DILIP VARIYA HUF, MUMBAI V. ITO 25(3)(2), MUMBAI

ITA 7597/MUM/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 3351 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-09-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 19-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUMIT KUMARDR
• Assessee Lawyers: N M PORWAL
• Keywords: Business income; Question of law
• Section: 260A

Judgement Text

, - , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES SMC, MUMBAI , ! ' , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, ITA NO.7597/MUM/2014 ASSESSMENT YEAR: 2010-11 MR. DILIP VARIYA HUF, 602, SHRI AASHIRWAD CHS, SHANKAR LANE, OPP. SHANKAR MANDIR, KANDIVALI (W), MUMBAI-400101 / VS. INCOME TAX OFFICER-25(3)(2) MUMBAI / ASSESSEE / REVENUE P.A. NO . AACHD1838F $ % & / ASSESSEE BY SHRI N.M. PORWAL $ % & / REVENUE BY SHRI SUMIT KUMAR-DR / DATE OF HEARING 07/09/2016 & / DATE OF ORDER: 08/09/2016 & / O R D E R THE ASSESSEE IS AGGRIEVED BY THE IMPUGNED ORDER DA TED 24/09/2014 OF THE LD. FIRST APPELLATE AUTHORITY, MU MBAI. ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 2 THE ONLY GROUND RAISED IN THE PRESENT APPEAL PERTAI NS TO LONG TERM/SHORT TERM CAPITAL GAIN ON PROFIT ON SALE OF S HARES. 2. DURING HEARING, SHRI N. M. PORWAL, LD. COUNSEL FOR THE ASSESSEE, CLAIMED THAT THE IMPUGNED ISSUE IS CO VERED BY THE DECISION OF THE TRIBUNAL IN THE CASE OF ACIT VS DILIP VARIYA (ITA NO.1768/MUM/2010, ETC.) ORDER DATED 15/05/2013 AND ALSO A DECISION FROM HON'BLE JURISDI CTIONAL HIGH COURT (ITA NO.1088 OF 2011) ORDER DATED 09/01/ 2013 AND CIT VS DILIP V.VARIYA (ITA NO.2511 OF 2013) ORD ER DATED 12/07/2016 BY FURTHER SUBMITTING THAT FOR ASSESSMEN T YEAR 2007-08, EVEN THE LD. COMMISSIONER OF INCOME TAX (A PPEAL) VIDE ORDER DATED 26/02/2010 ACCEPTED THE CLAIM OF T HE ASSESSEE. 2.1. ON THE OTHER HAND, THE LD. DR, SHRI SUMIT KUM AR, THOUGH DEFENDED THE ADDITION BUT DID NOT CONTROVERT THE FACTUAL MATRIX THAT THE ISSUE IS COVERED BY THE DEC ISIONS MENTIONED BY THE ASSESSEE. 2.2. I HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THE FACT S, IN BRIEF, ARE THAT THE ASSESSEE DECLARED INCOME OF RS.18,604/ - IN ITS RETURN FILED ON 30/07/2010. THE ASSESSMENT WAS COMP LETED BY TREATING THE INCOME FROM BUSINESS OF TRADING IN SHARES AS BUSINESS INCOME INSTEAD OF CAPITAL GAINS, COMPUTED BY THE ASSESSEE. THE LD. COMMISSIONER OF INCOME TAX (APPEA L) MADE REFERENCE TO CBDT CIRCULAR NO.4 OF 2007 DATED 15/06 /2007 AND ALSO A DECISION IN THE CASE OF CIT VS MANDAN GO PAL ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 3 RADHYALAL 73 ITR 62 AND DISMISSED THE APPEAL OF THE ASSESSEE. THE ASSESSEE IS IN APPEAL BEFORE THIS TRI BUNAL. 2.3. IF THE OBSERVATION MADE IN THE ASSESSMENT ORD ER, LEADING TO ADDITION MADE TO THE TOTAL INCOME, CONCL USION DRAWN IN THE IMPUGNED ORDER, MATERIAL AVAILABLE ON RECORD, ASSERTIONS MADE BY THE LD. RESPECTIVE COUNSEL, IF K EPT IN JUXTAPOSITION AND ANALYZED, IT IS NOTED THAT THIS I SSUE HAS BEEN SETTLED IN THE CASE OF CIT VS DILIP V. VARIYA (ITA NO.1088 OF 2011) ORDER DATED 09/01/2013, WHEREIN, ON IDENTI CAL FACTS, THE HON'BLE JURISDICTIONAL HIGH COURT DISMISSED THE APPEAL OF THE REVENUE AFFIRMING THE DECISION OF THE TRIBUNAL FOR ASSESSMENT YEAR 2005-06. IT IS ALSO NOTED THAT THE TRIBUNAL VIDE ORDER DATED 15/05/2013 IN ITA NO.1768, 1769/MUM/2010 (ASSESSMENT YEAR 2006-07) AND ITA NO.1839/MUM/2009 (ASSESSMENT YEAR 2005-06) HELD AS UNDER:- ITA NO.1768/MUM/2010 & ITA NO.1769/MUM/2010 ARE APPEALS FILED BY THE REVENUE. THEY ARE DIRECTED AGA INST TWO SEPARATE ORDERS PASSED BY LD. CIT(A) -35, MUMBAI DA TED 14/12/2009 IN RESPECT OF ASSESSMENT YEAR 2006-07 IN THE CASE OF THE RESPECTIVE ASSESSEES. ITA NO.1839/MUM/2009 I S AN APPEAL FILED BY THE ASSESSEE AND IT IS DIRECTED AGA INST ORDER PASSED BY LD. CIT(A)-XXV, MUMBAI DATED 16/1/2009 IN RESPECT OF ASSESSMENT YEAR 2005-06. GROUNDS OF APPE AL IN ITA NO.1768 & 1769/MUM/2010 ARE IDENTICAL AND READ AS U NDER: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(A) ERRED IN DIRECTING THE A.O. TO ACCEPT THE CL AIM OF LONG TERM CAPITAL GAIN & SHORT TERM CAPITAL GAIN ON PROFIT AR RIVING FROM PURCHASE & SALE OF SHARES INSTEAD OF BUSINESS INCOM E TREATED BY THE A.O. WITHOUT APPRECIATING THE FACT THAT THE ASSESSEE IS DEALING IN LARGE VOLUME OF SHARES, MOST OF THE SHARES ARE BOUGHT AND SOLD W ITHIN SHORT PERIOD, WHILE SOME ARE NOT SOLD DUE TO MARKET CONDITIONS AN D THEIR HOLDING WITH ASSESSEE REMAINS BEYOND FEW DAYS, IT WILL NOT CHANG E THE NATURE OF ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 4 TRANSACTIONS AND THE ASSESSEE IS VERY WELL ENGAGED IN THE BUSINESS OF SHARE TRADING, WHICH DENOTE THAT THE MOTIVE OF THE ASSESSEE IS TO CARRY ON BUSINESS IN SHARES TO BOOK PROFIT RATHER THAN INVES TMENT IN SHARES. 2. THE APPELLANT PRAYS THAT THE ORDER OF THE LD. CI T(A) ON THE ABOVE GROUNDS BE SET ASIDE AND THAT OF THE A.O. BE RESTOR ED. 2. GROUNDS OF APPEAL IN ITA NO.1839/MUM/2009 READ A S UNDER: THAT EACH GROUND OF APPEAL IS AN INDEPENDENT ONE AND WITHOUT PREJUDICE TO ANY OTHER GROUND OF APPEAL 1) A) THE L EARNED COMMISSIONER OF INCOME TAX (APPEAL) ERRED IN TREATING THE CAPITA L GAIN INCOME AS BUSINESS INCOME RS. 22,44,557/- B) THE LEARNED COMM ISSIONER OF INCOME TAX (APPEAL) FAILED TO APPRECIATE THAT APPELLANT IS A INVESTOR AND NOT A TRADER AS PER LETTER DATED 16/08/2007 SUBMITTED DUR ING THE COURSE OF ASSESSMENT. C) THE LEARNED COMMISSIONER OF INCOME TAX (APPEAL) FAILED TO APPRECIATE THAT APPELLANT HAS SHOWN SHARES INVESTME NT UNDER THE HEAD INVESTMENT SINCE 25 YEARS AND ASSESSED AS CAPITAL GAIN. 3. AT THE OUTSET IT WAS POINTED OUT BY THE LD. AR T HAT ASSESSEES BEING INDIVIDUALS IN THE PRESENT CASE WERE ASSESSED BY THE AO IN RESPECT OF INCOME EARNED BY THEM ON SALE AND PUR CHASE OF SHARES UNDER THE HEAD BUSINESS INCOME AS AGAINST THE CLAIM OF THE ASSESSEE THAT THE SAME IS ASSESSABLE UNDER T HE HEAD CAPITAL GAIN. IN THE CASE OF SHRI DILIP VARIYA TH E TRIBUNAL VIDE ITS ORDER DATED 24/3/2010 HAD ADMITTED THE CLA IM OF THE ASSESSEE THAT INCOME ARISING TO THE ASSESSEE OUT OF SALE AND PURCHASE OF SHARES WAS ASSESSABLE UNDER THE HEAD C APITAL GAIN AND THE SAID ORDER OF THE TRIBUNAL WAS CHALLE NGED BY THE REVENUE BEFORE HONBLE BOMBAY HIGH COURT AND THE SA ID APPEAL OF THE REVENUE HAS BEEN DECIDED BY HONBLE B OMBAY HIGH COURT VIDE ITS ORDER DATED 9/1/2013 IN INCOME TAX APPEAL NO.1088 OF 2011 AND DEPARTMENTAL APPEAL WAS DISMISSED WITH THE FOLLOWING OBSERVATION: THIS APPEAL BY THE REVENUE UNDER SECTION 260A OF T HE INCOME TAX ACT, 1961 CHALLENGES THE ORDER DATED 24/3/2010 OF THE INCOME TAX APPELLATE TRIBUNAL RELATING TO ASSESSMEN T YEAR 2005-06. 2) THE REVENUE HAS FORMULATED THE FOLLOWING QUESTIO NS OF LAW FOR CONSIDERATION BY THIS COURT. ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 5 A) WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CA SE AND IN LAW, THE TRIBUNAL IS RIGHT IN LAW IN UPHOLDING THE ORDER OF CIT(A) WHEREBY DIRECTING THE A.O. TO ASSESS INCOME FROM SHARE INVE STMENT ACTIVITIES AS SHORT TERM AND LONG TERM CAPITAL GAIN INSTEAD OF BU SINESS INCOME WITHOUT APPRECIATING THAT THE ASSESSEE HAS SUBSTANTIAL VOLU ME AND HUGE NUMBER OF SHARE TRANSACTIONS AND REPEATED TRANSACTIONS IN SINGLE SCRIPS, WHICH DENOTE THAT THE MOTIVE OF THE ASSESSEE IS TO CARRY ON BUSINESS IN SHARES RATHER THAN INVESTMENT IN SHARES TO EARN DIVIDEND? B) WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CA SE AND IN LAW, THE TRIBUNAL IS IN LAW IN UPHOLDING THE CIT(A)S ORDER THAT THE ASSESSEE INDULGED IN INVESTMENT IN SHARES WITHOUT CONSIDERIN G THAT THE ASSESSEE HAS DEVOTED MOST OF HIS TIME IN ONLY ONE ACTIVITY I .E. ACTIVITY OF EARNING PROFIT THROUGH SALES AND PURCHASE OF SHARES, BE IT DERIVATIVES, INTRA DAY TRADING OR PURCHASE AND SALE WITHIN SHORT PERIOD OR LONG PERIOD? C) WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CA SE AND IN LAW THE TRIBUNAL IN HOLDING THAT THE ENTIRE PROFITS ARISING OUT PURCHASE AND SALE OF ALL SHARES ASSESSED UNDER THE HEAD INCOME FROM BUSINESS AND PROFESSION BY THE AO BE TREATED AS INVESTM3ENT AND THE BENEFIT OF INDEXATION AND EXEMPTIONS ON THE SHARE INVESTMENTS CLAIMED AS LONG TERMS INVESTMENTS BE ALLOWED? 3) THE DISPUTE IN THE PRESENT CASE IS WHETHER THE INCOME EARNED FROM THE SALE OF SHARES IS ADMISSIBLE AS BUSINESS INCOME UND ER THE HEAD CAPITAL GAIN. IT IS THE CASE OF THE REVENUE THAT THE ASSESS ING OFFICER TAKING INTO ACCOUNT THE VOLUME AND TURN OVER COUPLED WITH PERIO D OF SHARE HOLDING AND THE VALUE OF TRANSACTION IN SHARES CONCLUDED TH AT THE RESPONDENT ASSESSEE WAS CARRYING ON SHARE TRADING BUSINESS. TH US, THE INCOME WAS LIABLE TO TAX UNDER THE HEAD PROFIT AND GAINS OF BU SINESS. 4) HOWEVER, BOTH THE COMMISSIONER OF INCOME TAX (AP PEALS) AS WELL AS TRIBUNAL HAVE RECORDED A FINDING OF FACT THAT THE R ESPONDENT ASSESSEE WAS CARRYING BUSINESS OF INVESTMENT IN SHARES FOR LAST 30 YEARS AND FOR THE LAST 25 YEARS WAS ASSESSED TO TAX UNDER THE HEAD CA PITAL GAINS AND NOT UNDER THE HEAD OF PROFIT AND GAINS OF BUSINESS BY T HE REVENUE. THE REVENUE NEVER TREATED THE SHARES AS STOCK IN TRADE OF THE RESPONDENT ASSESSEE. THIS FINDING THAT THE RESPONDENT ASSESSEE IS NOT CARRYING ON BUSINESS OF SHARES TRADING IS A CONCURRENT FINDING OF FACT ARRIVED AT AND BOTH BY THE CIT (APPEALS) AND THE TRIBUNAL. THE APP ELLANT REVENUE HAS NOT BEEN ABLE TO SHOW THAT THIS FINDING OF FACT IS PERVERSE. IN THE CIRCUMSTANCES, NO QUESTION OF LAW ARISES. 4) IN VIEW OF THE ABOVE, THE APPEAL IS DISMISSED WI TH NO ORDER AS TO COSTS. ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 6 LD. A.R HAS PLACED BEFORE US A COPY OF THE AFOREMEN TIONED ORDER OF BOMBAY HIGH COURT AND A COPY WAS ALSO GIVE N TO LD. DR. IT WAS SUBMITTED THAT IN ALL THE PAST YEARS THE REVENUE HAD ADMITTED THE CLAIM OF THE ASSESSEE AND THE STAND WA S SUDDENLY CHANGED BY THE REVENUE IN RESPECT OF A.Y 2005-06. I N VIEW OF THESE FACTS, THE TRIBUNAL HAD ADMITTED THE CLAIM OF THE ASSESSEE AND THE ORDER OF THE TRIBUNAL HAD BEEN UPHELD BY TH E HONBLE BOMBAY HIGH COURT. 3.1 IT WAS FURTHER SUBMITTED THAT IN THE CASE OF SM T. NEENA D. VARIYA ALSO SIMILAR IS THE POSITION AND IF THE RATI O OF AFOREMENTIONED DECISIONS OF TRIBUNAL AND HONBLE BO MBAY HIGH COURT ARE APPLIED TO THE FACTS, THEN THE INCOM E HAS TO BE ASSESSED UNDER THE HEAD CAPITAL GAIN ONLY AS SMT. NEENA D. VARIYA IS ALSO ENGAGED IN SIMILAR ACTIVITY FOR THE PAST SO MANY YEARS. HE IN THIS REGARD REFERRED TO THE SUBMISSION S OF THE ASSESSEE RECORDED BY LD. CIT(A) IN THE CASE OF SMT. NEENA VARIYA IN RESPECT OF ASSESSMENT YEAR 2006-07 AS UND ER: (I) THE APPELLANT IS ASSESSED TO INCOME-TAX SINCE 25 YEARS AND THE PROFIT ON SHARES HAS BEEN SHOWN AS CAPITAL GAIN I.E. LONG TERM OR SHORT TERM IN THE PAST. (II) THE NUMBER OF TRANSACTION INCREASED DUE TO MAR KET TREND. (III) THE SHARES WERE SHOWN AS INVESTMENT AND NOT AS STOCK-IN-TRADE IN THE BALANCE SHEET. MOREOVER THE INVESTMENT WAS PURE LY OUT OF APPELLANTS OWN FUNDS AND NOT OUT OF BORROWALS. (IV) THE APPELLANT RELIED ON THE CBDT CIRCULAR NO.4 /2007 DATED 15.06.2007 WHEREIN IT IS HELD THAT IT IS POSSIBLE F OR A TAX PAYER TO HAVE TWO PORTFOLIO I.E. INVESTMENT PORTFOLIO AND TRADING PORTFOLIO. THUS IT WAS PLEADED BY LD. AR THAT THE DEPARTMENTAL APPEALS SHOULD BE DISMISSED AND ITA NO.1839/MUM/2009 FILED BY THE ASSESSEE SHOULD BE ALLOWED. 4. ON THE OTHER HAND, LD. DR IN RESPECT OF ITA NO. 1768 & 1769/MUM/2010 HAS RELIED UPON THE ORDERS PASSED BY A.O AND IN RESPECT OF ITA NO.1839/MUM/ 2010 SHE RELIED UPON THE ORDER PASSED BY LD. CIT(A). 5. WE HAVE HEARD BOTH THE PARTIES AND THEIR CONTENT IONS HAVE CAREFULLY BEEN CONSIDERED. IN THE CASE OF SHRI DILI P VARIYA THE TRIBUNAL AFTER TAKING INTO CONSIDERATION THE FACT T HAT ASSESSEE IS ENGAGED IN SIMILAR ACTIVITY FOR THE LAST 30 YEAR S AND FOR THE ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 7 LAST 25 YEARS THE ASSESSEE WAS ASSESSED TO TAX UNDE R THE HEAD CAPITAL GAIN ON SIMILAR ACTIVITY. THE REVENUE NEVER TREATED THE SHARES AS STOCK-INTRADE IN THE HANDS OF THE ASSESSE E, THEREFORE, THE ASSESSEE WAS NOT CARRYING ON THE BUSINESS OF SH ARES. THESE FINDINGS OF THE TRIBUNAL HAVE BEEN UPHELD, THEREFOR E, THE MATTER IS SQUARELY COVERED BY THE AFOREMENTIONED DE CISION OF HONBLE BOMBAY HIGH COURT RENDERED IN THE CASE OF A SSESSEE ITSELF, NAMELY SHRI DILIP V. VARIYA. THEREFORE, ITA NO.1768/MUM/2010 IS DISMISSED. 5.1 SO FAR AS IT RELATES TO APPEAL FILED IN THE CAS E OF SMT. NEENA D. VARIYA SIMILAR WERE THE SUBMISSIONS OF THE ASSES SEE BEFORE LD. CIT(A) IN WHICH IT WAS STATED THAT THE ASSESSEE IS ASSESSED TO INCOME TAX SINCE LAST 25 YEARS AND THE PROFIT ON SHARES HAS BEEN SHOWN AS CAPITAL GAIN. THE INCREASE IN THE T RANSACTION IS ONLY DUE TO MARKET TREND. THE SHARES WERE SHOWN AS INVESTMENT AND NOT AS STOCK-IN-TRADE IN THE BALANCE SHEET. THE INVESTMENT WAS PURELY OUT OF ASSESSEES OWN FUNDS. THESE SUBMISSIONS OF THE ASSESSEE HAVE NOT BEEN CONTROVER TED BY THE REVENUE. IF THE SAME IS TAKEN INTO ACCOUNT THEN THE RATIO OF AFOREMENTIONED DECISION OF HONBLE BOMBAY HIGH COUR T WILL ALSO BE APPLICABLE TO THE CASE OF SMT. NEENA D.VARI YA. THEREFORE, APPLYING THE SAME RATIO WE HOLDTHIS ISSU E IN FAVOUR OF ASSESSEE AND AGAINST THE DEPARTMENT AND ITA NO.1769/MUM/2010 IS DISMISSED AND ITA NO.1839/MUM/2 009 IS ALLOWED. 6. IN THE RESULT, ITA NO.1768 & 1769/MUM/2010 ARE D ISMISSED AND ITA NO.1839/MUM/2009 IS ALLOWED. 2.4. IN THE AFORESAID ORDER, THE TRIBUNAL HAS MADE AN ELABORATE DISCUSSION AND DISMISSED THE APPEAL OF TH E REVENUE AND ALLOWED THAT OF THE ASSESSEE. IT IS FUR THER NOTED THAT THE ORDER OF THE TRIBUNAL HAS BEEN AFFIRMED BY HON'BLE JURISDICTIONAL HIGH COURT. NO CONTRARY DECISION WA S BROUGHT TO MY NOTICE BY EITHER SIDE AND MORE SPECIFICALLY T HE REVENUE. RESPECTFULLY FOLLOWING THE DECISION FROM HON'BLE JU RISDICTIONAL HIGH COURT, THE APPEAL OF THE ASSESSEE IS ALLOWED, MORE SPECIFICALLY WHEN THE ASSESSEE IS CARRYING THE BUSI NESS OF ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 8 INVESTMENT IN SHARES FOR THE LAST SO MANY YEARS AND ASSESSED UNDER THE HEAD CAPITAL GAINS. THE CASE OF THE ASSE SSEE IS FURTHER FORTIFIED BY THE FACT THAT THE LD. COMMISSI ONER OF INCOME TAX (APPEAL) FOR ASSESSMENT YEAR 2007-08, VI DE ORDER DATED 26/02/2010, IDENTICALLY DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE. THE STAND OF THE ASSESSEE IS FURTHER FORTIFIED BY THE DECISION IN THE CASE OF GOPAL PUROHIT VS JCIT ( 29 SOT 117), WHICH WAS AFFIRMED BY HON'BLE HIGH COURT. TH E DECISION IN THE CASE OF JANAK S. RANGABALA VS ACIT 11 SOT 627, WHEREIN, IT WAS HELD THAT FREQUENCY AND MAGNIT UDE OF TRANSACTION CANNOT BE THE CRITERIA FOR DETERMINING THE HEAD OF INCOME. THE RATIO LAID DOWN IN NEO POLYPACK (P.) LT D. (2000) 245 ITR 492 (DEL.) SUPPORTS THE CASE OF THE ASSESSE E. CONSIDERING THE TOTALITY OF FACTS AND THE JUDICIAL PRONOUNCEMENTS DISCUSSED HEREINABOVE, THE APPEAL OF THE ASSESSEE IS ALLOWED. FINALLY THE APPEAL OF THE ASSESSEE IS ALLOWED. THIS ORDER WAS PRONOUNCED IN THE OPEN IN THE PRES ENCE OF LD. REPRESENTATIVE FROM BOTH SIDES AT THE CONCLUSIO N OF THE HEARING ON 07/09/2016. SD/- (JOGINDER SINGH) ! ' / JUDICIAL MEMBER MUMBAI; DATED : 08/09/2016 F{X~{T? P.S / ! & $ )!*+ ,&+-* / COPY OF THE ORDER FORWARDED TO : 1. '#$%& / THE APPELLANT 2. '(%& / THE RESPONDENT. ITA NO.7597/MUM/2014 MR. DILIP VARIYA HUF 9 3. ) ) * / THE CIT, MUMBAI. 4. ) ) * / CIT- , MUMBAI 5. +,- ' , ) '#$ ' / , / DR, ITAT, MUMBAI 6. -0 1$ / GUARD FILE. & / BY ORDER, (+# ' //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI