Devi Sea Foods Limited, Visakhapatnam V. DCIT, Circle-3(1), Visakhapatnam

ITA 75/VIZ/2022

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 0045 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 4 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-09-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2017-2018
• Appeal Filed On: 19-04-2022
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Transfer pricing; International transaction; Retrospective amendment; Revised return; Rule 8D
• Section: 154; 143(3); 92B; 14A; 133(6); 250; 144C; 64; 113

Judgement Text

आयकरअपीलȣयअͬधकरण, ͪवशाखापटणमपीठ, ͪवशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM Įीदुåवूǽआरएलरेɬडी, ÛयाǓयकसदèयएवंĮीएसबालाकृçणन, लेखासदèयकेसम¢ BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ I.T.A. No.75/Viz/2022 (Ǔनधा[रणवष[/ Assessment Year: 2017-18) M/s. Devi Sea Foods Limited, Visakhapatnam. PAN: AABCD 0248 B Vs. Deputy Commissioner of Income Tax, Circle-3(1), Visakhapatnam. (अपीलाथȸ/ Appellant) (Ĥ×यथȸ/ Respondent) अपीलाथȸकȧओरसे/ Appellant by : Sri D. Anand, Advocate Ĥ×याथȸकȧओरसे/ Respondent by : Sri MN Murthy Naik, CIT-DR सुनवाईकȧतारȣख/ Date of Hearing : 18/08/2022 घोषणाकȧतारȣख/Date of Pronouncement : 09/09/2022 O R D E R PER Sri S. BALAKRISHNAN, Accountant Member : This appeal filed by the assessee is directed against the final assessment order passed under section 143(3) r.w.s 144C(13) r.w.s 144B of the Income Tax Act 1961, (the Act) dated 26.02.2022 arising out of the directions of the Learned Dispute Resolution Panel-1, Bengaluru in F.No. 73/DRP-1/BNG/2021-22, 2 dated 28/01/2022 passed U/s. 144C(5) of the Act dated 28.01.2022 for the AY 2017-18. 2. Brief facts of the case are that the assessee is in the business of export of processed and frozen shrimp, shrimp feed and wind mill power. The assessee entered into various international transactions with its Associated Enterprises (AE) and bench marked its international transactions under Transaction Net Margin Method (TNMM). The assessee filed its revised return of income for the assessment year 2017-18 on 21.11.2018 admitting a total income of Rs 132,15,54,810/-. The case was referred to the Transfer Pricing Officer [TPO] for determining Arms LengthPrice (ALP) u/s 92CA(3) in respect of its international transaction entered into with AE, after approval from the Principal Commissioner of Income Tax-1, Visakhapatnam on 1/4/2019. In response to the notices of the Ld. TPO, the assessee filed various submissions and requested for personal hearing which was allowed on 20/1/2021. Considering the submissions made by the assessee’s representative, the Ld. TPO determined the ALP of the international transactions of the assessee with its AE, at Rs. 50,57,43,750/- and directed the AO to enhance the total income 3 of Rs. 50,57,43,750/- u/s. 92CA(3) of the Act. The TPO gave the below summary of the adjustments u/s. 92CA(3) of the Act: Sl No. Description Adjustment u/s. 92CA(3) (Rs.) 1. Sale of frozen shrimp 26,23,99,832 2. Corporate Guarantee-given 2,46,43,000 3. Trade receivable 21,87,00,918 4. Total adjustment u/s. 92CA(3) 50,57,43,750 3. Pursuant to the order of the Ld. TPO, the AO has passed a draft assessment order u/s 143(3) r.w.s 144C of the Act on 20.04.2021. and made an upward TP adjustment to the total income to the tune of Rs. 50,57,43,750/- and further made a disallowance u/s. 14A for Rs. 13,20,907/- in his draft assessment order U/s. 144C of the Act. Aggrieved by the order of the Ld. AO, the assessee filed objections before the Ld. DRP-1, Bengaluru and challenged the upward adjustments. In the mean time the assessee also filed a rectification application on 04.03.2021 before the TPO. The TPO considering the rectification passed an order of rectification u/s 154 revising the adjustment u/s 92CA(3) of the Act as given below: Sl No. Description Adjustment u/s. 92CA(3) (Rs.) 1. Sale of frozen shrimp NIL 2. Corporate Guarantee-given 2,46,43,000 4 3. Trade receivable 865,10,715 4. Revised Total adjustment u/s. 92CA(3) 11,11,53,715 The Ld. DRP in its detailed order discussed various judicial precedents confirmed the additions made in the draft assessment order by the Ld. AO. Aggrieved by the order passed by the Ld.AO, based on the directions of the Ld. DRP, the assessee is in appeal before us. 4. The assessee raised the following grounds with respect to interest on overdue export receivables: “2.1 The Transf er Pricing Officer (TPO)/AO erred in imputing notional interest on overdue receivables f rom Associated Enterprise (AE) and the DRP erred in sustaining the said adjustment. 2.2. The DRP/TPO/AO f ailed to appreciate that the delay in the realization of outstanding receivables f rom AE cannot be considered as an international transaction as it does not f all within the purview of the capital f inancing as conte mplated under section 92B of the Act. 2.3. The DRP/TPO/AO erred in not appreciating the f act that the Act provides f or taxing only real income whether received or accrued under the normal provisions. 2.4. The DRP/TPO/AO erred in not appreciating the f act that transf er pricing adjustment cannot be made on hypothetical and notional basis until and unless there is some material on record that there has been under charging of real inco me. 2.5. Without prejudice to the above, the DRP/TPO/AO erred in imputing notional interest on delayed receivables despite the f act that the primary transaction has already been 5 tested and considered to be at arms length under Transaction Net Margin Method at the entry level. 2.6. The DRP/TPO/AO ought to have appreciated that the appellant has earned a very high arms length net margin than that of the co mparable companies (ie., 12.15% as against 8.07% with export incentive considered as operating income and 4.17% and 1.28% without export incentive). It impliedly demonstrates that the appellant is compensated for cost of delayed receivables through higher operating margin embedded in sales to AE. 2.7. Without prejudice to the above, the DRP/TPO/AO erred in not appreciating that the appellant has not charged interest on delayed realization of outstanding receivables from Non-AE’s and as such trade receivable transactions with respect to AE are to be deemed to have been done on arm’s length basis by applying internal CUP method, as resorted by the appellant. 2.8. Without prejudice to the above, the DRP/TPO/AO erred in not appreciating that the working capital adjustment would offset the impact of belated receipt of outstanding receivables and as such there is no requirement to make separate imputation of interest for belated receipt of outstanding receivables. 2.9. Without prejudice to the above, the DRP ought to have appreciated that the TPO has wrongly and arbitrarily adopted the notional and imaginary date of 20 th December, 2016 as the date of realization of all the sales to AE made and realized during the f inancial year 2016-17. The DRP ought to have considered the inf ormation on actual realization dates f urnished by the appellant and directed the AO to consider it while calculating the interest on receivables. 2.10. Without prejudice to the above, the DRP/TPO/AO erred in not considering the f act that the RBI guidelines provided for a credit period of twelve months to collect the invoices raised. 2.11. Without prejudice to levy of notional interest, the DRP/TPO ought to have reckoned the LIBOR rate of interest instead considering SB I short ter m interest rate as the trade receivable were in f oreign currency. 6 2.12. Without prejudice to the above, the f oreign exchange gain of Rs. 11,24,33,853/- which has a direct nexus with the period of realization of the receivables f rom the AE should be netted off against the notional interest charged on delayed receipt of trade receivables. 2.13. Without prejudice to the above grounds, the DRP/TPO/AO erred in considering unif orm credit period of 60 days without any basis in the case of sales to AE without realizing the f act that the AE derived higher credit period in view of its substantial contribution to appellant’s business by way of higher sales patronage, higher sales margin, bulk and year long order continuity etc. 2.14. Without prejudice to the above, the DRP ought to have appreciated that the TPO has not adopted any of the prescribed methods while i mputing interest on trade receivables. 2.15. Without prejudice to the above, the levy of interest is high and arbitrary. 5. The main issue is with respect to upward adjustment in imputing notional interest on the outstanding overdue receivables from Associated Enterprises (AEs). The Learned Authorized Representative (Ld. AR) submitted that the assessee has adopted Transaction Net Margin Method (TNMM) and therefore the interest on outstanding receivables is subsumed in the Arm’s Length Price (ALP) charged to the AEs. The AR further submitted that the assessee’s operating margin is 4.17% as compared to the comparable selected by the Ld. TPO where the operating margin is at 3.69% . The Ld. AR further submitted that 7 the assessee has made 72% of the total sales to AEs and 28% to non-AEs. The Ld. AR confirmed that no interest is charged on the outstanding receivables either to AE or Non-AE parties. The Ld. AR relied on the following case laws: (i) PCIT vs. Kusum Health Care (P) Ltd – [2018] 99 taxmann.com 431 (Delhi HC) (ii) PCIT vs. Amadeus India (P) Ltd [2020] 113 taxmann.com 393 (Delhi HC). (iii) Pegasystems Worldwide India Pvt Ltd vs. ACIT – [2015] 64 taxmann.com 470 (Hyd. Trib.) (iv) DCIT vs. CCL Products (India) (P) Ltd – [2019] 106 taxmann.com 11 (Visakhapatnam – Trib.) (v) Vestas Technology R & D Chennai Private Limited vs. ACIT – ITA No. 3081/Chny/2016 (Chennai Trib.) (vi) Gimpex (P) Limited vs. ACIT –[2019] 105 taxmann.com 365 (Chennai Trib.) (vii) Det Norske Veritas vs. ADIT – [2016] 67 taxmann.com 16 (Mum. Trib.) (viii) Hackett Group (India) Ltd vs. DCIT [2020] 116 Taxmann.com 631 (Hyd. Trib.) (ix) ERM India (P) Ltd. Vs. NEC [2021] 132 taxmann.com 220 (Delhi Trib.) (x) Turner International India (P.) Ltd vs. ACIT [2020]115 taxmann.com 334 (Delhi Trib.) (xi) Agilent Technologies India (P.) Ltd vs. DCIT – [2021] 124 taxmann.com 561 (Delhi Trib.) (xii) Indo American Jewellery Ltd vs. CIT – [2014] 44 taxmann.com 310 (Bombay HC). (xiii) Sharda Spuntex vs. PCIT – 93 taxmann.com 498 (Raj. HC) (xiv) CIT vs. Vaibhav Gems Ltd – 99 taxmann.com 2 (SC) (xv) CIT vs. Vaibhav Gems Ltd – [2017] 88 taxmann.com 12 (Raj. HC) The Ld. AR heavily relied on the ratio laid down in PCIT vs. Kusum Health Care (P) Ltd [2018] 99 taxmann.com 431 (Delhi). 8 6. The Ld. Departmental Representative (Ld. DR) argued that there are huge delays in the receivables from AEs and hence interest is to be charged on the same on notional basis. The Ld. DR referred to the expression of “international transaction” as given in Explanation (i)(c) to section 92B of the Act and argued that deferred receivables would constitute international transaction. The Ld. DR further argued that the deferred payments or receivables arising during the course of business is in the nature international transaction and hence interest to be charged on the same. The Ld. DR further countered that the notional interest cannot be subsumed in the TNMM. The Ld. DR also argued that non-charging of interest to non-AEs is irrelevant. The Ld. DR referred to the decision of the Delhi Tribunal in the case of Bechtel India Pvt Ltd in ITA No.6530/Del/2016, dated 16 t h May, 2017. 7. We have heard the rival submissions and perused the material available on record and the orders of the Authorities below. Admitted facts are that the assessee sells to both the AEs non-AE where the AE being the major debtor. There is no dispute with regard to the fact that receivables is included under the definition of international transaction consequent to the 9 amendments made by the Finance Act, 2012 w.e.f 01.04.2002. Therefore we are of the considered view that there is no merit in the argument of Ld AR that receivables is not an international transaction. Whether separate adjustment is required to be made in respect of receivables is the subject matter. The assessee also submitted the working capital adjustment made to the operating margin of the comparable companies and the assessee. From the submissions made by Ld AR, we find that if the export incentives are considered as non-operating income, the operating profit ratio of the comparable companies is 1.28% as against the operating margin of 4.17% of the assessee. Alternatively, if the export incentives are considered as operating income, the operating margin of the comparable companies is 8.08% vis-à-vis the assessee at 12.15% . We find from the above working the assessee’s margin is significantly higher than the operating margin of the comparable companies. There may be a delay in the collection of receivables even beyond the agreed time limits due to a variety of factors which has to be decided on a case to case basis. When TNM method is considered as the most appropriate method, which was also not disputed by Revenue, the net margin thereunder would take care of such notional interest cost. It was further explained by Ld.AR that the impact of the 10 delay in collection of receivables would have a bearing on the working capital of the assessee. We find that these working capital adjustments on the ALP has been already factored in its pricing / profitability vis-à-vis that of its comparables. We therefore are of the considered view that any further adjustment to the margin of the assessee on the outstanding receivables cannot be justified and no separate upward adjustment on outstanding export receivables is required and therefore we direct the Ld.AO to delete the upward adjustment made towards overdue receivables from AE. We therefore allow this ground raised by the assessee. 8. The assessee raised the following grounds with respect to adjustment towards corporate guarantee: “3.1. The TPO/AO erred in imputing corporate guarantee commissioner at the rate of 1.9% of the gross loan taken by the AE and the DRP erre d in sustaining the sai d adjustment. 3.2. The DRP/TPO/AO fail ed to appreci ate th at the extending guaran tee for l oan taken by AE cannot be considered as an intern ation al trans action as it does not fal l wi thin the purview of “capital financing” as contempl ated under section 92B of the Act. 3.3. The DRP/TPO/AO erred in not appreci ati ng the fact th at the Act provisions for taxing onl y real income whe ther received o r accrued under the normal provisions. 3.4. The DRP/TPO/AO erred in not appreci ating the f act th at transfer pricing adjustment cannot be made on hypothetical and notional basis until and unl ess there is some mate ri al on record th at there h as been under charging of real income. 11 3.5. The DRP/TPO/AO erred in not appreci ati ng the fact th at the appel l ant has not incurred any cost in providing corporate guaran tee an d as such the appell ant cannot be expected to charge commission for providing corporate guaran tee. 3.6. The DRP/TPO/AO fail ed to appreci ate th at the appell ant has extended gu aran tee to its whol l y owned subsidi ary Devi Sea Foods Inc., USA (ie., Associ ated Enterprise) for furthering assessee’s o wn business and as such it is sharehol der’s function, which does not warran t a commission. 3.7. The DRP/TPO/AO erred in not appreci ati ng the fact th at the l oan av ail ed by AE was secured an d the AE h ad sufficient current assets (ie., l oan util ized during the subject AY is USD 1,84,46,803 as ag ainst net current as sets of USD 3,39,09,479 approximatel y 1.84 times the credit avail ed by the AE. This sho ws th at there was no ch ance of the assessee being cal l ed upon by the bank to s atisfy the obligation of the AE ( and factu al l y the same h as nto occurre d til l date as wel l ). 3.8. The DRP/TPO/AO erred in not appreci ating the f act th at due to the skewe d debit-equity ratio of the AE, the banks woul d not be wil l ing to grant l oan unl ess it is guaran teed by the parent (ie., assessee) and providing such guarantee is an onerous responsibil ity of a sharehol der. 3.9. The DRP/TPO/AO ought to have ap preci ate d th at the provision of corporate guaran tee has not resul ted in reduction of rate of interest and the AE has not deriv ed any benefit which has an imp act on its profits or l oss or asse ts. 3.10. The DRP/TPO/AO erred in not ado pting any of the prescribed methods for benchmarcking the corporate gu aran tee trans action. 3.11. Without prejudice to the above, the DRP/TPO/AO erred in considering the rate prescribed under Safe H arbour Rul es as arms l ength price wi thout appreci ating that such rate is appl icabl e onl y to parties who h ave resorte d to s afe h arbo r provisions. 3.12. The DRP/TPO/AO erred in hol ding that safe h arbor rul es is one of the prescribed methods, which is contrary to the provisions of the Act and as such unsustain abl e in l aw. 3.13. Without prejudice to the above, the DRP/TPO/AO ought to have adopted the rate of 0.5% as the rate of guaran tee commission as hel d in various judici al precedents. 12 3.14. Without prejudice to the above, the DRP/TPO/AO ought to have adopted intern al CUP method by considering the guaran tee commission charge d by Appell ant’s domestic b anker. 3.15. In any event, the rate of 1.9% rate of corporate gu aran tee determined by TPO an d sustained by DRP is very high and arbitrary. 3.16. Without prejudice to the above, the DRP ought to have directed the TPO to restrict the adjustment to extent of loan util ized during the ye ar inste ad o f attributing gu aran tee commission on the total corporate guaran tee amount as the risk of guaran tee is restricted to actu al l oan util ized.” 9. The issue raised in the Grounds of Appeal is with respect to adjustments made by the TPO/DRP in the corporate guarantee commission on the gross guarantee given to AE. The Ld. AR pleaded that it is not an international transaction as the assessee has not charged the AE. However, the Ld. AR submitted that in the case of CIT vs. Redington India Ltd [2021] 430 ITR 298, Hon’ble Madras High Court held that corporate guarantee given to the AE is covered by the retrospective amendment made by the Finance Act, 2012. The ld. AR relied on the following case laws: (i) DCIT vs. EIH Ltd – [2018] 89 taxmann.com 417 (Kolkata Trib). (ii) GVK Power & Infrastructure Ltd vs. ACIT – [2018] 94 taxmann.com 415 (Visakhapatnam Trib.) (iii) CIT vs. Everest Kanto Ltd – 378 ITR 57 (Bombay HC) (iv) PCIT vs. Thomas Cook Ltd – ITA Nos. 712 & 713/2017, dated 26/08/2019. 13 10. The Ld. AR further submitted that the Hon’ble Courts and Tribunals have held that 0.50% on an average as corporate guarantee commission on the guarantees extended to AE, should it be treated as international transaction. The Ld. AR pleaded that the AE of the assessee had utilized only $ 11.5 Million USD and hence if the Hon’ble Bench decided to uphold the corporate guarantee as an international transaction it may be charged @ 0.50% on the amount utilized by the AE. The Ld. AR also referred to the OECD guidelines wherein it is mentioned that corporate guarantee is not an international transaction and it is only a shareholder’s obligation. The Ld. AR further submitted that merely relying on the information obtained U/s. 133(6) of the Act which was not shared with the assessee, the Ld. TPO has erred in determining the rate @ 1.9% of the corporate guarantee given to AEs. Per contra, the Ld. DR referred to the Notification of the Central Board of Direct Taxes (CBDT) issued on 7/6/2017 wherein it is notified that the rate should not be less than 1% on the corporate guarantee given to AEs. The Ld. DR further submitted that the Ld. DRP has rightly considered the Notification (supra) and thereby upheld the ALP rate of 1.9% 14 adopted by the Ld. TPO in respect of adjustment made to the corporate guarantee given to AE. The Ld. DR therefore pleaded that the order of the Ld.DRP / Ld.AO be upheld. 11. We have heard both the parties and perused the material available on record and the orders of the Authorities below. It is observed from the order of the Ld. TPO that the Ld. TPO has obtained from various banks the rate of fees charged by them on the issuance of financial guarantees for the computation of ALP. The Ld. TPO has thus concluded that the median of the ALP works out to 1.9% for the corporate guarantee of above Rs. 10 Crs. The Ld. TPO referred to section 92B of the Act which read as “any other transaction having a bearing on the profits, income, losses or assets of such enterprises” and thus concluded that in the instant case the corporate guarantee issued on behalf of its AEs must be taxed @ 1.9% on the guaranteed amount. The Ld. TPO also observed in para 12.10 of his order that “when a defaul t is made in making repayment by the principal debtor, the banker will be able to proceed against the guarantor/surely” and hence this being the contingent liability on the assessee, we find that the Ld. TPO made the adjustment by instances referring to the commercial banks providing financial guarantees but did not 15 contemplate the issue of corporate guarantee. The concept of bank guarantees and corporate guarantees was explained in the case of Prolifics Corporation Ltd in ITA No.237/Hyd/2014, dated 31/12/2014 by the Hyderabad Tribunal wherein it has observed that the provisions of corporate guarantee always involves risk and there is a service provided to the AEs in increasing its creditworthiness in obtaining loans in the market. We find that there must be a minimum charge on the P & L Account but there is an enhanced risk which cannot be ruled out in providing guarantees. Ultimately, the Hon’ble Tribunal upheld the adjustment made on guarantee commissions given to AEs. The reliance placed by the Ld. AR on the Bombay High Court decision in the case of CIT vs. Everest Kanto Ltd reported in 378 ITR 57 wherein the corporate guarantee commission was considered as an international transaction and the rate restricted to 0.50% of the corporate guarantee. We find merit in the arguments of the Ld. AR that the rate of corporate guarantee should be restricted to the amount utilized by the AE, @ $ 11.5 Million USD, but should not be applied on the gross corporate guarantee. In view of the above discussion and by respectfully following the ratio laid down by the Hon’ble Bombay High Court in the case of CIT vs. Everest Kanto Ltd (supra) we are of the considered view that 16 the corporate guarantee commission is an international transaction and should be charged @ 0.50% on the corporate guarantee amount utilized, by the AE. We therefore allow the grounds raised by the assessee. 12. The assessee raised the following grounds with respect to disallowance U/s. 14A of the Act. “4.1. The AO erred in making disallowance under section 14A of the Act and the DRP erred in sustaining the said disallowance. 4.2. The AO/DRP f ailed to appreciate that in the absence of dividend income, the provisions of section 14A of the Act will not be applicable. 4.3. Without prejudice to the above, while computing the average value of investments under Rule 8D(ii), the AO ought to have excluded the investments which did not yield dividend income.” 13. The issue raised by the assessee in the Grounds of Appeal is with respect to disallowance U/s. 14A of the Act r.w.r 8D. The Ld. AR argued that the assessee has not earned any exempt income warranting the disallowance u/s. 14A of the Act. The Ld. AR pleaded that the assessee’s holding shares is merely to retain the controlling interest and no income has been received by the assessee during the impugned assessment year. The Ld. AR relied on the following decisions: 17 (i) CIT vs. Chettinad Logistics P. Ltd – 95 taxmann.com 250 (Supreme Court). (ii) CIT vs. Chettinad Logistics P. Ltd – [2017] 80 taxmann.com 221 (Madras) (iii) Marg Ltd vs. CIT – 120 taxmann.com 84 (Madras) 14. The Ld. AR placed heavy reliance on the judgment of the Hon’ble Supreme Court in the case of CIT vs. Chettinad Logistics P. Ltd., [2018] 95 taxmann.com 250 (SC). Per contra, the Ld. DR supported the order of the Ld. AO. 15. We have heard both the sides and perused the materials available on record and the orders of the Authorities below. We find from the records submitted by the Ld. AR that the assessee has not earned any exempt income during the relevant assessment year mandating the invoking of provisions of section 14A of the Act. The Hon’ble Supreme Court in CIT vs. Chettinad Logistics (P.) Ltd (supra) has dismissed the SLP of the Revenue and held that section 14A can only be triggered if assessee claims any expenditure against an income which does not form part of the total income under the Act. The Hon’ble Supreme Court further observed that Rule 8D only provides for a method to determine the amount of expenditure incurred in relation to income which does not form part of the total income of the assessee. Respectfully following the ratio laid down by the 18 Hon’ble Supreme Court, we allow the appeal of the assessee on this ground. 16. In the result, appeal of the assessee is allowed. Pronounced in the open Court on the 9 th September, 2022. Sd/- Sd/- (दुåवूǽआर.एलरेɬडी) (एसबालाकृçणन) (DUVVURU RL REDDY) (S.BALAKRISHNAN) ÛयाǓयकसदèय/JUDICIAL MEMBER लेखासदèय/ACCOUNTANT MEMBER Dated : 09.09.2022 OKK - SPS आदेशकȧĤǓतͧलͪपअĒेͪषत/Copy of the order forwarded to:- 1. Ǔनधा[ǐरती/ The Assessee–M/s. Devi Sea Foods Limited, 50-1-51/1, ASR Nagar, Seetammadhara, Visakhapatnam-530013, Andhra Pradesh. 2. राजèव/The Revenue – Deputy Commissioner of Income Tax, Circle- 3(1), Visakhapatnam. 3. The Principal Commissioner of Income Tax, 4. आयकरआयुÈत (अपील)/ The Commissioner of Income Tax (Appeals) National Faceless Appeal Centre, Delhi. 5. ͪवभागीयĤǓतǓनͬध, आयकरअपीलȣयअͬधकरण, ͪवशाखापटणम/ DR,ITAT, Visakhapatnam 6. गाड[फ़ाईल / Guard file आदेशानुसार / BY ORDER Sr. Private Secretary ITAT, Visakhapatnam