Rasvick Apparels Pvt. Ltd., Baroda V. The ACIT, Circle-4, Baroda

MA 40/AHD/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2457 (ITAT-AHMEDABAD)
• Duration Of Justice: 7 month(s) 13 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-10-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 05-09-2014
• Assessment Year: 2008-2009
• Appeal Filed On: 03-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business income; Speculation loss; Speculative transactions

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, AHMEDABAD .., , BEFORE SHRI N.S. SAINI, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER MA NO.40/AHD/2014 - AY 2008-09 (IN ./ IN I.T.A. NO.2305/AHD/2012 AY 2008-09) RASVICK APPARELS PVT.LTD. 588, ATLADARA INDUSTRIAL ESTATE ATLADARA BARODA 390 012 (ORIGINAL RESPONDENT) / VS. THE ACIT CIRCLE-4 BARODA (ORIGINAL APPELLANT) ./ ./ PAN/GIR NO. : AABCR 0938 C ( APPLICANT ) .. ( #$ % / RESPONDENT ) ASSESSEE B Y : MS. URVASHI SHODHAN, A.R. REVENUE B Y : SHRI V.K. SINGH, SR.D.R. &'() / DATE OF HEARING : 05/09/2014 *+,-() / DATE OF PRONOUNCEMENT : 15/10/2014 / O R D E R PER SHRI KUL BHARAT, JUDICIAL MEMBER : THIS MISCELLANEOUS APPLICATION HAS BEEN FILED BY TH E ASSESSEE ON 3.3.2014 (ARISING OUT OF ITA NO.2035/AHD/2012 FOR A Y 2008-09- REVENUES APPEAL) IN THE ORDER DATED 18/04/2013 PAS SED BY THE ITAT B BENCH, AHMEDABAD. 2. THE LD.COUNSEL FOR THE ASSESSEE SUBMITTED THAT A MISTAKE CREPT IN THE TRIBUNALS ORDER DATED 18/04/2013(SUPRA). THE LD.COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE TRIBUNAL ORDER REQUIRES TO BE RECTIFIED AND, ACCORDINGLY, THE ORDER MAY BE MODIFIED. SHE SUBMI TTED THAT THE RATIO LAID DOWN IN THE JUDGEMENT OF HONBLE BOMBAY HIGH C OURT IN THE MA NO.40/AHD/2014 (IN ITA NO.2305/AHD/2012) RASVICK APPARELS PVT.LTD. VS. ACIT ASST.YEAR 2008-09 - 2 - CASE OF CIT VS. LOKMAT NEWSPAPERS (P) LTD. (322 ITR 43) HAS ESCAPED ATTENTION OF THIS TRIBUNAL. SHE SUBMITTED THAT NON -CONSIDERATION OF THIS CASE-LAW AS RELIED TANTAMOUNT TO MISTAKE APPARENT F ROM RECORD. 3. ON THE CONTRARY, THE LD.SR.DR STRONGLY OPPOSED THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE AND SUBMITTED THA T THERE IS NO MISTAKE APPARENT FROM THE RECORD. HE SUBMITTED THAT THE AS SESSEE IS TRYING TO GET THE TRIBUNAL ORDER REVIEWED UNDER THE GARB OF RECTI FICATION OF MISTAKE. 3. WE HAVE HEARD RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THE CONTENTION OF THE ASSESS EE IN ITS APPLICATION ARE AS UNDER:- 1. THE APPELLANT ABOVE NAMED FILES THE PRESENT APP LICATION FOR SETTING ASIDE THE ORDER DATED 18/04/2013 PASSED BY THIS HONBLE TRIBUNAL ALLOWING THE APPEAL FILED BY THE RESPONDEN T (ORIGINAL APPELLANT) FOR THE STATISTICAL PURPOSE. IT IS MOS T RESPECTFULLY SUBMITTED THAT IN THE SAID ORDER OF THE HONBLE ITA T, THERE IS AN ERROR APPARENT FROM THE RECORD. 2. THE HONBLE TRIBUNAL WHILE ADJUDICATING THE IMP UGNED APPEAL IN PARA 8 ON PAGE 6 OF THE ORDER AFTER REPRODUCING THE ORDER OF LD.CIT(A) NOTED:- WE FIND FORCE IN THE CONTENTION OF THE LD.SR.D.R. THAT THE LD.CIT(A) HAS NOT EXAMINED WHETHER THE TRANSACTIONS EFFECTED IN SHARES RESULTED INTO BUSINESS LOSS OR CAPITAL LOSS. THERE FORE, WE ARE OF THE VIEW THAT THIS MATTER BE RESTORED BACK TO THE FILE OF LD.CIT(A) TO DECIDE THIS ISSUE AFRESH AFTER EXAMINING WHETHER TH E TRANSACTION IN SHARES RESULTED INTO BUSINESS LOSS OR CAPITAL LOSS AFTER EXAMINING THE SAME, DECIDE THE ISSUE OF NETTING OFF AS PER LA W. WE ORDER MA NO.40/AHD/2014 (IN ITA NO.2305/AHD/2012) RASVICK APPARELS PVT.LTD. VS. ACIT ASST.YEAR 2008-09 - 3 - ACCORDINGLY. THUS, THIS GROUND OF REVENUES APPEAL IS ALLOWED FOR STATISTICAL PURPOSE. THIS FINDING IS FACTUALLY ERRONEOUS AND CONTRARY TO FACTS ON RECORD. AT THE TIME OF HEARING OF THE APPEAL THE ASSESSEES COUNSEL HAD REFERRED TO THE ANNUAL ACCOUNTS FOR THE YEAR UNDER CONSIDERATION AND HAD INVITED ATTENTION OF THE HONBLE TRIBUNAL T O GROUPING TO SCHEDULE 15 ON PAGE 8 OF P/B PROFIT/LOSS ON PURCHAS E/SALE OF SHARES. PROFIT ON SALE OF SHARES RS.21,949,309/- LOSS ON SALE OF SHARES RS.(8,237,695/-) DURING THE YEAR UNDER CONSIDERATION THE APPLICANT H AS EARNED NET PROFIT OF RS.1,37,11,614/- FROM SHARE TRADING ACTIV ITY. THIS FACTUAL ASPECT WAS BEFORE BOTH THE LOWER AUTHORITIES AS WEL L HONBLE ITAT. (REPRODUCED BY LD.CIT(A) IN PARA 4.3 ON PAGE 15 OF THE ORDER) AO INVOKED EXPLANATION TO SECTION 73 OF THE ACT TO TREAT LOSS INCURRED ON SHARE TRADING ACTIVITY AS SPECULATION LOSS IGNORING THE FACTS ON RECORD THAT THE APPLICANT HAD IN FACT EARNED NET PROFIT OF RS.1,37,11,614/- THAT WOULD NOT ATTRACT PROVISIO NS OF EXPLANATION BELOW SECTION 73 OF THE ACT. 3. THE APPLICANT OFFERED PROFIT/LOSS ON SALE OF SHARES AS BUSINESS INCOME IN COMPUTATION OF INCOME. HENCE RE STORING THE ISSUE TO FILE OF CIT(A) TO EXAMINE AS TO WHETHER TR ANSACTION IN SHARES RESULTED INTO BUSINESS LOSS OR CAPITAL LOSS DOES NOT ARISE. EVEN AO HAS NOT QUESTIONED THIS ASPECT. 4. THE AR OF THE APPLICANT HAD DRAWN ATTENTION OF THE HONBLE BENCH TO THE COMPILATION OF ORDERS FILED IN ASSESSE ES OWN CASE FOR A.Y. 2004/05 WHEREIN LD.CIT(A) ON PAGES 14 & 15 AFT ER APPRECIATING THE FACT THAT FOR THE SAKE OF CONVENIE NCE THE APPLICANT TREATED PROFIT AND LOSS SUFFERED ON SALE OF SHARES SEPARATELY, HAD HELD THAT PROVISIONS OF EXPLANATION BELOW SECTION 7 3 WERE NOT APPLICABLE TO THE FACTS OF THE CASE. MA NO.40/AHD/2014 (IN ITA NO.2305/AHD/2012) RASVICK APPARELS PVT.LTD. VS. ACIT ASST.YEAR 2008-09 - 4 - IT IS SUBMITTED THAT THIS COGENT & DETAILED ORDER O F LD.CIT(A) FOR A.Y. 2004/05 WAS NOT CHALLENGED BY REVENUE BEFORE H ONBLE ITAT. AR OF THE APPLICANT RELIED ON THE FINDING OF LD.CIT (A) THAT WHEN THE APPLICANT OFFERED PROFIT/LOSS EARNED ON SHARE TRANS ACTION AS BUSINESS INCOME AND WHEN NET RESULT OF THIS ACTIVIT Y RESULTS IN PROFIT THE QUESTION OF INVOKING EXPLANATION TO SECT ION 73 WILL NOT ARISE. IT WAS FURTHER SUBMITTED THAT EVEN OTHERWIS E THE APPLICANT HAVING BUSINESS INCOME GREATER THAN THE INCOME FROM OTHER SOURCES OR CAPITAL GAINS, BOTH THE GAIN AND LOSS OF SHARE TRANSACTIONS ARE TO BE TREATED AS SPECULATIVE TRANS ACTIONS AS PER EXPLANATION BELOW SECTION 73 OF THE ACT PERMITTING NETTING OFF AS PER RATIO LAID DOWN BY HONBLE BOMBAY HIGH COURT IN LOKMAT NEWSPAPERS (322 ITR 43). 3.1. BEFORE ADVERTING TO THE SUBMISSIONS OF THE ASS ESSEE, IT IS NOTICED THAT IN THE ORDER DATED 18/04/2013, THERE IS A TYPO GRAPHICAL ERROR WHICH REQUIRES TO BE RECTIFIED AS UNDER:- IN FIRST PARAGRAPH : THE ASSESSMENT YEAR MENTIONED AS 2006-07 INSTEAD OF AY 2008-09 AND THE SAME IS HEREBY MODIFI ED AS AY 2008-09. 3.2. NOW, COMING TO THE SUBMISSION OF THE ASSESSEE, WE FIND THAT LD.CIT(A) ALLOWED THE CLAIM OF THE ASSESSEE BY FOLL OWING THE JUDGEMENT OF HONBLE BOMBAY HIGH COURT RENDERED IN THE CASE O F CIT VS. LOKMAT NEWSPAPERS (P) LTD. REPORTED AT 322 ITR 43. IN THE CASE IN HAND, THE AO HAS REJECTED THE SUBMISSIONS OF THE ASSESSEE BY OBSERVING AS UNDER:- 5.2. THE ASSESSEES COUNSEL RELIED UPON THE SUBMIS SION MADE BY THE ASSESSEE VIDE ITS LETTER DATED 24.11.2010. IT IS STATED BY THE ASSESSEE THAT AS PER BOARDS CIRCULAR NO.24, IT WAS STATED THAT THE LOSS SUFFERED BY THE ASSESSEE IS TO BE SET OFF AGAI NST THE PROFITS EARNED FROM SUCH ACTIVITIES. THE ASSESSEE HAS BOTH LOSSES AS WELL MA NO.40/AHD/2014 (IN ITA NO.2305/AHD/2012) RASVICK APPARELS PVT.LTD. VS. ACIT ASST.YEAR 2008-09 - 5 - AS PROFIT FROM THE DEALING OF SHARES. THUS, BY VIR TUE OF THE CIRCULAR ALSO, THE ASSESSEE IS PERMITTED TO SET OFF THE LOSS FOR THE YEAR WITH PROFIT FOR THE YEAR OF SHARE TRANSACTIONS. AND THE NET RESULT OF THE SAME IS PROFIT FOR THE YEAR. IT WAS, THEREFORE, RE QUESTED NO TO TREATED THE LOSS IN SALE OF SHARES AT RS.82,37,695 AS SPECULATIVE LOSS. 5.3. I HAVE CONSIDERED THE REPLY OF THE ASSESSEE. EXPLANATION TO SECTION 73 SAYS AS UNDER:- WHERE ANY PART OF THE BUSINESS OF COMPANY (OTHER T HAN A COMPANY WHOSE GROSS TOTAL INCOME CONSISTS MAINLY OF INCOME WHICH IS CHARGEABLE UNDER THE HEAD INTEREST ON SECURITIES, INCOME FROM HOUSE PROPERTY, CAPITAL GAINS AND INCOME FROM OTHER SOURCES, OR A COMPANY THE PRINCIPAL BUSINESS OF WHICH IS THE BUSINESS OF BANK ING OR THE GRANTING OF LOANS AND ADVANCES) CONSISTS IN THE PUR CHASE AND SALE OF SHARES OF OTHER COMPANIES SUCH COMPANY SHALL FOR THE PURPOSE OF THIS SECTION, BE DEEMED TO BE CA RRYING ON A SPECULATION BUSINESS TO THE EXTENT TO WHICH THE B USINESS CONSISTS OF THE PURCHASE AND SALE OF SUCH SHARES. ADMITTEDLY, IN THE CASE OF THE ASSESSEE, THE ASSESS EE INCURRED LOSS OF RS.82,37,695 ON PURCHASE AND SALE OF SHARES. TH EREFORE, THE EXPLANATION TO SECTION 73 IS ATTRACTED IN THE CASE OF THE ASSESSEE. NO WHERE IT IS MENTIONED THAT NETTING IS TO BE DONE . IN THESE CIRCUMSTANCES, IT IS HELD THAT THE LOSS INCURRED BY THE ASSESSEE ON PURCHASE AND SALE OF SHARES AT RS.82,37,695 IS NOTH ING BUT A SPECULATIVE TRANSACTION. THE ASSESSEE IS NOT ALLOW ED SET OFF OF THIS LOSS AGAINST ANY INCOME DURING THE YEAR. PENALTY P ROCEEDINGS U/S.271(1)(C) OF THE INCOME-TAX ACT, 1961 ARE SEPAR ATELY INITIATED. [DISALLOWANCE RS.82,37,695] 3.3. THE UNDISPUTED FACT REMAINS THAT THE AO HAS TR EATED THE LOSS ARISING OUT OF THE SALE OF SHARES AS SPECULATION LO SS, BUT HAS NOT ALLOWED SET OFF OF THE SAME LOSS AGAINST THE PROFIT EARNED FROM SALE OF SHARES. OUR MA NO.40/AHD/2014 (IN ITA NO.2305/AHD/2012) RASVICK APPARELS PVT.LTD. VS. ACIT ASST.YEAR 2008-09 - 6 - ATTENTION IS DRAWN TO THE JUDGEMENT OF THE HONBLE BOMBAY HIGH COURT RENDERED IN THE CASE OF LOKMAT NEWSPAPERS (P) LTD. (SUPRA), WHEREIN THE HONBLE BOMBAY HIGH COURT HAS HELD AS UNDER:- 10. THE SUBMISSION WHICH HAS BEEN URGED ON BEHALF OF T HE REVENUE, CANNOT BE ACCEPTED, HAVING REGARD TO THE PLAIN MEANING OF THE EXPLANATION TO S. 73. THE SUBMISSION OF THE REVENUE IS THAT A LOSS WHICH ARISES ON ACCOUNT OF A TRANSACTION OF THE SALE AND PURCHASE OF SHARES WOUL D CONSTITUTE A LOSS FROM A SPECULATION BUSINESS FOR THE PURPOSES OF THE EXPLAN ATION. BUT, THAT THE PROFIT WHICH ARISES FROM A TRANSACTION INVOLVING THE ACTUA L DELIVERY OF SHARES WOULD NOT CONSTITUTE A PROFIT FOR THE PURPOSES OF SUB-SS. (1) AND (2) OF S. 73 IN RESPECT OF WHICH A SET OFF CAN BE GRANTED. TO ACCEPT THE SU BMISSION OF THE REVENUE WOULD BE TO INTRODUCE A RESTRICTION INTO THE SCOPE AND AMBIT OF THE DEEMING FICTION WHICH IS CREATED BY THE EXPLANATION TO S. 7 3, WHICH IS NOT CONTEMPLATED BY PARLIAMENT. ONCE A DEEMING FICTION IS CREATED BY LAW, IT MUST BE GIVEN FULL AND FREE EFFECT, OF COURSE, IN RELATION TO THE AMBI T WITHIN WHICH IT IS INTENDED TO OPERATE. THE DEEMING FICTION CREATED BY THE EXPL ANATION TO S. 73 DEFINES WHEN AN ASSESSEE IS TO BE DEEMED TO BE CARRYING ON A SPECULATION BUSINESS FOR THE PURPOSES OF THE SECTION. THE DEEMING FICTION IS , THEREFORE, ONE WHICH ARISES SPECIFICALLY IN THE CONTEXT OF THE PROVISIONS OF S. 73 AND IS CONFINED TO THAT PURPOSE ALONE. THE EXPLANATION STIPULATES THAT WHER E AN ASSESSEE IS A COMPANY WHOSE BUSINESS CONSISTS IN ANY PART OF THE PURCHASE AND SALE OF SHARES OF OTHER COMPANIES, IT SHALL BE DEEMED TO BE CARRYING ON A SPECULATION BUSINESS TO THE EXTENT TO WHICH THE BUSINESS CONSIS TS OF PURCHASE AND SALE OF SUCH SHARES. WHETHER OR NOT IT IS A PROFIT OR LOSS THAT HAS RESULTED FROM CARRYING ON SUCH BUSINESS, IS A CONSIDERATION WHICH IS ALIEN TO THE MEANING OF WHAT CONSTITUTES A SPECULATION BUSINESS BY THE EXPL ANATION TO S. 73. ONCE AN ASSESSEE IS DEEMED TO BE CARRYING ON A SPECULATION BUSINESS FOR THE PURPOSE OF S. 73, ANY LOSS COMPUTED IN RESPECT OF THAT SPECULA TION BUSINESS, CAN BE SET OFF ONLY AGAINST THE PROFITS AND GAINS OF AN OTHER SPEC ULATION BUSINESS. SIMILARLY, FOR THE PURPOSES OF SUB-S. (2), THE LOSS IN RESPECT OF A SPECULATION BUSINESS WHICH HAS NOT BEEN SET OFF EITHER IN WHOLE OR IN PA RT, CAN BE CARRIED FORWARD AND CAN BE SET OFF AGAINST PROFITS AND GAINS 'OF AN Y SPECULATION BUSINESS'. THE EXPRESSION 'ANY SPECULATION BUSINESS' MEANS A SPECU LATION BUSINESS OF THE ASSESSEE IN RESPECT OF WHICH PROFITS AND GAINS FOR THE ASSESSMENT YEAR IN QUESTION HAVE ARISEN AND THERE IS NO JUSTIFICATION TO RESTRICT THE CONTENT OF THAT SPECULATION BUSINESS WHERE PROFITS HAVE ARISEN BY E XCLUDING A BUSINESS INVOLVING ACTUAL DELIVERY OF SHARES. NO SUCH RESTRI CTION IS FOUND IN THE EXPLANATION. TO IMPOSE ONE IS A LEGISLATIVE FUNCTIO N. IN OTHER WORDS, ONCE THE ASSESSEE IS CARRYING ON A SPECULATION BUSINESS AND THE PROFITS AND GAINS HAVE ARISEN FROM THAT BUSINESS DURING THE COURSE OF THE ASSESSMENT YEAR, THE ASSESSEE IS ENTITLED TO SET OFF THE LOSSES CARRIED FORWARD FROM A SPECULATION BUSINESS ARISING OUT OF A PREVIOUS ASSESSMENT YEAR. MA NO.40/AHD/2014 (IN ITA NO.2305/AHD/2012) RASVICK APPARELS PVT.LTD. VS. ACIT ASST.YEAR 2008-09 - 7 - 3.4. IT APPEARS THAT WHILE DISPOSING OF THE APPEAL, THE JUDGEMENT OF BOMBAY HIGH COURT IN THE CASE OF LOKMAT NEWSPAPERS (P) LTD. HAS INADVERTENTLY ESCAPED ATTENTION OF THIS TRIBUNAL, N ON-CONSIDERATION OF THE SAME AMOUNTS TO ERROR APPARENT FROM RECORD. THEREF ORE, RESPECTFULLY FOLLOWING THE JUDGEMENT OF HONBLE BOMBAY HIGH COU RT IN THE CASE OF LOKMAT NEWSPAPERS (P) LTD. (SUPRA), WE HEREBY MODIF Y OUR ORDER DATED 18/04/2013(SUPRA) AND, ACCORDINGLY, PARAS-8, 8.1 & 9 OF THE ORDER DATED 18/04/2013 PASSED IN ITA NO.2305/AHD/2012 MAY BE RE AD AS UNDER:- 8. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSE D THE MATERIAL AVAILABLE ON RECORD. WE FIND THAT LD.CIT(A) HAS DE CIDED THE ISSUE AS UNDER:- 4.3 I HAVE CONSIDERED THE APPELLANTS SUBMISSIONS AND THE AOS OBSERVATIONS. FROM THE DETAILS SUBMITTED BY T HE APPELLANTS IT IS SEEN AS PER THE GROUPING SCHEDULE 15 OF THE PROFIT AND LOSS ACCOUNT, THE PROFIT ON ACCOUNT OF S ALE OF SHARES IS RS.21949309 AND LOSS ON ACCOUNT OF SALE O F SHARES OF RS.8237695. THE APPELLANT IS HAVING BUSINESS IN COME GREATER THAN THE INCOME FROM OTHER SOURCES OR CAPIT AL GAIN INCOME AND HENCE THE INCOME EARNED BY IT ON ACCOUNT OF SALE AND PURCHASE OF SHARES IS TO BE TREATED AS INC OME EARNED FROM SPECULATIVE TRANSACTIONS AS PER THE PRO VISIONS OF EXPLANATION TO SECTION 73. ALSO SUCH A SITUATIO N, BOTH THE PROFITS AS WELL AS LOSSES INCURRED ON ACCOUNT OF TR ADING IN SHARES BECOME SPECULATIVE TRANSACTIONS. HENCE THE AO IS NOT RIGHT IN HOLDING THAT ONLY THE LOSS WILL BE SPE CULATIVE LOSSES AND THE PROFITS WILL NOT BE SPECULATIVE. TH IS IS ALSO AS PER THE RATION LAID DOWN BY HONBLE BOMBAY HIGH COU RT IN ITS DECISION IN THE CASE OF LOKMAT NEWSPAPERS(P.) L TD., [2010] 189 TAXMAN 370 (BOM.) MA NO.40/AHD/2014 (IN ITA NO.2305/AHD/2012) RASVICK APPARELS PVT.LTD. VS. ACIT ASST.YEAR 2008-09 - 8 - 8.1. IN VIEW OF THE JUDGEMENT OF HONBLE BOMBAY HIG H COURT RENDERED IN THE CASE OF LOKMAT NEWSPAPERS(P.) LTD.( SUPRA), WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE LD.CIT(A ), SAME IS HEREBY UPHELD. 9. AS A RESULT, THE APPEAL OF THE REVENUE (ITA NO.2305/AHD/2012) IS DISMISSED. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY ASSESSEE IS ALLOWED AS INDICATED ABOVE. ORDER PRONOUNCED IN COURT ON THE DATE MENTIONED HER EINABOVE AT CAPTION PAGE SD/- SD/- ( .. ) ( ) ( N.S. SAINI ) ( KUL BHARAT ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD; DATED 15/ 10 /2014 1)..,&.../ T.C. NAIR, SR. PS !'#$#%! / COPY OF THE ORDER FORWARDED TO : 1. % / THE APPLICANT. 2. #$ % / THE RESPONDENT. 3. 234 5 / CONCERNED CIT. 4. 5 ( ) / THE CIT(A)-I, SURAT 5. 6&7#34 , )34- , 2 / DR, ITAT, AHMEDABAD 6. 79:;' / GUARD FILE. / BY ORDER, $6# //TRUE COPY// / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD