD, MALAD (W), MUMBAI - 400 064 / VS. THE ACIT, CIRCLE 1, MOHAN PLAZA, WAYALE NAGAR KHADAKPADA, KALYAN(W) ./ ./ PAN/GIR NO. : AAACK 9040M ( / APPELLANT ) .. ( / RESPONDENT ) / A SSESSEE BY: SHRI S.M. BANDI / DEPARTMENT BY : SHRI ASGHAR ZAIN / DATE OF HEARING : 2 4 . 0 6 .2015 / DATE OF PRONOUNCEMENT : 30 .0 6 .2015 ITA. NO S . 546/M/2013 & 7465/M/2012 2 / O R D E R PER N.K. BILLAIYA, AM: TH ESE ARE CROSS APPEA LS BY THE REVENUE AND THE ASSESSEE AGAINST THE VERY SAME ORDER OF THE LD. CIT(A) - 1, THANE DT. 2 8 . 9 .2012 PERTAINING TO ASSESSMENT YEAR 2009 - 10. AS COMMON ISSUES ARE INVOLVED, BOTH THESE APPEALS WERE HEARD TOGETHER AND ARE DISPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE AND BREVITY. 2. FACTS OF THE CASE ARE THAT THE ASSESSEE IS A DEALER IN STEEL & IRON. THE RETURN FOR THE YEAR UNDER CONSIDERATION WAS SELECTED FOR SCRUTINY ASSESSMENT AND ACCORDINGLY STATUTORY NOTICES WERE ISSUED AND SERVED UPON THE ASSESSEE. WHILE SCRUTINIZING THE ACCOUNTS OF THE ASSESSEE, THE ASSESSING OFFICER NOTICED THA T THE ASSESSEE HAS ISSUED NEW 92700 SHARES OF FACE VALUE OF RS. 100/ - AT A PREMIUM OF RS. 1000 / - . TOTAL SHARES ISSUED AMOUNTED TO RS.10,19,70,000/ - . OUT OF THE TOTAL SHARE CAPITAL ISSUED RS. 9,60,30,000/ - I.E.( 87,300 SHARES X RS. 1100) IS TO VARIOUS CO MPANIES AND REMAINING RS. 59,40,000/ - I.E. (5400 X 1100) IS TO FAMILY MEMBERS OF THE DIRECTORS. THE DETAILS OF THE SHARE CAPITAL SUBSCRIBED BY THE COMPANY ARE AS UNDER: S. NO. NAME QTY. AMOUNT INTRODUCED (IN RS) 1. M/S. ALLIANCE INTERMEDIATERIES & NETWORK PVT. LTD., 5900 64,90,000 2. M/S. MAHASAGAR SECURITIES PVT. LTD., 5900 64,90,000 3. M/S. MIHIR AGENCIES PVT. LTD. 5000 55,00,000 4. M/S. KAYCEE SHARE BROKING PVT. LTD. 5900 64,90,000 5. M/S. PRANIK SHIPPING & SERVICES LTD. 6800 74,80,000 ITA. NO S . 546/M/2013 & 7465/M/2012 3 6. M/S. JASNIL FINANCE & TRADING PVT. LTD. 2250 24,75,000 7. M/S. NILPUR VANIJYA PVT. LTD. 2075 22,82,500 8. M/S. KEYSTONE STOCK FIN PVT. LTD. 900 9,90,000 9. M/S. KKSS BUILDERS PVT. LTD. 3625 39,87,500 10. M/S. WAH FOODS PVT. LTD. 13625 1,49,87,500 11. M/S. INDO CON CORE PVT. LTD. 14450 1,58,95,000 12. M/S. PREMIER SOYA LTD. 20875 2,29,62,500 TOTAL 87300 9,60,30,000 2.1. THE ASSESSEE WAS ASKED TO PROVE THE IDENTITY, CREDIT WORTHINESS AND GENUINENESS OF THE ABOVE COMPAN IES . THE ASSESSEE COULD FILE CONFIRMATIONS IN RESPECT OF FOLLOWING COMPANIES: 1) M/S. KAYCEE SHARE BROKING PVT. LTD. 2) M/S. MIHIR AGENCIES PVT. LTD. 3) M/S. ALLIANCE INTERMEDIATERIES & NETWORK PVT. LTD., 4) M/S. MAHASAGAR SECURITIES PVT. LTD., 2.2. NO CONFIRMATION WAS FILED BY THE ASSESSEE. THE ASSESSEE COULD FILE ONLY PROFIT AND LOSS ACCOUNT AND BALANCE SHEET OF THESE COMPANIES FOR THE FINANCIAL YEAR 2008 - 09. THE AO OBSERVED THAT IN THEIR RESPECTIVE BALANCE SH EET, NO INVESTMENT IS SHOWN IN THE NAME OF KRISHNA SHEET PROCESSORS PVT. LTD (ASSESSEE). PROCEEDING FURTHER AND ON THE BASIS OF SPECIFIC INFORMATION RECEIVED FROM THE DY. DIRECTOR OF INCOME TAX (INV.) UNIT - 1(4), MUMBAI, THE AO CAME TO KNOW THAT SEARCH AC TION U/S. 132 OF THE I.T. ACT WAS CARRIED OUT IN THE CASE OF M/S. MAHASAGAR SECURITIES PVT. LTD. AND ITS GROUP CONCERNS. THE COMPANIES MENTIONED HEREINABOVE ARE GROUP CONCERNS OF THIS GROUP WHICH ARE FLOATED BY SHRI MUKESH CHOKSI. THE AO FURTHER FOUND TH AT M/S. MAHASAGAR SECURITIES PVT. LTD., AND ITS GROUP ITA. NO S . 546/M/2013 & 7465/M/2012 4 CONCERNS WERE ENGAGED IN FRAUDULENT BILLING ACTIVITIES AND IN THE BUSINESS OF PROVIDING BOGUS SPECULATION PROFIT/LOSS, SHORT TERM/LONG TERM CAPITAL GAIN/LOSS, COMMODITIES PROFIT/LOSS ON COMMODITY TRADI NG (THROUGH MCX) AND BOGUS SHARE CAPITAL INTRODUCTION. 2.3. THE AO FURTHER OBSERVED THAT DURING THE COURSE OF SEARCH, THE SWORN STATEMENT OF SHRI MUKESH CHOKSI WAS RECORDED IN THE OFFICE OF DDIT WHO HAD CONFIRMED THE CLANDESTINE ACTIVITY REFERRED TO HER EINABOVE. STATEMENT OF SHRI MUKESH CHOKSI WAS ONCE AGAIN RECORDED DURING THE COURSE OF THE ASSESSMENT PROCEEDINGS U/S. 131 OF THE ACT WHEREIN SHRI MUKESH CHOKSI ONCE AGAIN ADMITTED THE MODUS OPERANDI . THE AO WAS CONVINCED THAT SHARE SUBSCRIPTION MADE BY SHRI MUKESH CHOKSI AND HIS CONCERNS ARE BOGUS AND DOCUMENTS ARE FABRICATED THEREFORE THE INVESTMENT OF SHARE MADE BY THE ABOVE FOUR COMPANIES ARE NOT GENUINE. 2.4. THE AO FURTHER PROCEEDED BY CONSIDERING THE SHARE APPLICATION MADE BY : (5)PRANIK SHIPPI NG & SERVICES LTD., (6) M/S. JASNIL FINANCE & TRADING PVT. LTD., (7)M/S. NILPUR VANIJYA PVT. LTD (8)M/S. WAH FOODS PVT. LTD (9) M/S. KKSS BUILDERS PVT. LTD (10) M/S. KEYSTONE STOCK FINANCE PVT. LTD (11) M/S. PREMIER SOYA LTD (12) M/S. INDO CON CORE PVT. LTD., ITA. NO S . 546/M/2013 & 7465/M/2012 5 2.5. THE AO TREATED THE SHARE APPLICATION MONEY FROM THESE COMPANIES AS UNEXPLAINED INCOME U/S. 68 OF THE ACT AND MADE AN ADDITION OF RS. 9,60,30,000/ - . 3. AGGRIEVED, THE ASSESSEE CARRIED THE MATTER BEFORE THE LD. CIT( A). THE LD. CIT(A) WAS CONVINCED WITH THE GENUINENESS OF THE TRANSACTION, IDENTITY AND CREDIT WORTHINESS OF FOUR COMPANIES BELONGING TO SHRI MUKESH CHOKSI VIZ., 1) M/S. KAYCEE SHARE BROKING PVT. LTD. 2) M/S. MIHIR AGENCIES PVT. LTD. 3) M/S. ALLIANCE INTERMEDIAT ERIES & NETWORK PVT. LTD., 4) M/S. MAHASAGAR SECURITIES PVT. LTD., 3.1. THE LD. CIT(A) WAS ALSO CONVINCED WITH THE GENUINENESS OF THE TRANSACTION IN RESPECT OF OTHER TWO COMPANIES VIZ., (1)M/S. PREMIER SOYA LTD.,(2) M/S. INDO CON CORE PVT. LTD., AND CONFIRME D THE ADDITION RESPECT OF OTHER SIX COMPANIES. 4. AGGRIEVED BY THIS BOTH REVENUE AND THE ASSESSEE ARE IN APPEAL BEFORE US. 5. FIRST WE WILL TAKE UP REVENUES APPEAL IN ITA NO. 546/M/2013. 6. WE HAVE HEARD THE RIVAL SUBMISSIONS AND GIVEN A THOUGHTFUL C ONSIDERATION TO THE ORDERS OF THE AUTHORITIES BELOW AND WITH THE ASSISTANCE OF THE LD. COUNSEL, WE HAVE CONSIDERED THE RELEVANT DOCUMENTARY EVIDENCES BROUGHT ON RECORD AND REFERRED TO BEFORE US. THE UNDISPUTED FACTS ARE THAT OUT OF SIX COMPANIES VIZ., M/ S. KAYCEE SHARE BROKING PVT. LTD. , M/S. MIHIR AGENCIES PVT. LTD. M/S. ALLIANCE INTERMEDIATERIES & NETWORK PVT. LTD.,M/S. MAHASAGAR SECURITIES PVT. ITA. NO S . 546/M/2013 & 7465/M/2012 6 LTD., BELONG TO SHRI MUKESH CHOKSI GROUP. THE ONLY REASON FOR MAKING THE ADDITION WAS THAT DURING THE COURS E OF SEARCH OPERATION SHRI MUKESH CHOKSI ADMITTED THAT HE IS A NAME LENDOR AND ARRANGING PROFITS/LOSS/SHARE APPLICATION MONEY TO VARIOUS PERSONS . E XCEPT FOR THIS, THERE IS NOTHING ON RECORD BROUGHT BY THE AO TO JUSTIFY THE ADDITION. IT IS ALSO AN UNDISPU TED FACT THAT TRANSACTIONS WITH THESE COMPANIES HAVE BEEN DONE THROUGH ACCOUNT PAYEE CHEQUE, RESPECTIVE BANK STATEMENT HAVE BEEN BROUGHT ON RECORD BEFORE US. EVEN IF WE CONSIDER THE STATEMENT OF SHRI MUKESH CHOKSI RECORDED U/S. 132(4) OF THE ACT AND ALSO SUBSEQUENTLY U/S. 131 OF THE ACT, WE DO NOT FIND ANY REFERENCE TO THE ASSESSEE COMPANY, NOWHERE SHRI MUKESH CHOKSI HAS SAID THAT HE HAS ARRANGED SHARE CAPITAL FOR THE ASSESSEE COMPANY. MERELY BECAUSE SHRI MUKESH CHOKSI IS INDULGED IN CLANDESTINE ACTIVITIE S WOULD NOT MAKE THE TRANSACTIONS WITH THE ASSESSEE COMPANY NON GENUINE. THE TRANSACTIONS HAVE BEEN DONE THROUGH ACCOUNT PAYEE CHEQUE AND IT IS NOT A CASE OF THE REVENUE AUTHORITIES THAT PRIOR TO ISSUING THE CHEQUES THE APPLICANTS HAVE DEPOSITED CASH IN T HEIR RESPECTIVE BANK ACCOUNT. THE HONBLE SUPREME COURT IN THE CASE OF LOVELY EXPORT PVT. LTD. 216 CTR 195 HAS HELD THAT IF THE SHARE APPLICATION MONEY IS RECEIVED BY THE ASSESSEE COMPANY FROM ALLEGED BOGUS SHAREHOLDERS, WHOSE NAMES ARE GIVEN TO THE AO, T HEN THE DEPARTMENT IS FREE TO PROCEED TO REOPEN THEIR INDIVIDUAL ASSESSMENTS IN ACCORDANCE WITH LAW, BUT IT CANNOT BE REGARDED AS UNDISCLOSED INCOME OF THE ASSESSEE COMPANY. 6.1. IN RESPECT OF OTHER TWO COMPANIES VIZ., (1)M/S. PREMIER SOYA LTD.,(2) M/S. INDO CON CORE PVT. LTD., THE AO AT PAGE - 19 OF HIS ORDER HAS OBSERVED THAT ON VERIFICATION OF THE DETAILS SUBMITTED BY THE ASSESSEE IT IS SEEN THAT THE MONEY HAS BEEN ADVANCED BY THE ASSESSEE THEMSELVES W HICH HAVE BEEN PLOUGHED BACK AS SHARE CAPITAL IN THE BOOKS OF THE ASSESSEE. THE TRANSACTION IS THEREFORE, APPEARS TO BE NOT GENUINE. ITA. NO S . 546/M/2013 & 7465/M/2012 7 6.2. WE HAVE CAREFULLY PERUSED THE BANK STATEMENT BROUGHT BEFORE US WHICH ARE PLACED IN THE PAPER BOOK. WE DO NOT FIND ANY STRENGTH IN THE ALLEGATION MADE BY THE AO . ALLEGATIONS ARE BASELESS AND WITHOUT ANY SUPPORTIVE EVIDENCE. ON THE CONTRARY, THESE TWO COMPANIES HAVE PAID SHARE APPLICATION MONEY FROM THEIR BANK ACCOUNTS THROUGH ACCOUNT PAYEE CHEQUE, THEREFORE THE TRAN SACTION CANNOT BE TREATED AS BOGUS. SINCE THE AO HAS NOT MADE ANY FURTHER ENQUIRY , MERELY BECAUSE OF THE FALSE ALLEGATION, A GENUINE TRANSACTION CAN NOT BECOME NON GENUINE TRANSACTION. 6.3. THE FIRST APPELLATE AUTHORITY HAS CONSIDERED THE FACT S IN THE LIG HT OF THE PROVISIONS OF SEC. 68 OF THE ACT AND HAVE DELETED THE ADDITIONS IN RESPECT OF THESE SIX COMPANIES. ON THE BASIS OF S A ME DOCUMENTARY EVIDENCES BROUGHT ON RECORD BEFORE US, WE DO NOT FIND ANY REASON TO INTERFERE WITH THE FINDINGS OF THE LD. CIT(A) . 6.4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ITA NO. 7465/M/2012 ASSESSEES APPEAL 7. THE GRIEVANCE RELATES TO THE ADDITIONS U/S. 68 IN RESPECT OF THE FOLLOWING SHARE APPLICANTS: 1) M/S. PRANIK SHIPPING & SERVICES LTD. 74 ,80,000/ - 2) M/S. JASNIL FINANCE & TRADING PVT. LTD - 24,75,000/ - 3) M/S.NILPUR VANIJYA PVT. LTD., 22,82,500/ - 4) M/S. KEYSTONE STOCK FIN. PVT. LTD., 9,90,000/ - 5) M/S. KKSS BUILDERS PVT. LTD. 39,87,500/ - 6) M/S. WAH FOODS PVT. LTD. 1,49,87,500/ - ITA. NO S . 546/M/2013 & 7465/M/2012 8 8. WE HAVE GIVEN A THOUGHTFUL CONSIDERATION TO THE ORDERS OF THE AUTHORITIES BELOW. THE ADDITIONS HAVE BEEN MADE BY THE AO IN RESPECT OF THE ABOVE NAMED COMPANIES FOR THE FOLLOWING REASONS: I) PRIOR TO ISSUE OF CHEQUE TO THE ASSESSEE COMPANY THESE COMPANIES HAVE RECEIVED MONIES FROM THEIR SISTER CONCERNS AND THEIR SISTER CONCERNS HAVE DEPOSITED CASH BEFORE GIVING CHEQUE TO THESE COMPANIES. II) THE DIRECTOR OF THE COMPANY DID NOT ATTEND THE PROCEEDINGS. ALL THESE COMPANIES WERE REPRESENTED BY THEIR RESPECTIVE CHARTERED ACCOUNTANTS WHO HAVE FURNISHED THE NECESSARY DETAILS. III) IN RESPECT OF ONE COMPANY VIZ., WAH FOODS PVT. LTD., THE ADDRESS GIVEN BY THE ASSESSEE WAS FOUND TO BE NOT CORRECT. 8.1. THE AO FINALLY CONCLUDED BY HOLDING THAT THE ASSESSEE HAS FAILED TO ESTABLISH THE IDENTITY, GENUINENESS OF THE TRANSACTION AND CREDIT WORTHINESS. 8.2. WHEN THE MATTER WAS AGITATED BEFORE THE LD. CIT(A), THE LD. CIT(A) ON THE SAME SET OF REASONING AS GIV EN BY THE AO CONFIRMED THE ADDITIONS. THE LD. CIT(A) AGREED WITH THE AO THAT IN PLACE OF DIRECTORS, CHARTERED ACCOUNTANT OF THESE COMPANIES HAVE APPEARED WHO WERE NOT AUTHORIZED TO MAKE ANY STATEMENT ON BEHALF OF THESE COMPANIES. 9. BEFORE US, THE LD. COUNSEL FOR THE ASSESSEE REITERATED WHAT HAS BEEN SUBMITTED BEFORE THE LOWER AUTHORITIES. THE LD. COUNSEL DREW OUR ATTENTION TO THE RELEVANT DOCUMENTS BROUGHT ON RECORD BEFORE US IN THE FORM OF A PAPER BOOK. REFERRING TO ORDER V RULE 1 OF THE COD E OF CIVI L ITA. NO S . 546/M/2013 & 7465/M/2012 9 PROCEDURE, THE LD. COUNSEL POINTED OUT THAT IT HAS BEEN PROVIDED THAT A DEFENDANT TO WHOM A SUMMONS HAVE BEEN ISSUED UNDER SUB - RULE(1) MAY APPEAR (A) IN PERSON OR (B) BY A PLEADER DULY INSTRUC TED AND ABLE TO ANSWER ALL MATERIAL QUESTIONS RELATING TO THE SUIT OR (C) BY A PLEADER ACCOMPANIED BY SOME PERSON ABLE TO ANSWER ALL SUCH QUESTIONS. IT IS THE SAY OF THE LD. COUNSEL THAT THE CHARTERED ACCOUNTANTS WAS DULY AUTHORIZED BY THE RESPECTIVE COM PANIES TO ADDUCE EVIDENCES IN SUPPORT OF THE SHARE APPLICATION MONEY GIVEN BY THE RESPECTIVE COMPANIES. THEREFORE, THE REVENUE AUTHORITIES HAVE GROSSLY ERRED IN REJECTING THEIR SUBMISSIONS MADE DURING THE REMAND PROCEEDINGS. 10. THE LD. DR STRONGLY SUPPO RTED THE ASSESSMENT ORDER AND THE ORDER OF THE LD. CIT(A). 11. THE UNDISPUTED FACT IS THAT THE ADDITIONS HAVE BEEN MADE ONLY BECAUSE THE DIRECTORS DID NOT APPEAR BEFORE THE AO BUT THE COMPANIES WERE REPRESENTED BY THEIR RESPECTIVE CHARTERED ACCOUNTANTS. THIS CANNOT BE A REASON TO TREAT A GENUINE COMPANY AS A NON - GENUINE COMPANY . K EEPING IN MIND THAT A COMPANY IS A LEGAL PERSON CREATED BY AN ACT OF PARLIAMENT , THE AO COULD HAVE EASILY VERIFIED THE GENUINENESS OR OTHERWISE OF THESE COMPANIES THROUGH THE REG ISTRAR OF COMPANIES , WHEN THE CHARTERED ACCOUNTANTS HAVE SUPPLIED THE CERTIFICATE OF INCORPORATION OF THESE COMPANIES. 11.1. FURTHER THE ALLEGATION THAT THESE COMPANIES HAVE TAKEN MONEY FROM THEIR SISTER CONCERNS WHO HAVE DEPOSITED CASH BEFORE LENDING MON EY TO THESE COMPANIES IS BASELESS. THE ASSESSEE HAS TO PROVE THAT THE MONEY HAS COME FROM THESE COMPANIES. THE ASSESSEE IS NOT REQUIRED TO PROVE THE SOURCE OF THESE COMPANIES. IF THE AO DOUBTED THE SOURCE OF THE ITA. NO S . 546/M/2013 & 7465/M/2012 10 SOURCE, HE SHOULD HAVE PROCEEDED AGAINST THESE COMPANIES IN THE LIGHT OF THE RATIO LAID DOWN BY THE HONBLE SUPREMENT COURT IN THE CASE OF LOVELY EXPORTS(P) LTD (SUPRA). A PERUSAL OF THE DOCUMENTARY EVIDENCES BROUGHT ON RECORD BEFORE US SHOWS THAT THE TRANSACTIONS HAVE BEEN DONE BY ACCOUNT PAYEE CHEQUE S , MONEY HAS FLOWN INTO THE BANK ACCOUNT OF THE ASSESSEE FROM THE IDENTIFIED BANK ACCOUNT OF THESE COMPANIES, THE TRANSACTIONS ARE DULY REFLECTED IN THE BANK STATEMENTS OF THE RESPECTIVE PARTIES. THE FACTS OF THE CASE ARE THEREFORE SQUARELY COVERED BY THE RATIO LAID DOWN BY THE HONBLE SUPREME COURT IN THE CASE OF LOVELY EXPORT (SUPRA). IN OUR CONSIDERED OPINION, THE ASSESSEE HAS SUCCESSFULLY DISCHARGED THE ONUS CAST UPON IT BY PROVISIONS OF SEC. 68 OF THE ACT , M EANING THEREBY THAT THE ASSESSEE HAS SUCCESSFULLY ESTABLISHED THE GENUINENESS OF THE TRANSACTION, THE IDENTITY OF THE SHARE APPLICANTS AND BY FILING THEIR BANK STATEMENTS , IN RESPECT OF CREDIT WORTHINESS. AFTER CONSIDERING ALL THESE FACTS IN TOTALITY, WE SET ASIDE THE FINDINGS OF THE LD. CI T(A) AND DIRECT THE AO TO DELETE THE ADDITION MADE IN RESPECT OF THE ABOVE MENTIONED SIX COMPANIES. 12. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. OR DER PRONOUNCED IN THE OPEN COURT ON 30 TH JUNE , 2015 ( I.P. BANSAL ) (N.K. BILLAIYA) /JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 30 TH JUNE , 2015 . . ./ RJ , SR. PS ITA. NO S . 546/M/2013 & 7465/M/2012 11 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . / BY ORDER, //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI