I.T.O.,Ward-8(1), Kolkata V. M/s caravan Creation Private Limited, Kolkata

ITA 99/KOL/2019

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 3529 (ITAT-KOLKATA)
• Duration Of Justice: 9 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-11-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 21-01-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: RANU BISWAS
• Keywords: Earning of tax free income; Question of law; Assessment record; Rule 8D
• Section: 143(3); 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B, BENC H KOLKATA BEFORE SHRI S.S.GODARA, JM &DR. A.L.SAINI, AM ./ITA NO.99/KOL/2019 ( / ASSESSMENT YEAR: 2014-15) ITO, WARD-8(1), KOLKATA VS. M/S CARAVAN CREATION PVT. LTD. 2C, BUILDING NO.:10, SHANTI NAGAR HOUSING COLONY, LILUAH, HOWRAH- 711204 ./ ./PAN/GIR NO.: AABCC 0053 D (APPELLANT) .. (RESPONDENT) APPELLANT BY : NONE RESPONDENT BY : SMT. RANU BISWAS, ADDL. CIT / DATE OF HEARING : 31/10/2019 /DATE OF PRONOUNCEMENT : 13/11/2019 / O R D E R PER BENCH: THE CAPTIONED APPEAL FILED BY THE REVENUE, PERT AINING TO ASSESSMENT YEAR 2014-15, IS DIRECTED AGAINST THE ORDER PASSED BY TH E COMMISSIONER OF INCOME TAX (APPEAL)-5, KOLKATA, WHICH IN TURN ARISES 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 27/12/2016. 2. AT THE TIME OF HEARING NONE APPEARED ON BEHALF O F ASSESSEE IN SPITE OF ISSUANCE OF NOTICE FOR HEARING MORE THAN ONE OCCASION AND LD . DEPARTMENTAL REPRESENTATIVE(DR), WAS PRESENT FOR THE APPELLANT R EVENUE. IN THE ABSENCE OF ANY APPEARANCE BY THE ASSESSEE, THE APPEAL IS BEING DIS POSED OF EX PARTE QUA THE ASSESSEE, AFTER HEARING LD. DR FOR THE REVENUE ON M ERITS IN TERMS OF RULE 24 OF THE INCOME TAX APPELLATE, TRIBUNAL, RULES, 1963. 3. THE GROUNDS OF APPEAL RAISED BY THE 1. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DELETING THE DISALLOWANCE OF RS. 1, 82,18,707/ 14A OF I.T. ACT BY THE ASSESSING OFFICER AND ADDED THE EXPENSES WHICH RELATABLE TO EARNING OF EXEMPT INCOME, WITHOUT CIRCULAR NO. 5/2014 DT. 11.02.2014.. 2. THAT THE APPELLANT RESERVES THE RIGHT TO AMEND, ALTER OR ADD TO ANY GROUND(S) OF APPEAL BEFORE OR AT THE TIME OF HEARIN G OF THE APPEAL. 4. BRIEF FACTS QUA THE ISSUE ARE THAT ASSESSING OFFICER NOTICED THAT THE ASSESSEE DID NOT MAKE DISALLOWANCE U/S 14A IN RELATION TO EXEMPT INCOME. THE ASSESSING OFFICER WA S OF THE VIEW THAT EXPENDITURE IN RELATION TO EARNING OF EXEMPT INCOME , IS NOT DIRECTLY AT PROPORTIONATE EXPENDITURE IS TO BE CALCULATED AS PE R THE PROVISIONS CONTAINED IN RULE 8D OF THE INCOME TAX RULE, 1962. ACCORDINGLY, PROPORTIONATE EXPENDITURE IN RELATION TO THE INVESTMENT WHICH YIELDS EXEMPTED IN COME ASSESSING OFFICER AS FOLLOWS: M/S CARAVAN CREATION PVT. LTD. ITA NO. ASSESSMENT YEAR: ASSESSEE, AFTER HEARING LD. DR FOR THE REVENUE ON M ERITS IN TERMS OF RULE 24 OF THE INCOME TAX APPELLATE, TRIBUNAL, RULES, 1963. 3. THE GROUNDS OF APPEAL RAISED BY THE REVENUE ARE AS FOLLOWS: THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DELETING THE DISALLOWANCE OF RS. 1, 82,18,707/ 14A OF I.T. ACT BY THE ASSESSING OFFICER AND ADDED THE EXPENSES WHICH TO EARNING OF EXEMPT INCOME, WITHOUT SUBSTANTIATING THE CBDT CIRCULAR NO. 5/2014 DT. 11.02.2014.. 2. THAT THE APPELLANT RESERVES THE RIGHT TO AMEND, ALTER OR ADD TO ANY GROUND(S) OF APPEAL BEFORE OR AT THE TIME OF HEARIN G OF THE APPEAL. 4. BRIEF FACTS QUA THE ISSUE ARE THAT DURING THE ASS ESSMENT PROCEEDINGS, THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE DID NOT MAKE DISALLOWANCE U/S 14A IN RELATION TO EXEMPT INCOME. THE ASSESSING OFFICER WA S OF THE VIEW THAT EXPENDITURE IN RELATION TO EARNING OF EXEMPT INCOME , IS NOT DIRECTLY AT PROPORTIONATE EXPENDITURE IS TO BE CALCULATED AS PE R THE PROVISIONS CONTAINED IN RULE 8D OF THE INCOME TAX RULE, 1962. ACCORDINGLY, PROPORTIONATE EXPENDITURE IN RELATION TO THE INVESTMENT WHICH YIELDS EXEMPTED IN COME WAS CALCULATED BY OFFICER AS FOLLOWS: M/S CARAVAN CREATION PVT. LTD. ITA NO. 99/KOL/2019 ASSESSMENT YEAR: 2014-15 P PP PA AA AG GG GE EE E | || | 2 22 2 ASSESSEE, AFTER HEARING LD. DR FOR THE REVENUE ON M ERITS IN TERMS OF RULE 24 OF THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DELETING THE DISALLOWANCE OF RS. 1, 82,18,707/ - MADE U/S 14A OF I.T. ACT BY THE ASSESSING OFFICER AND ADDED THE EXPENSES WHICH SUBSTANTIATING THE CBDT 2. THAT THE APPELLANT RESERVES THE RIGHT TO AMEND, ALTER OR ADD TO ANY GROUND(S) OF APPEAL BEFORE OR AT THE TIME OF HEARIN G OF THE APPEAL. ESSMENT PROCEEDINGS, THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE DID NOT MAKE DISALLOWANCE U/S 14A IN RELATION TO EXEMPT INCOME. THE ASSESSING OFFICER WA S OF THE VIEW THAT WHEN THE EXPENDITURE IN RELATION TO EARNING OF EXEMPT INCOME , IS NOT DIRECTLY AT TRIBUTABLE, PROPORTIONATE EXPENDITURE IS TO BE CALCULATED AS PE R THE PROVISIONS CONTAINED IN RULE 8D OF THE INCOME TAX RULE, 1962. ACCORDINGLY, PROPORTIONATE EXPENDITURE IN WAS CALCULATED BY M/S CARAVAN CREATION PVT. LTD. ITA NO.99/KOL/2019 ASSESSMENT YEAR:2014-15 P PP PA AA AG GG GE EE E | || | 3 33 3 THE ASSESSING OFFICER OBSERVED THAT THE ASSESSEE C OMPANY WAS REQUIRED TO DISALLOW THE PROPORTIONATE EXPENDITURE OF RS. 1,82, 18,706/- IN CONNECTION WITH ITS INVESTMENTS, BUT IT HAS NOT DISALLOWED ANY EXPENDIT URE IN RELATION TO ITS ABOVE MENTIONED INVESTMENTS. AS PER THE CBDT CIRCULAR-5 D ATED 11/02/2014, EVEN IF THE ASSESSEE HAS NOT EARNED ANY EXEMPT INCOME DURING TH E YEAR UNDER CONSIDERATION, SECTION 14A AND RULE 8D IS APPLICABLE. HAVING REGAR D TO THE ABOVE OBSERVATIONS AND KEEPING IN VIEW THE CBDT CIRCULAR-5/2014, THE P ROPORTIONATE EXPENDITURE TO THE TUNE OF RS. 1,82,18,706/- WAS DISALLOWED BY ASS ESSING OFFICER. 5. AGGRIEVED BY THE ORDER OF THE ASSESSING OFFICER, THE ASSESSEE CARRIED THE MATTER IN APPEAL BEFORE THE LD. CIT(A) WHO HAS DELETED THE ADDITION MADE BY THE ASSESSING OFFICER OBSERVING THE FOLLOWINGS: I HAVE CONSIDERED THE SUBMISSION OF THE APPELLANT AND PERUSED THE RELEVANT ASSESSMENT RECORDS. THE AO HAD MADE DISALLOWANCE U/ S 14A WITHOUT REFERENCE TO RULE 8D OF THE INCOME TAX RULES, 1962. THE A.O. HAS NOT RECORDED THE SATISFACTION FOR BRINGING IN SECTION 14A READ WITH RULE 8D TO PLAY. THE A.O. HAD MADE DISALLOWANCE U/S 14A WITHOUT ASSIGNING ANY REA SONS WHICH IS AGAINST THE SPIRIT OF LAW U/S 14A. THE AO HAS TO RECORD REASONS BASED ON INSPECTION OF THE BOOKS OF ACCOUNTS, THAT THE APPELLANT HAD INCURRED EXPENDITURE FOR EARNING EXEMPT INCOME BEFORE HE CAN PROCEED TO MAKE ANY DISALLOWAN CE U/S 14A. THE GENERAL OBSERVATION CITED BY THE AO DOES NOT CONSTITUTE SAT ISFACTION AS ENVISAGED UNDER THE ACT. AS HELD IN A NUMBER OF JUDICIAL DECISIONS, INCLUDING THAT OF THE JURISDICTIONAL HIGH COURT IN THE CASE OF OF CIT VS. R.E.I. AGRO LTD. IN ITAT NO. 161 OF 2013, THE SATISFACTION MUST BE BASED ON THE EXAMINATION OF THE ACCOUNTS OF THE APPELLANT. THE DISALLOWANCE MADE BY THE AO IS W ITHOUT APPLICATION OF MIND AND AGAINST SPIRIT OF SECTION 14A READ WITH RULE 8D . THIS DISALLOWANCE HAS NO LEGAL BASIS. THE APPELLANT IN HIS SUBMISSION HAD ALSO PRESSED TH E POINT, THAT DURING THE YEAR, THE ASSESSEE COMPANY DID NOT EARN ANY EXEMPT INCOME WHICH IS SINE QUA NON FOR INVOKING PROVISIONS OF SEC 14A OF THE ACT. SINCE TH E ASSESSEE'S INCOME DOES NOT CONSIST OF ANY EXEMPT INCOME, THE AO ERRED IN INVOK ING THE PROVISIONS OF SEC. 14A R/W RULE 8D. IN THE ABSENCE OF EXEMPT INCOME, SECTI ON 14A READ WITH RULE 8D WILL NOT COME TO PLAY. THERE IS MERIT IN THE SUBMISSION OF THE APPELLANT. AS HELD BY THE MADRAS HIGH COURT IN M/S REDINGTON (INDIA) LTD VS A DDITIONAL CIT [2017] 77 TAXMANN.COM 257 (MADRAS) 'THE PROVISIONS OF SECTION 14A WERE INSERTED AS A RESPONSE TO THE JUDGMENTS OF THE SUPREME COURT IN C IT V. MAHARASHTRA SUGAR MILLS LTD. [1971] 82 ITR 452 AND RAJASTHAN STATE WA RE HOUSING CORPN. V. CIT [2000] 242 ITR 450/109 TAXMAN 145 IN TERMS OF WHICH , EXPENDITURE INCURRED BY AN ASSESSEE CARRYING ON A COMPOSITE BUSINESS GIVING RISE TO BOTH TAXABLE AS WELL AS NON- TAXABLE INCOME, WAS ALLOWABLE IN ENTIRETY W ITHOUT APPORTIONMENT. IT WAS THUS THAT S. 14A WAS INSERTED PROVIDING THAT NO DED UCTION SHALL BE ALLOWABLE IN RESPECT OF EXPENDITURE INCURRED IN RELATION TO THE EARNING OF INCOME EXEMPT FROM TAXATION. AS OBSERVED BY THE SUPREME COURT IN THE J UDGMENT IN THE CASE OF CIT V. WALFORT SHARE & STOCK BROKERS (P.) LTD. [2010] 326 ITR 1/192 TAXMAN 211.' THE M/S CARAVAN CREATION PVT. LTD. ITA NO.99/KOL/2019 ASSESSMENT YEAR:2014-15 P PP PA AA AG GG GE EE E | || | 4 44 4 MANDATE OF S. 14A IS CLEAR. IT DESIRES TO CURB THE PRACTICE TO CLAIM DEDUCTION OF EXPENSES INCURRED IN RELATION TO EXEMPT INCOME AGAI NST TAXABLE INCOME AND AT THE SAME TIME AVAIL OF THE TAX INCENTIVE BY WAY OF AN E XEMPTION OF EXEMPT INCOME WITHOUT MAKING ANY APPORTIONMENT OF EXPENSES INCURR ED IN RELATION TO EXEMPT INCOME.' THE PROVISION THUS IS CLEARLY RELATABLE TO THE EARN ING OF ACTUAL INCOME AND NOT NOTIONAL OR ANTICIPATED INCOME. THE SUBMISSION OF T HE DEPARTMENT TO THE EFFECT THAT SECTION 14A WOULD BE ATTRACTED EVEN TO EXEMPT INCOM E 'INCLUDABLE' IN TOTAL INCOME WOULD ENTAIL THE ASSESSMENT OF NOTIONAL INCOME, AS SUMED TO BE EXEMPT IN THE FUTURE, IN THE PRESENT ASSESSMENT YEAR. THE COMPUTA TION OF TOTAL INCOME IN TERMS OF SECTION 5 OF THE ACT IS ON REAL INCOME AND THERE IS NO SANCTION IN LAW FOR THE ASSESSMENT OF ADMITTEDLY NOTIONAL INCOME, PARTICULA RLY IN THE CONTEXT OF AFFECTING A DISALLOWANCE IN CONNECTION THEREWITH.' AS HELD BY T HE JURISDICTIONAL ITAT IN THE CASE OF DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-6 , KOLKATA VERSUS GULSHAN INVESTMENT CO. LTD. I.T. APPEAL NO. 666 (KOL.) OF 2 012. IT IS SO FOR THE ELEMENTARY REASON THAT THE ONE OF THE VARIABLES ON THE BASIS O F WHICH DISALLOWANCE UNDER RULES 8D(2)(II) AND (III) IS TO BE COMPUTED IS THE VALUE OF 'INVESTMENTS, INCOME FROM WHICH DOES NOT OR SHALL NOT FORM PART OF TOTAL INCO ME', AND, WHEN THERE ARE NO SUCH INVESTMENTS, THE RULE CANNOT HAVE ANY APPLICATION. WHEN NO AMOUNT CAN BE COMPUTED IN THE LIGHT OF THE FORMULA GIVEN IN RULE 8 D(II) AND (III), NO DISALLOWANCE CAN BE MADE UNDER RULE 8D (2)(II) AND (III) EITHER. AS HELD BY HON'BLE SUPREME COURT IN THE CASE OF CIT V. B C SRINIVAS SHETTY (12 8 ITR 294), WHEN COMPUTATION PROVISIONS FAIL, THE CHARGING PROVISIONS CANNOT BE APPLIED, AND BY THE SAME LOGIC, WHEN THE COMPUTATION PROVISIONS UNDER RULE 8 D (2) (II) AND (III) FAIL, DISALLOWANCE UNDER THE SAID PROVISIONS CANNOT BE MADE EITHER AS THE SAID PROVISION IS RENDERED UNWORKABLE. IN THIS CASE AS THE APPELLANT HAD NOT EARNED ANY EX EMPT INCOME, A QUESTION OF DISALLOWANCE ANY EXPENDITURE FOR EARNING EXEMPT INC OME DOES NOT ARISE AS HIGHLIGHTED BY VARIOUS JUDICIAL JUDGEMENTS, COMPUTA TION OF INCOME U/S. 5 OF THE ACT RELATES TO REAL INCOME AND NOT NOTIONAL INCOME. THE MADRAS HIGH COURT IN THE CASE OF M/S REDINGTON (INDIA) LTD VS ADDITIONAL CIT 2017 ] 77 TAXMANN.COM 257 (MADRAS) WHILE DISMISSING THE APPEAL OF REVENUE HAS RULE 'THE EXEMPTION EXTENDED TO DIVIDEND INCOME WOULD RELATE ONLY TO THE PREVIOU S YEAR WHEN THE INCOME WAS EARNED AND NONE OTHER AND CONSEQUENTLY THE EXPENDIT URE INCURRED IN CONNECTION THEREWITH SHOULD ALSO BE DEALT WITH IN THE SAME PRE VIOUS YEAR. THUS, BY APPLICATION OF THE MATCHING CONCEPT, IN A YEAR WHERE THERE IS N O EXEMPT INCOME, THERE CANNOT BE A DISALLOWANCE OF, EXPENDITURE IN RELATION TO SU CH ASSUMED INCOME. MADRAS INDUSTRIAL INVESTMENT CORPN. LTD. V. CIT [1997] 225 ITR 802/91 TAXMAN 340 (SC). THE LANGUAGE OF S.14A (1) SHOULD BE READ IN THAT CO NTEXT AND SUCH THAT IT ADVANCES THE SCHEME OF THE ACT RATHER THAN DISTORT IT. IN CO NCLUSION, WE ARE OF THE VIEW THAT THE PROVISIONS OF S. 14A READ WITH RULE 8D OF THE R ULES CANNOT BE MADE APPLICABLE IN A VACUUM I.E. IN THE ABSENCE OF EXEMPT INCOME.' THE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS ASHIKA GLOBAL SECURITIES LTD ITAT 100 OF 2014 GA 2122 OF 2014 HAD RULED THAT IN ABSENCE OF EXEMPT INCOME, THERE WAS NO QUESTION OF DISALLOWANCE U/S 14A READ WITH RULE 8D. THE HON'BLE COURT HAD HELD THAT 'THIS IS ANOTHER USELESS APPEAL WITHOUT ANY SUBSTANCE. IN COURSE OF ASSESSMENT, A SUM OF ABOUT RS. 99 LAKH DE BITED AS INTEREST PAID ON UNSECURED LOANS ANOTHER SUM OF ABOUT RS. 9 LAKH ENG AGED THE ATTENTION OF THE OFFICER. THE ASSESSING OFFICER REQUIRED THE ASSESSE E TO EXPLAIN WHY THE INTEREST M/S CARAVAN CREATION PVT. LTD. ITA NO.99/KOL/2019 ASSESSMENT YEAR:2014-15 P PP PA AA AG GG GE EE E | || | 5 55 5 EXPENSE AND THE ADMINISTRATIVE EXPENSES SHOULD NOT BE DISALLOWED IN VIEW OF SECTION 14A OF THE INCOME TAX ACT, 1961 THE ASSESSE E REPLIED THAT SUCH INCOME WAS NOT EXEMPTED INCOME EARNED DURING THE YEAR AND THERE WAS NO QUESTION OF DISALLOWANCE UNDER RULE 8D OF THE INCOME TAX RULES, 1962 READ WITH SECTION 14A OF THE ACT. BOTH THE COMMISSIONER AND THE APPELLATE TRIBUNAL FOUND AS A MATTER OF FACT THAT THERE WAS NO EXEMPT INCOME FOR THE OPERAT ION OF THE RELEVANT RULE. IN THE LIGHT OF SUCH CONCURRENT FINDINGS AND, IN PARTICULA R, THE DEPARTMENT FAILING TO DEMONSTRATE ANY ERROR THEREIN, NO QUESTION OF LAW A RISES IN THIS MATTER. ITAT 100 OF 2014 AND GA 2122 OF 2014 ARE DISMISSED. THERE WI LL BE NO ORDER AS TO COSTS.' THE APEX COURT IR. THE CASE OF CIT(CENTRAL) VS CHET TINAD LOGISTICS (P) LTD [2018] 95 TAXMANN.COM (SC) HAD DISMISSED SLP ON THE GROUND S OF DELAY AS WELL AS ON MERITS FILED BY THE REVENUE AGAINST THE DECISION OF THE MADRAS HIGH COURT WHICH HAS HELD THAT WHEN THERE WAS NO EXEMPT INCOME I.E. DIVIDEND, WAS EARNED IN RELEVANT ASSESSMENT YEAR BY THE ASSESSEE, SECTION 1 4A COULD NOT BE INVOKED.THE A.O IN HIS ASSESSMENT ORDER TOOK THE VIEW THAT IN T HE LIGHT OF CIRCULAR NO. 5/2014 DATED 11/02/2014 DISALLOWANCE U/S 14A OF THE ACT, A S PER RULE 8D IS REQUIRED TO BE MADE ON EXPENSES WHICH ARE RELATABLE TO EARNING OF EXEMPT INCOME, EVEN IF THEREIS- NO- EXEMPT INCOME.. HOWEVER, THE DELHI HIGH COURT I N PCIT TTR & FS ENERGY DEVELOPMENT COMPANY LTD [2017] 84 TAXMANN.COM 186 ( DELHI) HELD THAT THE CBDT CIRCULAR CANNOT OVERRIDE THE EXPRESSED PROVISI ONS OF SECTION 14A OF THE ACT READ WITH RULE 8D.AFTER A CAREFUL CONSIDERATION OF THE DECISIONS AS FOREGOING INCLUDING THAT OF THE JURISDICTIONAL HIGH COURT, AN D ITAT THE ASSESSMENT RECORDS AND THE SUBMISSION OF THE ASSESSEE, DISALLOWANCE OF RS.1,82,18,707/- UNDER SECTION 14A OF THE ACT READ WITH RULE 8D (2) IS TO BE DELET ED. THE ASSESSING OFFICER IS DIRECTED ACCORDINGLY. THIS GROUND OF APPEAL SUCCEED S AND IS, THEREFORE, ALLOWED . 6. AGGRIEVED BY THE ORDER OF THE LD. CIT(A), THE RE VENUE IS IN APPEAL BEFORE US. 7. THE LD. DR HAS PRIMARILY REITERATED THE STAND TA KEN BY THE ASSESSING OFFICER WHICH WE HAVE ALREADY NOTED IN OUR EARLIER PARA AND THE SAME IS NOT BEING REPEATED FOR THE SAKE OF BREVITY AND ON THE OTHER HAND, THE LD. COUNSEL FOR THE ASSESSEE HAS DEFENDED THE ORDER OF THE LD. CIT(A). 8. WE HEARD BOTH THE PARTIES AND CAREFULLY GONE THR OUGH THE SUBMISSION PUT FORTH ON BEHALF OF THE ASSESSEE ALONG WITH THE DOCUMENTS FURNISHED AND THE CASE LAWS RELIED UPON, AND PERUSED THE FACT OF THE CASE INCLU DING THE FINDINGS OF THE LD CIT(A) AND OTHER MATERIALS AVAILABLE ON RECORD. HAV ING GONE THROUGH THE ORDER OF THE LD. CIT(A) WE NOTE THAT THERE IS NO INFIRMITY I N THE ORDER OF THE LD. CIT(A) M/S CARAVAN CREATION PVT. LTD. ITA NO.99/KOL/2019 ASSESSMENT YEAR:2014-15 P PP PA AA AG GG GE EE E | || | 6 66 6 THEREFORE, HIS ORDER ON THIS ISSUE, IS HEREBY UPHEL D AND THE GROUND OF APPEAL RAISED BY THE REVENUE IS DISMISSED. 9. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE COURT ON 13.1 1.2019 SD/- ( S.S.GODARA ) SD/- (A.L.SAINI) / JUDICIAL MEMBER / ACCOUNTANT MEMBER / DATE: 13/11/2019 ( SB, SR.PS ) COPY OF THE ORDER FORWARDED TO: 1. ITO, WARD-8(1), KOLKATA 2. M/S CARAVAN CREATION PVT. LTD. 3. C.I.T(A)- 4. C.I.T.- KOLKATA. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. 6. GUARD FILE. TRUE COPY BY ORDER ASSIST ANT REGISTRAR ITAT, KOLKA TA BENCHES