ITO, Wd-5(4), Kolkata, Kolkata V. M/s. Vishwadham Traders Pvt. Ltd., Kolkata

ITA 803/KOL/2017

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 6056 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 9 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-01-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 20-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAURABH KUMAR CIT LD
• Assessee Lawyers: MIRAJ D SHAH LD
• Keywords: Unexplained cash credit
• Section: 14A; 80G; 68

Judgement Text

ITA NO . 80 3 /KOL/201 7 M/S. VISHWADHAM TRADERS P.LTD 1 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH C , KOLKATA (BEFORE SHRI A.T. VARKEY , J.M. & DR.A.L.SAINI, A.M.) ITA NO. 80 3 /KOL/201 7 ASSTT. YEAR : 20 1 2 - 13 I.T.O. WARD 5(4), KOLKATA VS M/S. VISHWADHAM TRADERS P.LTD PAN:AASCV 8983D ( A PPELLANT/ASSESSEE ) (R ESPONDENT / DEPARTMENT ) APPELLANT BY : SHRI SAURABH KUMAR, ADDL. CIT, LD.DR RESPONDENT BY : SHRI MIRAJ D.SHAH, LD.AR DATE OF HEARING : 18 - 12 - 2018 DATE OF PRONOUNCEMENT: 23 - 01 - 2019 ORDER PE R DR. A.L.SAINI, A.M .: THE CAPTIONED APPEAL FILED BY THE REVENUE , PERTAINING TO ASSESSMENT YEAR 201 2 - 13 , IS DIRECTED AGAINST THE ORDER PASSED BY THE COMMISSIONER OF INCOME - TAX (APPEALS) - 2 , KOLKATA IN APPEAL NO . 830/ CIT(A) - 2/15 - 16 , DATED 30 - 01 - 2017 , WHIC H IN TURN ARISE S OUT OF AN ASSESSMENT ORDER PASSED BY THE ASSESSING OFFICER U/S.143(3) OF THE INCOME - TAX ACT, 1961 (IN SHORT, THE ACT), DATED 20 - 03 - 201 5 . 2. WHEN THIS APPEAL WAS CALLED OUT FOR HEARING, LEARNED COUNSEL FOR THE ASSESSEE INVITED OUR ATTENT ION TO THE ORDER DATED 26 - 09 - 2018 IN THE CASE OF ITO, W - 13(1), KOLKATA VS. M/S. ANAND ENTERPRISES LTD, FOR THE A.Y 2012 - 13, PASSED BY THE DIVISION BENCH (ITAT, KOLKATA), WHEREBY THE ISSUE OF DELETION OF ADDITION MADE U/S 68 OF THE ACT ON ACCOUNT OF BARTE R TRANSACTION ( ISSUE OF SHARES FOR CONSIDERATION OTHER THAN CASH) WAS DISCUSSED AND ADJUDICATED . LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE PRESENT APPEAL IS SQUARELY COVERED BY THE AFORESAID ORDER OF THE TRIBUNAL, A CO PY OF WHICH WAS ALSO PLACE D BEFORE THE BENCH. 3 . LEARNED DEPARTMENTAL REPRESENTATIVE DID NOT HAVE MUCH TO SAY BUT HE NEVERTHELESS RELIED UPON THE ORDERS OF THE AUTHORITIES BELOW. ITA NO . 80 3 /KOL/201 7 M/S. VISHWADHAM TRADERS P.LTD 2 4 . WE SEE NO REASONS TO TAKE ANY OTHER VIEW OF THE MATTER THAN THE VIEW SO TAKEN BY THE DIVISION BE NCH OF THIS TRIBUNAL IN CASE THE OF M/S ANAND ENTERPRISES LTD (SUPRA), ON IDENTICAL FACTS, VIDE ORDER DATED 26.09.2018 . IN THIS ORDER, THE TRIBUNAL HAS INTER ALIA OBSERVED AS FOLLOWS: 4. WE HAVE HEARD THE RIVAL SUBMISSIONS. AT THE OUTSET, WE FIND THAT THE ASSESSEE HAD NOT RAISED ANY SHARE CAPITAL BY RECEIPT OF CASH CONSIDERATION IN THE INSTANT CASE. THE SHARES WERE ISSUED FOR CONSIDERATION OTHER THAN CASH IN LIEU OF ASSESSEE COMPANY MAKING INVESTMENT IN SHARES IN SOME OTHER COMPANY. EFFECTIVELY, THE AS SESSEE PURCHASED CERTAIN SHARES FROM THE AFORESAID SIX SHAREHOLDERS AND INSTEAD OF PAYING CASH TO THEM, THE ASSESSEE COMPANY ISSUED SHARES IN ITS OWN COMPANY TO THOSE SHAREHOLDERS. HENCE THE ASSESSEE HAD MADE INVESTMENTS IN SHARES OF ANOTHER COMPANY FOR WH ICH CONSIDERATION WAS SETTLED THROUGH ISSUANCE OF ITS SHARES TO THOSE SHAREHOLDERS. NOW THE CRUCIAL POINT IS WHETHER THE PROVISIONS O F SECTION 68 C OULD BE INVOKED IN THE INSTANT CASE FOR MAKING INVESTMENT TOWARDS SHARE CAPITAL. THERE WAS NO RECEIPT OF ANY SUM AS PROVIDED U/S 68 OF THE ACT IN THE INSTANT CASE. IT WOULD BE PERTINENT HERE TO REFER TO THE DECISION OF HON'BLE SUPREME COURT IN THE CASE OF SHRI H.H. RAMA VARMA VS. CIT REPORTED IN 187 ITR 308 (SC) WHEREIN IT WAS HELD THAT 'ANY SUM' MEANS 'SUM OF MONEY'. WE FIND THAT LD. CIT(A) HAD DELETED THE ADDITION BY OBSERVING AS UNDER: '6. ON CONSIDERATION OF THE AR'S SUBMISSION, ESPECIALLY THE PORTION REPRO DUCED ABOVE, IT IS SEEN THAT SECTION 68 OF I.T. ACT, 1961 DOES NOT APPLY TO CASES OF PURCHASE OF SHARE ASSETS AND ALLOTMENT OF SHARES BY THE APPELLANT WHEN PURCHASE AND ALLOTMENT ARE UNDER A BARTER SYSTE M. THE AO HAS NOT REFUTED THE APPELLANT'S CLAIM THAT SHARES WERE ALLOTTED IN EXCHANGE FOR ACQUISITION OF SHARES BY THE APPELLANT FROM THE COMPANIES WHICH SURRENDERED SUCH SHARES TO THE APPELLANT. THOUGH AS PER THE AO TO APPLY SECTION 68 TO MAKE THE SAID ADDITION IN THE APPELLANT'S HAND. TRANSACTIONS PURPORTEDLY EXECUTED BY ENTRY OPERATORS INVOLVE MULTIPLE LAYERS AND OTHER COMPLEXITIES, INTRODUCING DELAYS IN INTRODUCTION OF UNACCOUNTED CASH/MONEY AND MULTI PLE PLAYERS BEING INCORPORATED ENTITIES. MEASURES TAKEN BY THE AO IN THE COURSE OF THE ASSESSMENT PROCEEDING FALLS MUCH SHORT OF WHAT IS REQUIRED TO BE DONE IN SUCH CASE LAWS, WHICH HAVE EVOLVED ON THIS ISSUE, CALL FOR CONCERTED ACTIONS ON THE PART OF THE AO PINPOINTING UTILIZATION OF UNEXPLAINED/UNACCOUNTED/UNTAXED MONEY AND THE PLAYERS AND THE BENEFICIARIES EFFECTIVELY USING THE WEBLIKE SCHEME TO PLUNDER BLACK MONEY. FOR EXAMPLE INTRODUCTION AND USE OF BLACK MONEY IN THE PRESENT CASE MAY BE AT A DIFFERENT POINT OF TIME AND IN ITA NO . 80 3 /KOL/201 7 M/S. VISHWADHAM TRADERS P.LTD 3 DIFFERENT HANDS. THE AO'S ACTION IN THE PRESENT CASE CANNOT BE UPHELD IN LAW. I, THEREFORE, DELETE THE ADDITIONS AND GROUNDS OF APPEAL NOS. 3 & 4 ARE ALLOWED.' 4.1. WE FIND THAT THE HON'BLE ALLAHABAD HIGH COURT IN THE CASE OF CIT VS. SOHANLAL SINGHANIA REPORTED IN 235 ITR 616 (ALL) HAD HELD IN THE CONTEXT OF ALLOWABILITY OF DONATION AS DEDUCTION U/S 80G OF THE ACT THAT THE EXPRESSION 'ANY SUM PAID' USED IN THE SAID SECTION DENOTES ' SUM OF MONEY PAID' . HENCE IF CERTAIN SHARES WERE DONATED BY A PERSON, THEN THE SAME WOULD NOT FALL ELIGIBLE FOR DEDUCTION U/S 80G OF THE ACT. WE ALSO FIND THAT THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF JATIA INVESTMENT COMPANY - (CO.) VS. CIT REPORTED IN 206 ITR 718 (CAL) ALSO SUPPORTS THE CASE OF THE ASSESSEE HEREIN, WHEREIN IT WAS HELD AS UNDER: 'IT IS FINALLY EMPHASISED BY LEARNED COUNSEL FOR THE ASSESSEE THAT THE ULTIMATE RESULT IS THA T THE FIRM BECOMES A DEBTOR TO GB AND CO. AND THE THREE NON - FINANCIAL COMPANIES OF THE GROUP GOT DISCHARGED. LEARNED COUNSEL ALSO EMPHASISED THAT, AT THE WORST, IT CAN BE SAID THAT THE ASSESSEE - FIRM HAS RECEIVED VALUABLE ASSETS BEING THE SAID SHARES OF THE EQUIVALENT VALUE OF THE DEBT TAKEN OVER BY IT FROM THE COMPANIES, I.E., RS. 11.20 LAKHS. THEREFORE, THE QUESTION OF CASH CREDIT DOES NOT COME IN, THERE BEING NO ACTUAL PASSING OR RECEIPT OF CASH. IN OTHER WORDS, THE TRANSACTIONS ARE MERE BOOK ENTRIES. I T WAS CONTENDED THAT THE FACT THAT THE ENTRIES PASSED THROUGH THE CASH BOOK COULD NOT DETRACT FROM OR EFFACE THE ESSENTIAL NATURE OF THE ENTRIES. IT WAS ALSO URGED THAT THE ENTRIES WERE PASSED THROUGH THE CASH BOOK SO THAT THE REPAYMENT OF LOANS BY THE SAI D THREE COMPANIES COULD BE ESTABLISHED BEFORE THE RESERVE BANK OF INDIA. BUT, ACCORDING TO SHRI BAJORIA, THAT DOES NOT MEAN THAT IT AMOUNTS TO AN ARTIFICE EMPLOYED TO DECEIVE ANY AUTHORITIES, BECAUSE THE TRANSACTIONS SHOWING THE AMOUNT AS RECEIVED IN CASH AND PAID AWAY SPONTANEOUSLY AND SIMULTANEOUSLY WERE NOT ACTUAL BUT ONLY NOTIONAL. HE, HOWEVER, STATED THAT, AS FAR AS THE QUESTION OF SECTION 68 IS CONCERNED, THE NATURE OF THE TRANSACTIONS AND THE ENTRI ES CLEARLY SHOW THAT NO CASH, IN FACT, FLOWED. IT WAS FURTHER STRESSED THAT THE TRANSACTIONS ARE ABOVE BOARD. NO OUTSIDER IS INVOLVED. THE ENTRIES WERE MADE IN THE BOOKS OF THE CONCERNS OF THE SAME GROUP. THE SHARES IN QUESTION WERE ALSO OF THE COMPANIES O F THE GROUP. THERE WAS NO ATTEMPT AT HIDING THE TRANSACTIONS. NOR IS IT THE CASE OF ANY OF THE ITA NO . 80 3 /KOL/201 7 M/S. VISHWADHAM TRADERS P.LTD 4 PARTIES TO THE TRANSACTION THAT THERE WAS ANY PASSING OF CASH. EVERY PARTY UNEQUIVOCALLY STATED THAT THE TRANSACTIONS WERE CARRIED INTO EFFECT MERELY BY WAY OF A DJUSTMENTS OF THE SAID LOANS AND THE SHARE TRANSFERS. SHRI A. C. MOITRA, THE LEARNED ADVOCATE FOR THE REVENUE, REITERATED THE GROUNDS ON WHICH THE TRIBUNAL HAS AFFIRMED THE ADDITION OF THE AMOUNT OF RS.11.20 LAKHS AS UNEXPLAINED CASH CREDIT. HE PARTICULAR LY EMPHASISED THAT THE ASSESSEE'S CONTENTION THAT THE ENTRIES ARE ONLY ADJUSTMENT ENTRIES IS NOT ACCEPTABLE, BECAUSE THE ADJUSTMENT ENTRIES ARE NOT MADE THROUGH THE CASH BOOK. IT IS AN ACCEPTED PRINCIPLE OF ACCOUNTING THAT BOOK ADJUSTMENTS AND THE ENTRIES IN EFFECTING THEM ARE MADE BY JOURNAL ENTRIES AND NOT CASH ENTRIES. HE URGED THAT THE PURPORTED MOTIVE OF THE ENTRIES BEING THE REDUCTION OF LOANS OF THE THREE LIMITED COMPANIES DOES NOT EXPLAIN THE WHOLE MATTER, BECAUSE THE ENTRIES ARE CASH ENTRIES. THE F ACT REMAINS THAT, AT EVERY STAGE, THE PARTIES SHOWED THE PAYMENTS AND RECEIPTS OF CASH EVEN WHEN THERE WAS NO CASH AVAILABLE FOR SUCH ENTRIES. THIS QUITE JUSTIFIES THE ADDITION AS SUSTAINED BY THE TRIBUNAL. WE HAVE PERUSED THE ASSESSMENT ORDER CAREFULLY. WE FIND THAT CASH DID NOT PASS AT ANY STAGE THOUGH ENTRIES WERE MADE IN THE CASH BOOK SHOWING PAYMENTS AND RECEIPTS; BUT SINCE THE ENTRIES MADE A COMPLETE ROUND, NO PASSING OF CASH WAS NECESSARY FOR THE PURPOSE OF MAKING THE ENTRIES. THAT THERE WAS NO PAS SING OF CASH IS ALSO ADMITTED BY THE INCOME - TAX OFFICER HIMSELF. WE HAVE ALREADY EXTRACTED THE OBSERVATION OF THE INCOME - TAX OFFICER IN PARAGRAPH 14 OF HIS ASSESSMENT ORDER. THE INCOME - TAX OFFICER HAS CLEARLY OPINED THAT ALL THE RESPECTIVE PARTIES DID N OT RECEIVE CASH NOR DID PAY CASH AS NONE HAD ANY CASH FOR THE PURPOSE. THE ONLY POINT IN THE ASSESSMENT ORDER IS THAT THE ENTRIES NOT INVOLVING THE PASSING OF CASH SHOULD NOT HAVE FOUND A PLACE IN THE CASH BOOK, BUT IN THE LEDGER ACCOUNT THROUGH JOURNAL EN TRIES. THERE IS ANOTHER SELF - CONTRADICTION IN THE INCOME - TAX OFFICER'S FINDING THAT, IF THERE WAS NO REAL CASH ENTRY ON THE CREDIT SIDE OF THE CASH BOOK, BUT MERELY A NOTIONAL OR FICTITIOUS CASH ENTRY, AS ADMITTED BY HIM, THERE IS NO REAL CREDIT OF CASH T O ITS CASH BOOK ; THE QUESTION OF INCLUSION OF THE AMOUNT OF THE ENTRY AS UNEXPLAINED CASH CREDIT CANNOT ARISE. ONE OF THE GROUNDS OF THE TRIBUNAL FOR DISBELIEVING THE ASSESSEE'S CASE IS THAT THE ADJUSTMENT ENTRIES WERE MADE BY NOTIONAL CASH ENTRIES WITH A VIEW TO BRINGING DOWN THE DEBT - AND - CAPITAL RATIO, I.E., THAT WHILE BEING DISCHARGED OF THE DEBT THE SAID COMPANIES ALSO JETTISONED THEIR ITA NO . 80 3 /KOL/201 7 M/S. VISHWADHAM TRADERS P.LTD 5 ASSETS, I.E., THE SHARES HELD BY THEM OF EQUIVALENT SUM WITHOUT ACHIEVING THE AVOWED PURPOSE. HERE THE TRIBUNAL CERT AINLY MISDIRECTED ITSELF. THE RATIO TO BE REDUCED IS OF THE LOAN IN RELATION TO THE SHARE CAPITAL AND THE RESERVES. JETTISONING THE SHARES HAD THE DESIRED EFFECT OF REDUCING THE BORROWED CAPITAL. AGAIN, AS REGARDS THE TRIBUNAL'S REFUSAL TO TAKE NOTICE OF THE DIRECTIONS OF THE RESERVE BANK, IT IS NOT CORRECT FOR THE TRIBUNAL TO HOLD THAT THE SAID DOCUMENT WAS A NEW EVIDENCE IN THE TRUE SENSE OF THE TERM. THE ASSESSEE HAS BEEN CONSISTENTLY PLEADING BEFORE THE LOWER AUTHORITIES THAT THE ENTRIES HAD TO BE MADE IN ORDER TO BRING THE COMPANIES IN CONFORMITY WITH THE SAID DIRECTION. MOREOVER, THE DIRECTION OF THE RESERVE BANK IS A PUBLIC DOCUMENT WITHIN THE MEANING OF SECTION 74 OF THE EVIDENCE ACT, 1872. DOCUM ENTS OF A PUBLIC NATURE AND PUBLIC AUTHORITY ARE GENERALLY ADMISSIBLE IN EVIDENCE SUBJECT TO THE MODE OF PROVING THEM AS LAID DOWN IN SECTIONS 76 AND 78 OF THE EVIDENCE ACT. IN OUR VIEW, THE EFFECT AND IMPORT OF THE TRANSACTIONS IS THAT THE ASSESSEE TOOK OVER THE LIABILITY OF THE AFORESAID NON - FINANCIAL COMPANIES TO GB AND CO. IN EXCHANGE FOR THE SHARES AS AFORESAID. IN THE PREMISES, WE ANSWER ALL TH E QUESTIONS, IN THE AFFIRMATIVE AND IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE.' 4.2. IT WOULD BE PERTINENT TO NOTE THAT IN THE INSTANT CASE, THE LD. AO HAD NOT DOUBTED THE INVESTMENT MADE IN SHARES BY THE ASSESSEE COMPANY. THERE IS NO DISPUTE RAISE D BY THE LD. AO WITH REGARD TO NUMBER OF SHARES; VALUE THEREON INVESTED BY THE ASSESSEE COMPANY. WE ALSO FIND THAT THE CO - ORDINATE BENCH DECISION OF PUNE TRIBUNAL IN THE CASE OF KANTILAL AND BROS. VS. ACIT REPORTED IN 52 ITD 412 (PUNE TRIB.) ALSO SUPPORTS THE CASE OF THE ASSESSEE. 4.3. IN VIEW OF THE AFORESAID OBSERVATIONS, IN THE FACTS AND CIRCUMSTANCES OF THE CASE AND RESPECTFULLY FOLLOWING THE AFORESAID JUDICIAL PRECEDENTS RELIED UPON HEREINABOVE, WE HOLD THAT THE LD. AO HAD ERRONEOUSLY INVOKED THE PROVI SIONS OF SECTION 68 OF THE ACT TO THE FACTS OF THE INSTANT CASE, WHICH, IN OUR CONSIDERED OPINION, ARE NOT AT ALL APPLICABLE HEREIN. THIS IS A SIMPLE CASE OF ACQUIRING SHARES OF CERTAIN COMPANIES FROM CER TAIN SHAREHOLDERS WITHOUT PAYING ANY CASH CONSIDERATION AND INSTEAD THE CONSIDERATION WAS SETTLED THROUGH ISSUANCE OF SHARES TO THE RESPECTIVE PARTIES. MOREOVER, IN THE BALANCE SHEET OF THE ASSESSEE COMPANY IN THE SCHEDULE TO SHARE CAPITAL, IT IS VERY CLEA RLY MENTIONED BY WAY OF NOTE THAT THE FRESH SHARE CAPITAL WAS RAISED DURING THE YEAR FOR CONSIDERATION OTHER THAN CASH. HENCE WE ITA NO . 80 3 /KOL/201 7 M/S. VISHWADHAM TRADERS P.LTD 6 HOLD THAT PROVISION OF SECTION 68 OF THE ACT ARE NOT APPLICABLE IN THE INST ANT CASE AND ACCORDINGLY THE ENTIRE ADDITION DESERVES TO BE DELETED WHICH HAS RIGHTLY BEEN DONE BY THE LD. CIT(A) WHICH DOES NOT REQUIRE ANY INTERFERENCE. ACCORDINGLY, GROUNDS RAISED BY THE REVENUE ARE DISMISSED. 5 . A S THE ISSUE IS SQUARELY COVERED IN FA VOUR OF ASSESSE BY THE JUDGMENT OF THE COORDINATE BENCH IN M/S ANAND ENTERPRISES LTD.(SUPRA) AND THERE IS NO CHANGE IN FACTS AND LAW AND THE LD. DR FOR THE REVENUE HAS NOT CONTROVERTED THE FINDINGS OF THE ORDER OF TRIBUNAL (SUPRA) . THEREFORE, RESPECTFULLY FOLLOWING THE ORDER OF THE COORDINATE BENCH IN M/S ANAND ENTERPRISES LTD.(SUPRA), WE UPHOLD THE IMPUGNED ORDER OF THE LD. CIT(A) AND DISMISS GROUND NO S . 1 , 2, & 3 OF THE REVENUES APPEAL . 6. GROUND NO. 4 RAISED BY THE REVENUE RELATES TO COMPUTATION OF DISALLOWANCE UNDER SECTION 14A READ WITH RULE 8D (2) (III) TAKING INTO ACCOUNT THOSE INVESTMENTS WHICH YIELDED EXEMPTED INCOME. 7. AFTER GIVING OUR THOUGHTFUL CONSIDERATION TO THE SUBMISSION OF THE PARTIES AND PERUSING THE JUDICIAL DECISIONS RELIED UPON B Y THE LD. AR, WE FIND THAT THE ISSUE INVOLVED IN THE PRESENT APPEAL IS NO LONGER RES INTEGRA. WE NOTE THAT THE COORDINATE BENCH OF ITAT KOLKATA IN THE CASE OF REI AGRO LTD. VS. DCIT 144 ITD 141 (KOL - TRIB) HAS HELD THAT IT IS ONLY THE INVESTMENTS WHICH YIE LDS DIVIDEND DURING THE PREVIOUS YEAR THAT HAS TO BE CONSIDERED WHILE ADOPTING THE AVERAGE VALUE OF INVESTMENTS FOR THE PURPOSE OF RULE 8D(2)(II) & (III) OF THE RULES. THE AFORESAID VIEW OF THE TRIBUNAL HAS SINCE BEEN AFFIRMED AS CORRECT BY THE HONBLE CA LCUTTA HIGH COURT IN G.A.NO.3581 OF 2013 IN THE APPEAL AGAINST THE ORDER OF THE TRIBUNAL IN THE CASE OF REI AGRO LTD. (SUPRA). BESIDES, N O DISALLOWANCE U/S14A , WHEN SHARES WHICH YIELDED TAX FREE INCOME ARE HELD AS STOCK IN TRADE, AS HELD BY THE HON`BLE CA LCUTTA HIGH COURT IN THE CASE OF CIT VS. GKK CAPITAL MARKETS (P) LTD. ITAT NO.52 OF 2015 DATED 10.2.2017. THEREFORE, THE AO IS DIRECTED TO COMPUTE THE DISALLOWANCE UNDER SECTION 14, READ WITH RULE 8D, AS PER THE PRINCIPLES LAID DOWN IN THE ABOVE NOTED PRE CEDENTS. THAT BEING SO, ITA NO . 80 3 /KOL/201 7 M/S. VISHWADHAM TRADERS P.LTD 7 WE DECLINE TO INTERFERE IN THE ORDER PASSED BY THE LD. CIT(A), HIS ORDER ON THIS ISSUE IS HEREBY UPHELD AND THE GROUND RAISED BY THE REVENUE IS DISMISSED. 8 . IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNC ED IN THE OPEN COURT ON 23 - 01 - 2019 SD/ - SD/ - ( A.T VARKEY ) (DR. A.L.SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: - 01 - 2019 * PRADIP (SR.PS) COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT/ DEPARTMENT: INCOME TAX OFFICER, WARD 5(4), AAYKAR BHAWAN, 8 TH FLOOR, P - 7, CHOWRINGHEE SQUARE, KOLKATA - 700 069 2 THE RESPONDENT/ ASSESSEE : M/S. VISHWADHAAM TRADERS PVT. LTD. 4 SYNAGOGUE STREET , ROOM NO. 913, 9 TH FLOOR, KOLKATA - 700 001. 3. THE CIT - , 4. THE CIT(A) - , 5. DR, KOLKATA BENCHES, KOLKATA TRUE COPY, BY ORDER, ASST. REGISTRAR ITAT, KOLKATA BENCHES