ADDL CIT 3(2), MUMBAI V. KOTAK MAHINDRA INVESTMENT LTD, MUMBAI

ITA 7739/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92246 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 3 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-04-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 08-04-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 28-12-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASGHAR ZAIN
• Section: 37

Judgement Text

, INCOME TAX APPELLATE TRIBUNAL,MUMBAI - A BENCH , , BEFORE S/SH. I P BANSAL,JUDICIAL ME MBER & RAJENDRA,ACCOUNTANT MEMBER /. ITA NO.7739/MUM/2012, ! ! ! ! / ASSESSMENT YEAR-2001-02 DCIT 3(2), R.NO. 674, 6TH FLOOR, AAYKAR BHAVAN, M K ROAD, MUMBAI-20 VS KOTAK MAHINDRA INVESTMENT LTD. 36, 38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI-400021 PAN:AAACH1075K ( '# / ASSESSEE) ( $%'# / RESPONDENT) & ' / REVENUE BY :SHRI ASGHAR ZAIN ( ( ( () )) ) ' ' ' ' /ASSESSEE BY :NONE & && & )* )* )* )* / DATE OF HEARING : 09 - 04 -2015 +,! & )* / DATE OF PRONOUNCEMENT : 09 -04-2015 , 1961 & && & 254(1) )-) )-) )-) )-) . . . . ORDER U/S.254(1)OF THE INCOME-TAX ACT,1961(ACT) PER RAJENDRA, AM - CHALLENGING THE ORDER DATED 17.10.2012 OF THE CIT(A )-4,MUMBAI, ASSESSING OFFICER (AO) HAS RAISED FOLLOWING GROUNDS OF APPEAL. 1.'ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, THE 13. CIT (A) HAS ERRED IN DELETING THE ADDITION MADE, ON ACCOUNT OF DISALL OWANCE OF MARK TO MARKET LOSS RS. 4,98,65,834/- IN TRADING OF DERIVATES. 2.'THE APPELLANT PRA Y S THAT THE ORDER OF CIT (A) ON THE ABOVE GROUND HE SET ASIDE AND THAT OF THE ASSESSING OFFICER HE RESTORED'. 3.'THE APPELLANT CRAVES LEAVE TO AMEND OR ALTER ANY GROUND OR ADD A NEW GROUND WHICH MA Y BE NECESSARY. ASSESSEE- COMPANY ENGAGED IN THE BUSINESS OF FINANC IAL SERVICES,FILED ITS RETURN OF INCOME ON 28.09.2009,DECLARING TOTAL INCOME OF RS.1.55 CRORES .THE AO COMPLETED THE ASSESSMENT U/S.143(3)OF THE ACT ON30.11.2011,DETERMINING THE I NCOME OF THE ASSESSEE AT RS.5.18 CRORES. EFFECTIVE GROUND OF APPEAL IS ABOUT DISALLOWANCE OF MARK TO MARKET LOSS RS. 4,98,65,834/- IN TRADING OF DERIVATES.DURING THE ASSESSMENT PROCEEDI NGS,THE AO DISALLOWED MARK TO MARKET LOSSES ON NIFTY OPTIONS ON THE GROUND THAT SUCH LOSS WAS N OTIONAL AND CONTINGENT IN NATURE.IN THE APPELLATE PROCEEDINGS,THE FIRST APPELLATE AUTHORITY (FAA)ALLOWED THE APPEAL OF THE ASSESSEE. DURING THE COURSE OF HEARING BEFORE US,AUTHORISED R EPRESENTATIVE(AR)AND DEPARTMENTAL REPRESENTATIVE(DR)AGREED THAT THE IDENTICAL ISSUE I N THE CASE OF THE ASSESSEE WAS DECIDED IN ITS FAVOUR BY THE TRIBUNAL WHILE ADJUDICATING THE APPEA L FOR THE IMMEDIATE PREVIOUS AY.WE FIND THAT VIDE ITS ORDER,DATED 03.05.2013(ITA/1502/MUM/AY.200 8-09),THE TRIBUNAL HAS DECIDED THE ISSUE AS UNDER- WE HAVE HEARD THE LEARNED REPRESENTATIVE OF THE PAR TIES AND HAVE ALSO GONE THROUGH THE RECORD. THE STOCK FUTURE IS ONE OF THE TYPES OF FORWARD CON TRACT, WHICH IS TRADED ON EXCHANGES. THIS CAN BE TRADED IN BSE AS WELL AS IN NSE. IN SUCH TYPE OF CO NTRACTS THE STOCK IS NOT ACTUALLY PURCHASED RATHER THE PROFIT OR LOSS IS CALCULATED ON THE BOOK VALUE IN COMPARISON TO THE ACTUAL MARKET RATE OF THE STOCKS ON THE DATE WHICH HAS BEEN AGREED BY THE PARTIES FOR THE PERFORMANCE OF THE CONTRACT. CERTAIN STOCKS ARE BOOKED TO BE PURCHASED AT PREDET ERMINED PARTICULAR RATE ON FUTURE DATE AND WHEN SUCH FUTURE DATE OF PERFORMANCE OF CONTRACT BE COMES DUE, THEN THE PREDETERMINED PRICE IS 2 ITA NO.7739/M/2012 KOTAK MAHINDRA INVESTMENT LTD. COMPARED WITH THE ACTUAL MARKET RATE OF THE BOOKED STOCK AND THE DIFFERENCE, IF ANY, IS PAID BY THE PARTIES WITHOUT ACTUALLY PURCHASING OR SELLING THE STOCKS IN QUESTION. THE DAILY MARKET RATE OF THE SAID STOCK IN QUESTION IS TAKEN AND THE DIFFERENCE BETWEEN THE MARKET RATE AND THE PREDETERMINED RATE IS DAILY CALCULATED AND THE DIFFERENCE MARGIN, IF ANY, IS RECEIVED/PAID TO THE BROKER AND FINALLY ON THE STIPULATED DATE THE CONTRACTS ARE SQUARED OF F RESULTING INTO ACTUAL LOSS OR PROFIT. THE CONTRACTS IN SUCH TYPE OF CASES CAN BE SQUARED OFF BEFORE THE ARRIVAL OF ACTUAL PERFORMANCE DATE OF CONTRACT, AS THE PROFIT AND LOSS ARE CALCULATED ON DAILY BASIS AND THE MARGINS ARE SETTLED ACCORDINGLY. SUCH TYPE OF CONTRACTS ARE NOT PURELY CONTINGENT IN NATURE RATHER LOSS OR PROFIT IS SOMEWHAT ASCERTAINABLE IN VIEW OF CONSTANT WATCH ON DAILY MARKET VALUE AND EVEN THE QUANTUM OF PROFIT OR LOSS THOUGH NOT ACTUALLY ASCERTAINABLE, C AN BE ANTICIPATED IN VIEW OF THE TRENDS OF THE MARKET. THE DIFFERENCE BETWEEN THE PREDETERMINED PR ICE AND MARKET PRICE IS SETTLED DAILY ON MARK- TO-MARKET BASIS. IN SUCH TYPE OF CONTRACTS, IT IS N OT THE STOCK VALUE WHICH IS SUBJECT MATTER OF THE CONTRACT RATHER THE CONTRACT ITSELF IS THE STOCK IN TRADE WHICH IS PURCHASED BY PAYING/DEPOSITING THE INITIAL MARGINS ON PERCENTAGE BASIS TO THE BROKER T AKING INTO CONSIDERATION MAXIMUM ANTICIPATED RISE OR FALL IN THE PRICE OF THE STOCK IN FUTURE. A S OBSERVED ABOVE, THE DIFFERENCE OF MARGIN IN CALCULATED AND SETTLED ON DAILY BASIS IN VIEW OF TH E MARKET RATES AND TRENDS. THE HON'BLE SUPREME COURT IN THE CASE OF CIT V. WOODWARD GOVERNOR INDIA (P.) LTD (2009) 179 TAXMAN 326, WHILE DEALING WITH THE QUESTION AS TO WHETHER THE ADDITIO NAL LIABILITY ARISING ON ACCOUNT OF FLUCTUATION IN THE RATE OF EXCHANGE CAN BE ALLOWED TO BE ADJUSTED PENDING ACTUAL PAYMENT OF THE VARIED, HAS OBSERVED THAT 'EXPENDITURE' AS USED IN SECTION 37 I N INCOME TAX ACT MAY IN THE CIRCUMSTANCES OF A PARTICULAR CASE COVER AN AMOUNT WHICH IS A 'LOSS' EVEN THOUGH SAID AMOUNT HAS NOT BEEN GIVEN FROM THE POCKET OF THE ASSESSEE. IT HAS BEEN FURTHE R OBSERVED THAT THE ORDINARY PRINCIPLE OF COMMERCIAL ACCOUNTING REQUIRES THAT IN THE PROFIT & LOSS ACCOUNT THE VALUE OF STOCK IN TRADE AT THE BEGINNING AND AT THE END OF THE YEAR SHOULD BE ENTE RED AT COST OR MARKET PRICE, WHICHEVER IS LOWER. WHILE ANTICIPATED LOSS IS TAKEN INTO ACCOUNT, ANTIC IPATED PROFIT IN THE SHAPE OF APPRECIATED VALUE OF THE CLOSING STOCK IS NOT BROUGHT INTO ACCOUNT, AS N O PRUDENT TRADER WOULD CARE TO SHOW INCREASE PROFITS BEFORE ACTUAL REALIZATION. PROFITS FOR INCO ME-TAX PURPOSES ARE TO BE COMPUTED IN ACCORDANCE WITH ORDINARY PRINCIPLES OF COMMERCIAL A CCOUNTING, UNLESS, SUCH PRINCIPLES STAND SUPERSEDED OR MODIFIED BY LEGISLATIVE ENACTMENTS. U NREALIZED PROFITS IN THE SHAPE OF APPRECIATED VALUE OF GOODS REMAINING UNSOLD AT THE END OF THE A CCOUNTING YEAR AND CARRIED OVER TO THE FOLLOWING YEARS ACCOUNT IN A CONTINUING BUSINESS AR E NOT BROUGHT TO THE CHARGE AS A MATTER OF PRACTICE, THOUGH, AS STATED ABOVE, LOSS DUE TO FALL IN THE PRICE BELOW COST IS ALLOWED EVEN THOUGH SUCH LOSS HAS NOT BEEN REALIZED ACTUALLY. ACCOUNTS REGULARLY MAINTAINED IN THE COURSE OF BUSINESS ARE TO BE TAKEN AS CORRECT UNLESS THERE ARE STRONG AND SUFFICIENT REASONS TO INDICATE THAT THEY ARE UNRELIABLE. UNDER SECTION 145(2) OF THE IT ACT, THE CENTRAL GOVERNMENT IS EMPOWERED TO NOTIFY FROM TIME TO TIME THE ACCOUNTING STANDARDS TO BE FO LLOWED BY ANY CLASS OF ASSESSEE OR IN RESPECT OF ANY CLASS OF INCOME. THE LEARNED AR HAS BROUGHT INTO OUR NOTICE THAT THE METHOD OF ACCOUNTING MADE BY THE ASSESSEE IS AS PER ACCOUNTING STANDARDS. THE ASSESSEE IN THIS R ESPECT HAS RELIED UPON EXPLANATION TO NOTE NO.I OF SCHEDULE 19 OF THE 'NOTES TO ACCOUNTS' WITH REGARD TO SIGNIFICANT ACCOUNTING POLICIES, WHICH READ AS UNDER: 'EQUITY INDEX/STOCK FUTURES A. 'INITIAL MARGIN- EQUITY/INDEX DERIVATIVE INSTRU MENT' REPRESENTING THE INITIAL MARGIN PAID AND/OR ADDITIONAL MARGIN PAID OVER AND ABOVE THE IN ITIAL MARGIN, FOR ENTERING INTO CONTRACT FOR EQUITY INDEX/STOCK FUTURES, WHICH ARE RELEASED ON F INAL SETTLEMENT/SQUARING - UP OF THE UNDERLYING CONTRACTS, ARE DISCLOSED UNDER LOANS AND ADVANCES. B. 'DEPOSIT FOR MARK TO MARKET MARGIN - EQUITY/INDE X DERIVATIVE INSTRUMENT' REPRESENTING THE DEPOSIT PAID IN RESPECT OF MARK TO MARKET MARGIN IS DISCLOSED UNDER LOANS AND ADVANCES. C. EQUITY INDEX/STOCK FUTURES ARE MARKED TO MARKET ON A DAILY BASIS AND THE RESULTANT UNREALIZED LOSS IS RECOGNISED IN THE PROFIT AND LOSS ACCOUNT. ON FINAL SETTLEMENT OR SQUARING UP OF CONTRACTS FOR EQUITY INDEX/STOCK FUTURES, THE REALISED PROFIT OR LOSS AFTER ADJUSTING THE UNREALIZED LOSS ALREAD Y ACCOUNTED, IF ANY IS RECOGNISED IN THE PROFIT AND L OSS ACCOUNT AND SHOWN AS PROFIT/(LOSS) ON TRADING IN OPTIONS/FUTURES. SO TRADING IN STOCK FUTURE HAS NOT ONLY BEEN RECOGN IZED BUT CERTAIN STANDARDS HAVE ALSO BEEN RECOGNIZE D FOR RECORDING LOSS AND PROFIT UNDER SUCH TYPE OF TR ANSACTIONS. WHILE DEALING WITH A SIMILAR ISSUE, THE CO-ORDINATE BENCH OF THIS TRIBUNAL VIDE ORDER DATED 10.11.2010 IN ITA NO.5324/MUM/2007 FOR A.Y. 2004-05 IN THE CASE O F 'EDELWEISS CAPITAL LTD.', HAS OBSERVED AS UNDER: 3 ITA NO.7739/M/2012 KOTAK MAHINDRA INVESTMENT LTD. 'WE HAVE CONSIDERED THE FACTS AND THE RIVAL CONTENT IONS. IN THE SCHEDULED ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AND PROFIT & LOSS ACCOUNT FOR THE YEAR UNDER APPEAL (PAGE 13 OF THE PAPER BOOK), THE ASSESSEE HAS MADE THE FOLLOWING NO TE: H. EQUITY FUTURES-INDEX/STOCK (A) INITIAL MARGIN- EQUITY DERIVATIVE INSTRUMENT S', REPRESENTING INITIAL MARGIN PAID, AND 'MARGIN DEPOSITS', REPRESENTING ADDITIONAL MARGIN O VER AND ABOVE INITIAL MARGIN, FOR ENTERING INTO CONTRACTS FOR EQUITY INDEX/ STOCK FUTURES, WHI CH ARE RELEASED ON FINAL SETTLEMENT/SQUARING-UP OF UNDERLYING CONTRACTS, ARE DISCLOSED UNDER LOANS AND ADVANCES. (B) EQUITY INDEX/STOCK FUTURES ARE MARKED-TO- MARKE T ON A DAILY BASIS. DEBIT OR CREDIT BALANCE DISCLOSED UNDER LOANS AND ADVANCES OR CURRENT LIABI LITIES RESPECTIVELY, IN THE 'MARK-TO-MARKET MARGIN -EQUITY INDEX /STOCK FUTURES ACCOUNT', REPRE SENTS THE NET AMOUNT PAID OR RECEIVED ON THE BAIS OF MOVEMENT IN THE PRICES OF INDEX/STOCK FUTUR ES TILL THE BALANCE SHEET DATE AMOUNT PAID TO BROKERS IN ADDITION TO MARK-TO-MARKET MARGINS IS DI SCLOSED AS 'MARGIN DEPOSITS' UNDER LOANS AND ADVANCES. (C) AS ON THE BALANCE SHEET DATE, PROFIT/LOSS ON OP EN POSITIONS IN INDEX/STOCK FUTURES ARE ACCOUNTED FOR AS FOLLOWS: CREDIT BALANCE IN THE 'MARK-TO-MARKET MARGIN - EQUI TY INDEX/STOCK FUTURES ACCOUNT', BEING ANTICIPATED PROFIT, IS IGNORED AND NO CREDIT FOR TH E SAME IS TAKEN IN THE PROFIT AND LOSS ACCOUNT DEBIT BALANCE IN THE 'MARK-TO-MARKET MARGIN - EQUIT Y INDEX /STOCK FUTURES ACCOUNT', BEING ANTICIPATED LOSS, IS ADJUSTED IN THE PROFIT AND LOS S ACCOUNT. (D) ON FINAL SETTLEMENT OF SQUARING-UP OF CONTRACTS FOR EQUITY INDEX/STOCK FUTURES, THE PROFIT OR LOSS IS CALCULATED AS THE DIFFERENCE BETWEEN SETTLE MENT/SQUARING UP PRICE AND CONTRACT PRICE. ACCORDINGLY, DEBIT OR CREDIT BALANCE PERTAINING TO THE SETTLED/SQUARED-UP CONTRACT IN 'MARK-TO- MARKET MARGIN - EQUITY INDEX/STOCK FUTURES ACCOUNT' IS RECOGNIZED IN THE PROFIT AND LOSS ACCOUNT. THE AFORESAID NOTE GIVES A FAIR PICTURE OF THE NATU RE OF THE PROVISION. THE PROVISION IN SUBSTANCE HAS BEEN MADE TO COVER THE ANTICIPATED LOSS IN THE DERIVATES TRADING. THERE IS NO DISPUTE THAT THE ASSESSEE HOLDS DERIVATIVES AS ITS STOCK-IN-TRADE AN D THERE IS ALSO NO DISPUTE THAT IT FOLLOWS THE PRINCIPLE 'COST OR MARKET PRICE, WHICHEVER IS LOWER ' IN VALUING THE DERIVATIVES. WHEN THE DERIVATIVES ARE HELD AS STOCK-IN-TRADE THEN WHATEVE R RULES APPLY TO THE VALUATION OF STOCK-IN-TRADE WILL HAVE TO BE NECESSARILY APPLY TO THEIR VALUATIO N ALSO. IT IS A WELL SETTLED POSITION IN LAW THAT 'WHILE ANTICIPATED LOSS IS TAKEN INTO ACCOUNT IN VA LUING THE CLOSING STOCK, ANTICIPATED PROFIT IN THE SHAPE OF APPRECIATED VALUE OF CLOSING STOCK IS NOT BROUGHT INTO THE ACCOUNT, AS NO PRUDENT TRADER WOULD CARE TO SHOW INCREASED PROFIT BEFORE ITS REAL IZATION. THIS IS THE THEORY UNDERLYING THE RULE THAT THE CLOSING STOCK IS TO BE VALUED AT COST OR M ARKET PRICE WHICHEVER IS THE LOWER, AND IT IS NOW GENERALLY ACCEPTED AS AN ESTABLISHED RULE OF COMMER CIAL PRACTICE AND ACCOUNTANCY'. THIS IS WHAT THE SUPREME COURT HELD IN THE CASE OF CHAINRUP SAMPATRAM VS. COMMISSIONER OF INCOME TAX, WEST BENGAL (1953) 24 ITR 481 (SC) SPEAKING THROUGH HON'BLE JU STICE PATANJALI SASTRI, THE THEN CHIEF JUSTICE OF INDIA (PAGE 485-486 OF THE REPORT) . AT PAGE 486 THE SUPREME COURT FURTHER OBSERVED THAT 'LOSS DUE TO A FALL IN PRICE BELOW CO ST IS ALLOWED EVEN IF SUCH LOSS HAS NOT BEEN ACTUALLY REALIZED'. QUOTING FROM THE CASE OF WHIMST ER & CO. VS. COMMISSIONERS OF INLAND REVENUE (1926) 12 TAX CASES 813, THE SUPREME COURT OBSERVED THAT THE PROFITS THAT ARE CHARGEABLE TO TAX ARE THOSE REALIZED IN T YEAR AND THAT AN EXCEPTION IS RECOGNIZED WHERE A TRADER PURCHASED AND STILL HOLDS GOODS WHICH ARE FALLEN IN VALUE IN WHICH CASE THOUGH NO LOSS HAS BEEN REALIZED NOR IT HAS OCCURRED, NEVERTHELESS AT THE C LOSE OF THE YEAR HE IS PERMITTED TO TREAT THESE GOODS AS OF THEIR MARKET VALUE. THIS DECISION OF TH E SUPREME COURT GOVERNS THE FACTS OF THE PRESENT CASE. IT IS TO THE ASSESSEE'S STRENGTH THAT THE INS TITUTE OF CHARTERED ACCOUNTANTS OF INDIA IN ITS GUIDELINES HAVE ALSO APPROVED OF THE RULE OF PRUDEN CE WHICH REALLY MEANS THAT WHILE ANTICIPATED LOSSES CAN BE TAKEN NOTE OF WHILE VALUING THE CLOSI NG STOCK, ANTICIPATED PROFITS CANNOT BE RECOGNIZED. THE ANTICIPATED LOSS, IN THE LIGHT OF T HE JUDGMENT OF THE SUPREME COURT CITED ABOVE, CANNOT BE TREATED AS A CONTINGENT LIABILITY. 8. THE LEARNED DR POINTED OUT THAT THE ASSESSEE HAS VALUED EACH SCRIP OF THE DERIVATIVES AS AT THE END OF THE YEAR. WE DO NOT SEE HOW THIS CAN MAKE AN Y DIFFERENCE TO THE LEGAL PRINCIPLE. IF THE DERIVATIVES HAVE BEEN TREATED AS STOCK-IN-TRADE THE N THERE IS NOTHING UNUSUAL IN THE ASSESSEE VALUING EACH DERIVATIVE BY APPLYING THE RULE COST O R MARKET WHICHEVER IS LOWER. 9. WE, THEREFORE, DIRECT THE ASSESSING OFFICER TO A LLOW THE PROVISION AS REFLECTING IN SUBSTANCE THE LOSS ARISING ON ACCOUNT OF VALUATION OF THE CLOSING STOCK. THE GROUND IS ALLOWED.' 4 ITA NO.7739/M/2012 KOTAK MAHINDRA INVESTMENT LTD. RESPECTFULLY FOLLOWING THE DECISION OF THE TRIBUNAL IN THE CASE OF EDELWEISS CAPITAL LTD. (SUPRA), WHICH VIEW HAS FURTHER BEEN FOLLOWED BY ANOTHER CO- ORDINATE BENCH OF THIS TRIBUNAL IN THE CASE OF SHRI RAMESH KUMAR DAMANI VS. THE ADDL. CIT [ITA NO. 1443/MUM/2009 FOR A.Y. 2006-07, ORDER DATED 26.11.2010], IT CAN BE SAFELY HELD THAT IT IS NOT ONLY THE ACTUAL STOCK BUT DERIVATIVES CAN ALSO BE HELD AS STOCK IN TRADE AND THE PRINCIPLE 'COST O R MARKET PRICE WHICHEVER IS LOWER' HAS BEEN RIGHTLY FOLLOWED BY THE ASSESSEE IN VALUING THE DER IVATIVES AND FURTHER WHEN THE DERIVATES ARE HELD AS STOCK IN TRADE THEN WHATEVER RULES APPLY TO THE STOCK IN TRADE WILL HAVE TO APPLY TO THEIR VALUATION ALSO. WHILE ANTICIPATED LOSS IS TAKEN INT O ACCOUNT WHILE VALUATION OF CLOSING STOCK, ANTICIPATED PROFIT IN THE SHAPE OF APPRECIATED VALU E OF THE CLOSING STOCK IS NOT BROUGHT INTO ACCOUNT, AS NOT PRUDENT TRADER WOULD CARE TO SHOW I NCREASED PROFITS BEFORE ACTUAL REALIZATION. RESPECTFULLY FOLLOWING THE LAW LAID DOWN BY THE AUT HORITIES AS MENTIONED ABOVE, WE HOLD THAT THE ASSESSEE HAS RIGHTLY CLAIMED MARK- TO-MARKET LOSS O F RS.1,38,93,853/- WHICH IS LIABLE TO BE ALLOWED. THE LEARNED CIT(A) HAS RIGHTLY ALLOWED THE CLAIM OF THE ASSESSEE, HIS ORDER IS HEREBY UPHELD. RESPECTFULLY,FOLLOWING THE SAME,WE DECIDE EFFECTIVE GROUND OF APPEAL AGAINST THE AO. AS A RESU LT,APPEAL FILED BY THE AO STANDS DISMISSED 1)2 () * 3 4 & - 5 & ) 67 . ORDER PRONOUNCED IN THE OPEN COURT ON 9 TH APRIL,2015. . & +,! 8 9 09.04. 2015 , & - : SD/- SD/- ( /I P BANSAL) ( / RAJENDRA) / JUDICIAL MEMBER / ACCOUNTANT MEMBER / MUMBAI, 9 /DATE: 09.04.2015 SK . . . . & && & $); $); $); $); <;!) <;!) <;!) <;!) / COPY OF THE ORDER FORWARDED TO : 1. APPELLANT / '# 2. RESPONDENT / $%'# 3. THE CONCERNED CIT(A)/ = > , 4. THE CONCERNED CIT / = > 5. DR A BENCH, ITAT, MUMBAI / ;?- $) , , . . . 6. GUARD FILE/ - 1 %;) $) //TRUE COPY// . / BY ORDER, @ / 6 DY./ASST. REGISTRAR , /ITAT, MUMBAI.