DCIT, Circle - 7, Kolkata, Kolkata V. Lalanand Vyapaar Private Limited, Kolkata

ITA 985/KOL/2011

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0515 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 10 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-05-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2005-2006
• Appeal Filed On: 07-07-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P B PRAMANIK
• Keywords: Unexplained cash credit
• Section: 133(6); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOLKATA [BEFORE SHRI P. K. BANSAL, AM & SHRI MAHAVIR SINGH, JM ] I.T.A NO. 9 85 /KOL/201 1 ASSESSMENT YEAR : 200 5 - 0 6 DCIT, CIRCLE - 7 , KOLKATA VS. LALANAND VYAPAAR PVT. LTD. P - 7, CHOWRINGHEE SQR. KOL - 69 113B, MONOHAR DAS ST. KOL - 07 ( PAN: AA A CL 5 922H ) ( APPELLANT ) ( RESPONDENT ) DATE OF HEARING: 11 .0 5 .2015 DATE OF PRONOUNCEMENT: 15 . 0 5 . 2015 FOR THE APPELLANT: SHRI P . B . PRAMANIK , J CIT FOR THE RESPONDENT: NONE ORDER PER SHRI MAHAVIR SINGH, JM: THIS APPEAL BY R EVENUE IS ARISING OUT OF ORDER OF CIT (A) - VII I , KOLKATA IN APPEAL NO. 604 /CIT(A) - VII 1 / KOL./07 - 08 DATED 0 5 . 0 4 .201 1 . ASSESSMENT WAS FRAMED BY IT O WARD - 7 ( 4 ), KOLKATA U/S. 1 43(3) OF THE INCOME - TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT ) FOR ASSESSMENT YEAR 200 5 - 0 6 VIDE HIS ORDER DATED 31 .12.200 7 . 2 . ONLY ISSUE IN THIS APPEAL OF REVENUE IS AGAINST THE ORDER OF CIT(A) IN DELETING THE ADDITION MADE BY THE ASSESSING OFFICER OF CASH CREDIT ON ACCOUNT OF SALES OF SHARES AS AGAINST DISCLOSURE MADE BY ASSESSEE AS CAPITAL GAINS. FOR THIS REVENUE RAISED FOLLOWING TWO GROUNDS: - 1. THAT, ON THE FACTS AND IN CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) ERR ED IN HOLDING THAT THE CLAIM OF CAPITAL GAIN OF RS.29,68,140 AS GENUINE WITHOUT APPRECIATING ALL MATERIALS AND RELEVANT FACTS AND CIRCUMSTANCES OF THE TRANSACTIONS OF SALE OF SHARES. 2. THAT, ON THE FACTS AND IN CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) ERRED IN CANCELLING THE TREATMENT BY AO OF THE AMOUNT SHOWN RECEIVED FROM THESE TRANSACTIONS AS CASH CREDIT U/S. 68 OF THE ACT, WHEREAS IT WAS NOT SUFFICIENTLY ESTABLISHED THAT THE AMOUNT WERE GENUINELY RECEIVED FROM THE SALE OF SHARES OF THE THREE COMPANIES. 2 ITA NO. 985 /K/201 1 LALANAND VYAPAAR PVT. LTD. AY 200 5 - 06 3. BRIEF FACTS LEADING TO THE ABOVE ISSUE ARE THAT THE ASSESSEE FILED ITS RETURN OF INCOME DISCLOSING AS LONG TERM CAPITAL GAIN OF RS.25,61,140/ - ON SALE OF SHARES. THE CAPITAL GAINS WERE CLAIMED IN RESPECT OF SALE OF SHARES OF M.P. INVESTMENT AND CONSULTANCY SERVICES LTD., SILICON VALLEY LTD. AND BLUE CHIP INDIA LTD. THE ASSESSEE HAD CLAIMED TO HAVE TRANSACTED THOSE SHARES THROUGH BUBNA STOCK BROKING SERVICES LTD. T HE AO SOUGHT INFORMATIO N FROM CALCUTTA STOCK EXCHANGE IN RESPECT OF THE ASSESSEE S TRANSACTIONS IN SHARES OF THOSE COMPANIES. ACCORDING TO AO, I N RESPONSE THE CALCUTTA STOCK EXCHANGE INFORMED THAT THE BROKER M/S. BUBNA STOCK BROKING SERVICES LD. HAD NOT EXECUTED ANY TRADE IN THE SCRIP SILLICON VALLEY LTD. & M.P. INVESTMENT & CONSULTANCY SERVICES LTD. ON 26.03.2003 AND THE TRADE IN THE SHARES OF BLUE CHIP INDIA LTD. WERE UNDER TRADE NUMBER DIFFERENT FROM WHAT THE ASSESSEE HAD PROVIDED. THE STOCK EXCHANGE ALSO INFORMED THAT M/S BUB NA STOCK BROKING SERVICES LTD. HAD EXECUTED TRADE IN THE SHARES OF MP INVESTMENT & CONSULTANCY SERVICES LTD. ONLY ON 01.02.2004. CONSIDERING THE DISCREPANCY IN THE DETAILS OF TRANSACTIONS AS PER THE REPLY OF THE STOCK EXCHANGE AND AS CLAIMED BY THE ASSESSE E, THE AO REQUIRED THE ASSESSEE TO EXPLAIN WHY THE CLAIM OF LONG TERM CAPITAL GAIN ON SALE OF SHARES SHOULD NOT BE DENIED. IN RESPONSE THE ASSESSEE STATED BEFORE THE AO THAT THE TRANSACTIONS ON 26.03.2003 IN RESPECT OF SHARES OF SILLICON VALLEY LTD. & OF B LUE CHIP INDIA LTD., WERE EXECUTED BY WAY OF MARKET TRANSACTIONS, THEREFORE, THERE WAS NO QUESTION OF THOSE TRANSACTIONS BEING REFLECTED IN THE STOCK EXCHANGE DATA. IT FURTHER STATED THAT THE SHARES OF M.P. INVESTMENTS & CONSULTANCY SERVICES LTD. WERE SOLD THROUGH STOCK EXCHANGES AND THE STOCK EXCHANGE HAD CONFIRMED THOSE TRANSACTIONS. THE ASSESSEE ALSO SUBMITTED THAT THE PROFIT ON SALE OF SHARES OF SILICON VALLEY LTD. & O BLUE CHIP INDIA LTD. WAS OFFERED FOR TAXATION U/S. 111 - A OF THE ACT IN ITS RETURN OF INCOME. HOWEVER, THE AO DID NOT FIND MERIT IN THE CLAIM OF THE ASSESSEE AND TREATED THE ASSESSEE S CLAIM OF TRANSACTIONS IN THE SHARES OF ABOVE MENTIONED THREE COMPANIES AS FICTITIOUS AND TREATED THE AMOUNT OF RS.29,68,140/ - THAT WAS CREDITED IN ASSESSEE S BOOKS AS SALE PROCEEDS OF THE SHARES SOLD, AS ASSESSEE S INCOME U/S 68 OF THE ACT. AGGRIEVED 3 ITA NO. 985 /K/201 1 LALANAND VYAPAAR PVT. LTD. AY 200 5 - 06 AGAINST THE ORDER OF AO TREATING THE CAPITAL GAINS DISCLOSED BY THE ASSESSEE AS CASH CREDIT ON ACCOUNT OF S A L E OF SHARES, ASSESSEE PREFERRED APPEAL BEFORE CIT(A). 4. THE CIT(A) TREATED THE SALE OF SHARES AS GENUINE TRANSACTIONS AFTER CONSIDERING THE SUBMISSIONS OF ASSESSEE AND BY OBSERVING AS UNDER: - I HAVE CAREFULLY PERUSED THE ASSESSMENT ORDER AND THE SUBMISSIONS OF THE AR. THE ASSESSEE HAS CLAIMED THAT THE SHAR ES OF THE ABOVE MENTIONED THREE COMPANIES WERE PURCHASED BY IT ON 26.03.2003 THROUGH OFF MARKET TRANSACTIONS. WHEN A TRANSACTION IS EXECUTED OFF MARKET THERE IS NO QUESTION OF ITS APPEARING IN THE DATA OF STOCK EXCHANGE. FURTHER, IT IS OBSERVED THAT IN SCH EDULE D OF THE FINAL ACCOUNTS OF THE ASSESSEE FOR THE FINANCIAL YEAR 2002 - 03 AN INVESTMENT OF RS.4,07,000/ - IS REFLECTED IN QUOTED SHARES. FROM THE BILL DATED 31.03.2003 ISSUED BY BUBNA STOCK BROKING SERVICES LTD TO THE ASSESSEE, IT IS OBSERVED THAT THE SHARES OF THE ABOVE MENTIONED THREE COMPANIES, NAMELY, BLUE CHIP INDIA LTD, SILICON VALLEY LTD. AND M.P. INVESTMENT AND CONSULTANCY SERVICES LTD. WERE PURCHASED BY THE BROKER FOR THE ASSESSEE - COMPANY FOR A TOTAL CONSIDERATION OF RS.4,07,000/ - . THE AR WAS D IRECTED TO PRODUCE COPY OF STATEMENT OF ASSESSEE S BANK ACCOUNT FROM WHERE THE PAYMENT FOR SUCH PURCHASE WAS MADE BY THE ASSESSEE. FROM THE PERUSAL OF BANK ACCOUNT STATEMENT PRODUCED, IT IS OBSERVED THAT A PAYMENT OF RS.4,07,000/ - WAS MADE FROM THAT ACCOUN T ON 3STD MARCH, 2003. THESE FACTS PROVED THAT THE ASSESSEE HAD PURCHASED SHARES OF THE ABOVE MENTIONED THREE COMPANIES DURING THE FINANCIAL YEAR 2003 - 03. THE ASSESSEE ALSO CLAIMED THAT IT HAD SOLD THOSE SHARES THROUGH BUBNA STOCK BROKING SERVICES LTD., DU RING THE FINANCIAL YEAR 2004 - 05. THE DETAILS OF SALES SUBMITTED ARE AS FOLLOWS: - M.P. INVESTMENT AND CONSULTANCY SERVICES LTD RS. 6,38,960/ - BLUE CHIP INDIA LTD. RS.16,18,380/ - SILICON VALLEY LTD RS. 7,11,200/ - THE AO HAS TREATED THE TRANS ACTION OF PURCHASE AND SALE OF THE SHARES OF BLUE CHIP INDIA LTD., SILICON VALLEY LTD., AND M.P. INVESTMENT AND CONSULTANCY SERVICES LTD TO BE A COLOURABLE TRANSACTION MAINLY FOR THE REASONS THAT THE SALE OF SHARES OF BLUE CHIP INDIA LTD AND SILICON VALLEY LTD WAS NOT RECORDED ON THE CALCUTTA STOCK EXCHANGE AND THE SALE OF SHARES OF M.P. INVESTMENT AND CONSULTANCY SERVICES LTD WAS A CROSS DEAL, I.E., THE SELLER AND THE BUYER WERE BOTH SAME PERSONS. THE AO HAS ALSO MENTIONED THAT MOST IRONICALLY THE TRADE TI ME OF BUY AND SALE WAS IDENTICAL. FROM THE PERUSAL OF ASSESSMENT ORDER IT APPEARS THAT THE AO S JUDGMENT WAS INFLUENCED BY THE FACT THAT THE BROKER THROUGH WHOM THE ASSESSEE HAD CARRIED OUT THE TRANSACTIONS OF PURCHASE AND SALE OF SHARES HAD BEEN SUSPENDED BY THE SEBI ON VARIOUS OCCASIONS AND HAD ALSO BEEN SUBJECTED TO FINANCIAL PENALTY. TO MY MIND, SUCH CONSIDERATION IS EXTRANEOUS FOR THE PURPOSES OF INCOME TAX PROCEEDINGS, TO THE ISSUE UNDER CONSIDERATION. SUSPENSION OF THE STOCK BROKERS BY SEBI FOR PRICE RIGGING AND CROSS DEALINGS AND LEVY OF FINANCIAL PENALTIES FOR THE SAME DO NOT RENDER ALL THE TRANSACTIONS CONDUCTED BY THEM TO BE NON - GENUINE AND COLOURABLE. FURTHER, THERE IS NOTHING WRONG IN CROSS DEALS AS FAR AS INCOME TAX ACT IS CONCERNED. IT ONLY ME ANS THAT PARTICULAR SHARES WERE SOLD AND PURCHASED ON THE STOCK EXCHANGE BY THE SAME SHARE BROKER. HOWEVER, THE FACT REMAINS THAT THE SHARES WERE TRANSACTED ON THE STOCK EXCHANGE. 4 ITA NO. 985 /K/201 1 LALANAND VYAPAAR PVT. LTD. AY 200 5 - 06 AS REGARDS, THE AO S OBSERVATIONS THAT MOST IRONICALLY THE TRADE TIME OFF BUY AND SALE WAS IDENTICAL , THE SAME IS ALSO OF NO CONSEQUENCE. SHARES CAN BE SOLD ON STOCK MARKET ONLY WHEN THERE IS A BUYER. IN SUCH A SITUATION THE TIME OF SALE AND PURCHASE HAS TO BE IDENTICAL. AS REGARDS THE GENUINENESS OF TRANSACTIONS OF SALE OF SHARES BY THE ASSESSEE, THE ASSESSEE HAD EXPLAINED BEFORE THE AAO THAT THE SHARES OF BLUE CHIP INDIA LTD AND SILICON VALLEY LTD WERE SOLD THROUGH OFF MARKET TRANSACTIONS FOR THAT REASONS THOSE TRANSACTIONS DID NOT APPEAR IN THE DATA OF CALCUTTA STOCK EXCHA NGE WHEN THE INFORMATION WAS CALLED FOR BY THE AO U/S. 133(6) OF THE ACT. AS REGARDS SHARES OF M.P. INVESTMENT AND CONSULTANCY SERVICES LTD THE CALCUTTA STOCK EXCHANGE HAD INFORMED THAT THOSE SHARES WERE TRANSACTED BY BUBNA STOCK BROKING SERVICES LTD THROU GH CROSS DEALS. MERELY BECAUSE THE SHARES WERE SOLD BY WAY OF CROSS DEALS, THE TRANSACTION CANNOT BE SAID TO BE NON - GENUINE. IN FACT IT PROVES THAT THOSE SHARES WERE TRANSACTED. AS ALREADY DISCUSSED ABOVE, THE AR OF THE ASSESSEE WAS DIRECTED TO PRODUCE A C OPY OF THE STATEMENT OF THE BANK ACCOUNT OF THE ASSESSEE. FROM THE COPIES OF BANK ACCOUNT STATEMENTS IT IS OBSERVED THAT THE ASSESSEE HAD RECEIVED AMOUNT OF RS.16,18,380/ - IN ITS ACCOUNTS WITH AMERICAN EXPRESS BANK ACCOUNT. THIS AMOUNT CORRESPONDS TO THE S ALE PROCEEDS OF THE SHARES OF BLUE CHIP INDIA LTD AS OBSERVED FROM THE RELEVANT BILL OF THE STOCK BROKER. A SUM OF RS.7,11,280/ - IS CREDITED IN THE BANK ACCOUNT OF THE ASSESSEE WITH HDFC BANK. THE FIGURE CORRESPONDS TO THE SALE PROCEEDS OF THE SHARES OF SI LICON VALLEY LTD., IN THE HDFC BANK ACCOUNT OF THE ASSESSEE ANOTHER SUM OF RS.6,38,480/ - IS FOUND CREDITED ON 15 - 12 - 2004 WHICH CORRESPONDS TO THE AMOUNT OF SALE PROCEEDS OF THE SHARES OF M.P. INVESTMENT AND CONSULTANCY SERVICES LTD. FROM THE ABOVE FACTS IT IS CLEAR THAT THE SUM OF RS.29,68,140/ - WAS IN FACT THE AMOUNT OF SALE PROCEEDS OF THE SHARES OF BLUE CHIP INDIA LTD., SILICON VALLEY LTD AND M.P. INVESTMENT AND CONSULTANCY SERVICES LTD BY THE ASSESSEE. THEREFORE, TREATMENT OF THAT AMOUNT BY THE AO TO BE UNEXPLAINED CASH CREDIT AND CONSEQUENT ADDITION OF THE SAME U/S. 68 OF THE ACT TO THE INCOME OF THE ASSESSEE IS UNJUSTIFIED AND NOT SUSTAINABLE. ACCORDINGLY, THE ADDITION OF RS.29,68,140/ - IS DELETED AND THIS GROUND IS ALLOWED. AGGRIEVED, AGAINST THE ORD ER OF CIT(A), REVENUE IS IN SECOND APPEAL BEFORE TRIBUNAL. 5 . WE HAVE HEARD LD. SR - DR AND GONE THROUGH THE FACTS AND CIRCUMSTANCES OF THE CASE. WE FIND THAT DURING THE ABOVE ASSESSMENT YEAR THE ASSESSEE - COMPANY HAS SOLD SOME SHARES WITH STT & WITHOUT STT AFTER HOLDING THE SAID SHARES MORE THAN 12 MONTHS THOUGH THEIR BROKER M/S BUBNA STOCK BROKING SERVICES LTD. AND EARNED RS.25,61,540/ - . THE ASSESSEE SUBMITTED COMPLETE DETAILS AND WORKING OF THE PROFIT AND TRANSACTION OF SHARES BEFORE THE AO AS WELL AS BEFORE CIT(A), WHICH WAS CONSIDERED BY BOTH THE AUTHORITIES BELOW . TO VERIFY THE GENUINE OF THE TRANSACTIONS THE AO ISSUED NOTICE U/S 133(6) OF THE ACT TO THE CALCUTTA STOCK EXCHANGE. ACCORDINGLY, A REPLY HAS BEEN SENT BY THE STOCK MARKET DATED 20 .12.2007 WHERE IT WAS STATED THAT THE SAID BROKER HAD BEEN EXECUTED ANY TRADE IN THE SCRIPT BLUE CHIP 5 ITA NO. 985 /K/201 1 LALANAND VYAPAAR PVT. LTD. AY 200 5 - 06 INDIA LTD AND SILICON VALLEY LTD. ON THAT DATE AND M/S. M.P. INVESTMENT AND CONSULTANCY SERVICES LTD. HAD BEEN SOLD AND THE PURCHASED ITSELF FOR WHICH THE AO HAS NOT BEEN CONSIDERED OUT EXPLANATION GIVEN TO HIM WHICH IS AS UNDER: - IN REPLY TO THE QUERY OF THE LD. ASSESSING OFFICER, IT IS STATED THAT ALL THE ABOVE TRANSACTIONS IN RESPECT OF PURCHASE HAS BEEN MADE THROUGH M/S BUBNA STOCK BROKERING SERVICES L TD ON 26.03.2003 IN OFF MARKET, THEREFORE, THE REFLECTION OF SUCH TRANSACTION OBVIOUSLY NOT SHOWN IN THE NAME OF M/S. BUBNA STOCK BROKING SERVICES LTD. AND IN RESPECT OF SALES OF THE ABOVE SHARES IT WAS ALSO STATED THAT THE SERIAL NO.1 OF THE LIST M/S M.P. INVESTMENTS AND CONSULTANCY SERVICES LTD., HAS BEEN SOLD THROUGH STOCK EXCHANGE AND THE SAME HAS BEEN CONFIRMED BY THE STOCK MARKET, FOR WHICH THE BROKER ISSUED THE BILL AFTER DEDUCTION OF STT ACCORDINGLY THE PROFIT ON SUCH TRANSACTION FOR RS.4,65,760/ - [ HAS BEEN CLAIMED U/S. 10(38) OF THE ACT. AND SO FAR THE SL. NO. 2 AND 3 OF THE LIST HAVE BEEN SOLD IN OFF MARKET WITHOUT PAYMENT OF STT AND THE PROFIT OF RS.18,95,780/ - (14,67,180 + 6,28,600) OFFERED FOR TAXATION AT RATE OF 10% U/S. 111A, HENCE, THE QUESTI ON OF REFLECTIONS OF SAID TWO TRANSACTIONS OBVIOUSLY NOT REFLECTED IN THE STOCK MARKET. BUT UNFORTUNATELY, THE ASSESSING OFFICER DOES NOT CONSIDER THE WHOLE FACTS AND ADDED BACK THE PROFIT INCLUDING SALES VALUE FOR RS.29,68,540/ - TOWARDS CASH CREDIT TRANSA CTION U/S 68 OF THE ACT WHICH IS NOT JUSTIFIED AT ALL. WE FIND THAT THE CIT(A) HAS CONSIDERED THE ENTIRE DETAILS AND ALSO NOTED THAT THE SALE OF SHARES BY THE ASSESSEE ARE GENUINE TRANSACTIONS FOR THE REASONS THAT THE SHARES OF BLUE CHIP INDIA LTD. AND S ILICON VALLEY CO. LTD. WERE SOLD THROUGH OFF MARKET TRANSACTIONS FOR THAT REASONS THOSE TRANSACTIONS DID NOT APPEAR IN THE DATA OF CALCUTTA STOCK EXCHANGE WHEN THE INFORMATION WAS CALLED FOR BY THE AO U/S. 133(6) OF THE ACT. AS REGARDS SHARES OF M.P. INVES TMENT AND CONSULTANCY SERVICES LTD THE CALCUTTA STOCK EXCHANGE HAD INFORMED THAT THOSE SHARES WERE TRANSACTED BY BUBNA STOCK BROKING SERVICES LTD THROUGH CROSS DEALS. MERELY BECAUSE THE SHARES WERE SOLD BY WAY OF CROSS DEALS, THE TRANSACTION CANNOT BE SAID TO BE NON - GENUINE. IN FACT IT PROVES THAT THOSE SHARES WERE TRANSACTED. THE CIT(A) DISCUSSED THE BANK ACCOUNT STATEMENTS AND OBSERVED THAT THE ASSESSEE HAD RECEIVED AMOUNT OF RS.16,18,380/ - IN ITS ACCOUNTS WITH AMERICAN EXPRESS BANK ACCOUNT. THIS AMOUNT C ORRESPONDS TO THE SALE PROCEEDS OF THE SHARES OF BLUE CHIP INDIA LTD AS OBSERVED FROM THE RELEVANT BILL OF THE STOCK BROKER. A SUM OF RS.7,11,280/ - IS CREDITED IN THE BANK ACCOUNT OF THE ASSESSEE WITH HDFC BANK. THE FIGURE CORRESPONDS TO THE SALE PROCEEDS OF THE 6 ITA NO. 985 /K/201 1 LALANAND VYAPAAR PVT. LTD. AY 200 5 - 06 SHARES OF SILICON VALLEY LTD., IN THE HDFC BANK ACCOUNT OF THE ASSESSEE ANOTHER SUM OF RS.6,38,480/ - IS FOUND CREDITED ON 15 - 12 - 2004 WHICH CORRESPONDS TO THE AMOUNT OF SALE PROCEEDS OF THE SHARES OF M.P. INVESTMENT AND CONSULTANCY SERVICES LTD. IN V IEW OF THE ABOVE FACTS THE CIT(A) CONCLUDED THAT THE SUM OF RS.29,68,140/ - WAS IN FACT THE AMOUNT OF SALE PROCEEDS OF THE SHARES OF BLUE CHIP INDIA LTD., SILICON VALLEY LTD AND M.P. INVESTMENT AND CONSULTANCY SERVICES LTD BY THE ASSESSEE. THEREFORE, HE OBSERVED THAT THE TREATMENT OF THAT AMOUNT BY THE AO TO BE UNEXPLAINED CASH CREDIT AND CONSEQUENT ADDITION OF THE SAME U/S. 68 OF THE ACT TO THE INCOME OF THE ASSESSEE IS UNJUSTIFIED AND NOT SUSTAINABLE. ACCORDINGLY, THE ADDITION OF RS.29,68,140/ - IS DE LETED . WE FIND THAT THE CIT(A) AFTER GOING THROUGH THE FACTS OF THE CASE HAS TREATED THE TRANSACTIONS OF SALE OF SHARES AS GENUINE. WE FIND NO INFIRMITY IN THE ORDER OF CIT(A) AND HENCE THE SAME IS CONFIRMED. 6 . IN THE RESULT, APPEAL OF REVENUE IS DISMISS ED . 7. ORDER IS PRONOUNCED IN THE OPEN COURT ON 1 5 T H MAY, 2015 . S D / - S D / - ( P. K. BANSAL ) (MAHAVIR SINGH) ACCOUNTANT MEMBER J UDICIAL MEMBER DATED : 1 5 T H MAY , 201 5 *DKP/ P.S COPY OF THE ORDER FORWARDED TO: 1 . A PPELLANT DC IT CIR - 7 , P - 7. CHOWRINGHEE SQUARE, KOLKATA - 69 2 RESPONDENT LALANAND VYAPAAR PVT. LTD. 113B MONOHAR DAS STREET , KOLKATA - 07 3 . THE CIT (A), KOLKATA 4. 5. CIT, KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .