9911796707
TMI Blog2022 (5) TMI 940X X X X Extracts X X X X X X X X Extracts X X X X ..... atistical purposes. Disallowance of the depreciation claimed with respect to the additions of 5 cars in the block of assets - whether the assessee is eligible to claim the depreciation on the purchase of cars in the manner as provided under section 32? - HELD THAT:- We are of the view that there cannot be any disallowance on adhoc basis as far as depreciation is concerned. In view of the above and after considering the facts in totality, the ground of appeal of the assessee is partly allowed for the statistical purposes. Addition u/s 68 - liability on the assessee to provide the identity of the lenders, establish the genuineness of the transactions and creditworthiness of the parties - HELD THAT:- We find the assessee in order to establish the genuineness of the transaction and credit worthiness of the directors furnished necessary detail but the revenue authority without pointing any defect in the submission of the assessee treated the amount of share and premium as unexplained cash credit merely on the basis of individuals who lend fund to the directors were not able to explain the sources of funds in their hand. Therefore, we are of the view that assessee had been able ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot exercised its powers granted under the statute. However to meet the end of justice and to put the end of the ongoing litigation, we are of the view that disallowance of 5% of the legal and miscellaneous expenses will render the justice to the assessee and the Revenue. Hence, the ground of appeal of the assessee is partly allowed whereas ground of appeal the Revenue is dismissed. Addition after rejection the books of the accounts - AO, in the absence of necessary documents/records/informations which were to be furnished by the assessee, doubted on the genuineness of the transactions shown by the assessee in the financial statements - HELD THAT:- As we find that the AO has rejected the books result declared by the assessee mainly for the reason that supporting document were not provided as required by the AO. At this juncture it is necessary to note that there was search and seizer operation conducted by the VAT department which prevented the assessee to file necessary supporting evidences during the assessment proceeding. It pertinent to highlight that books account of the assessee has been duly audited by the auditor and there was upward trend in GP ratio and in previous ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laced. To our understanding, the copy of the ledger is not sufficient enough to admit the claim of the assessee until and unless it is supported by the documentary evidence. However at the same time, we find that generally these EMD s are provided by way of fixed deposits which are made through the banking channel. It is also a normal practice if the contract is not awarded to the party, the same is returned back to the assessee. But all these details are not available on record. However in the interest of justice and fair play we are inclined to give one more opportunity to the assessee to furnish the necessary details before the AO for fresh adjudication as per the provisions of law. The assessee is at the liberty to furnish the necessary details without delay. It is also directed to the assessee to extend full cooperation during the assessment proceedings. Hence the ground of appeal of the assessee is allowed for the statistical purposes. - ITA No. 1320/Ahd/2014, 1447/Ahd/2014, 187/Ahd/2020, 2557/Ahd/2017 - - - Dated:- 6-5-2022 - Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member For the Assessee : Shri Mahesh Chhajed, A.R For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llation, date of commissioning and the date of put to use. The reason for not furnishing the details was submitted by the assessee vide letter dated 23rd August 2011 that all the relevant documents have been seized by the VAT department as a result of search conducted on 24-06-2011. However, the assessee to justify the purchase of the plant and machineries filed the loan sanctioned letter for the purchase of impugned assets from the UCO bank for Rs. 450 Lacs. The assessee has also filed the copy of the payment advice in order to demonstrate that the loan was disbursed to the assessee in the month of March 2009. 4.1 However, the AO was not satisfied with the contention of the assessee in the absence of necessary details such as date of purchase, installation, commissioning and put to use. Likewise, the assessee has also not furnished the copies of the ledger for the plant and machinery and fixed assets register. Thus the AO disallowed the claim of the assessee for the depreciation of Rs. 48,85,005/- and added to the total income of the assessee. 5. Aggrieved assessee preferred an appeal to the learned CIT-A. 6. The assessee before the learned CIT-A submitted that it f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there was no rejoinder furnished by the assessee with respect to the remand report of the AO despite having granted several opportunities. 7.3 The learned CIT-A further observed that the assessee has not furnished any details to establish that the plant and machineries were installed and put to use in the year under consideration. Thus in the absence of such details, the learned CITA confirmed the order of the AO. 8. Being aggrieved by the order of the learned CIT-A, the assessee is in appeal before us. 9. The learned AR before us filed a paper book running from pages 1 to 381 and contended that the relevant documents were not filed by the assessee as the same were seized by the VAT department in the search conducted upon it. However, there were bank loan related documents for the purchase of machineries which were filed before the AO to establish the fact for the purchase of the machineries. Likewise, there were bills raised to the parties pertaining to the year under consideration which evidence that all the machines were put to use in the year under consideration. 10. On the contrary, the learned DR submitted that it is one of the prerequisite that the asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the learned CIT-A: a. After filing the return of income for the assessment year in question, VAT department of the Gujarat Government had conducted a search in the premises of the assessee company on 24.06.2011 i.e the date prior to giving ample opportunity for submitting the details to the Ld.AO. The AR of the appellant had categorically stated this fact from time and again to the Ld.AO and requested to call for the details from the VAT department. This is because of the fact the one government department will definitely give proper details to the other government department, but unfortunately the Ld.AO has never attempted to write a letter directly to the VAT department or given an authority to the AO of the appellant for getting the details from the VAT department. Because of this the assessee could not submit certain relevant documents during the course of the hearing. 11.6 But we note that the authorities below have not exercised its powers granted under the statute i.e. under section 133(6)/131 of the Act in order to find out whether the commercial operation began in the year under consideration. 11.7 We are also conscious to the fact that the genuineness o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls before the AO and should extend the full cooperation without fail. Hence the ground of appeal of the assessee is allowed for the statistical purposes. 12. The next issue raised by the assessee is that the learned CIT-A erred in confirming the order of the AO by sustaining the disallowance of the depreciation claimed by it (the assessee) with respect to the additions of 5 cars in the block of assets in the year under consideration. 13. The assessee in the year under consideration has purchased 5 cars which were claimed to be registered in the name of the directors. The necessary details of the additions of cars stand as under: 1. Audi car A4 Rs 3430776 dated 14.12.2008 2. Audi Car A6 Rs.4100000 dated Nil as no bill wa given 3. BMW CAR Rs.8857717 dated 14.07.2008 4. SONATA CAR Rs.1635120 dated Nil as no bill wa given 5. INNOVA Car Rs.978085 dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e held that the AO in his remand report has clearly recorded a finding that the documents in the form of RC books and the invoices are not readable/legible. Therefore in the absence of necessary evidences, the learned CIT-A confirmed the order of the AO. 17. Being aggrieved by the order of the learned CIT-A the assessee is in appeal before us. 18. The learned AR before us reiterated the arguments made before the authorities below. 19. On the other hand the learned DR vehemently supported the order of authorities below. 20. We have heard the rival contentions of both the parties and perused the materials available on record. The 1st issue that arises for our consideration whether the assessee is eligible to claim the depreciation on the purchase of cars in the manner as provided under section 32 of the Act. To claim the depreciation under section 32 of the Act, the following conditions needs to be specified/satisfied. (a) Assets should be owned wholly or partially and (b) Used for the business purpose 20.1 From the above, the 1st condition arises for adjudication whether the assessee is the owner of the cars in dispute. The assessee has shown purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erified at the level of the AO. 20.4 With respect to Sonnata Car, we find mismatch in the value of car as disclosed in the ledger viz-a-viz the invoice for the purchase of the car. Furthermore, the RC book furnished by the assessee was not legible. In view of the above and after considering the facts in totality we are of the view that the issue with respect to the depreciation for the cars as discussed above namely Audi A-6, INNOVA and SONATA car needs to be reconsidered by the AO for fresh adjudication as per the provisions of law. 20.5 For the remaining 2 cars, we find that the ownership of these cars were not in dispute. It was disputed by the authorities below that the cars are registered in the name of the directors and the assessee was not maintaining the logbook. Therefore the AO was of the view that the possibility of personal use of the car cannot be ruled out. There is no dispute to the fact that all the cars were purchased in the name of the directors but the payment was made through the assessee company. Thus it is transpired that the legal ownership though vest with the individual directors but the Dominion ownership rest with the assessee. For the reason th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s rightly distinguished the concept of dominion ownership of the car. The question raised is answered accordingly. 20.8 Thus we are of the view that there cannot be any disallowance on adhoc basis as far as depreciation is concerned. In view of the above and after considering the facts in totality, the ground of appeal of the assessee is partly allowed for the statistical purposes in the manner as indicated above. 21. The next issue raised by the assessee is that the learned CIT-A erred in confirming the order of the AO by sustaining the addition for Rs. 6,99,82,515/- under the provisions of section 68 of the Act. 22. The assessee has issued shares at premium to its directors namely Shri Ami G Dave and Shri Gaurav H Dave in the year under consideration who have subscribed the shares. The AO from the bank statement of the directors found that there was the credit entry immediately before the debit entry shown for the investment of shares in the assessee company. As per the AO the amount was credited from the proprietary concern of Smt. Hema Tripathi and Smt. Ushma Dave namely Water Parts Co and Monarc Engineers. On examination of the proprietors by the AO during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opy of the ITR, balance sheet of the directors and their bank statements. Thus, according to the assessee, the impugned amount of share capital cannot be treated as unexplained cash credit in the hands of the assessee under the provisions of section 68 of the Act. 24.2 However the learned CIT-A, disregarded the contention of the assessee by observing that it is onus of the assessee of the assessee to furnish the satisfactory documents to justify the cash credit entries reflecting therein. Merely, filing the return of income and other details does not mean that the assessee has discharged the obligation imposed upon the assessee under the provisions of section 68 of the Act. As such, the source of funds in the hands of the directors was not free from doubts and this conclusion was arrived by the AO after carrying out necessary verification. Thus the learned CIT-A confirmed the order of the AO. 25. Being aggrieved by the order of the learned CIT-A the assessee is in appeal before us. 26. The learned AR before us submitted that out of the total addition of ₹ 6,99,82,420, a sum of Rs. 2.7 crores was received by the assessee in the earlier year. As such the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transaction can be proved by submitting confirmation of the party along details of mode of transaction but merely showing transaction carried out through banking channel is not sufficient. As such the same should also be proven by circumstantial surrounding evidences as held by the Hon ble supreme court in case of Durga Prasad More reported in 82 ITR 540 and in case of Smt. Sumati Dayal reported in 214 ITR 801. 28.3 The last stage comes to verify the creditworthiness of the parties. The term creditworthiness as per Black Law Dictionary refers as: creditworthy, adj. (1924) (Of a borrower) financially sound enough that a lender will extend credit in the belief default is unlikely; fiscally healthycreditworthiness. 28.4 Similarly in The New Lexicon Webster's Dictionary, the word creditworthy has been defined as under:- creditworthy, adj. of one who is a good risk as a borrower. 28.5 It the duty of the assessee to establish that investor has capacity to make investment having requisite fund in its books of account and banks. The capacity to invest can be established by the showing sufficient income, or other fund in the hands of investor. It requi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot be asked to prove source of source. 28.9 It is pertinent to mention that that there was an amendment brought in the provision of section 68 of the by Finance act 2012 where assessee was required to explain the sources of source if cash credited in the form of share capital and premium. However such amendment is applicable from 1st April 2013 and case on hand relates to A.Y. 2009-10. Therefore such amendment is not applicable to the assessee on hand. 28.10 Going ahead we find the assessee in order to establish the genuineness of the transaction and credit worthiness of the directors furnished necessary detail but the revenue authority without pointing any defect in the submission of the assessee treated the amount of share and premium as unexplained cash credit merely on the basis of individuals who lend fund to the directors were not able to explain the sources of funds in their hand. Therefore, we are of the view that assessee had been able to explain the sources of credit of share capital and premium in its books of account. The assessee cannot be made suffer due to some third parties who provided fund to the investor was not able to properly explain the sources ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n M.B.A. and therefore considering his qualification reasonable salary of Rs. 3,00,000/- per annum and not ? 3,00,0007- per month as incorrectly mentioned by A.O. inimpugnedd order, is justified. It is therefore disallowance of Rs.15,00,000/- so made are justified and upheld. The grounds are therefore dismissed. 33. Being aggrieved by the order of the learned CIT-A the assessee is in appeal before us: 34. The learned AR before us submitted that the Revenue in the subsequent year has accepted the salary paid to the employee for ₹18 Lacs. Accordingly it was the contention of the learned AR that the same cannot be disallowed in the year under consideration keeping in view the principal of consistency. The learned AR also drew our attention on the appointment letter of the employee, qualification and copy of the ledgers which are placed on pages 245 to 250 of the paper book. 35. On the other hand the learned DR vehemently supported the order of the authorities below. 36. We have heard the rival contentions of both the parties and perused the materials available on record. The revenue in the case on hand has treated the salary paid to the employee being the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee to furnish the supporting evidences with respect to certain indirect expenses as detailed below: (i) Car Repairing expenses Rs.271331 (ii) Petrol and Diesel Rs.922409 (iii) Legal Expenses Rs.999155 (iv) Business promotion expenses 1149226 (v) Telephone Expenses Rs.310369 (vi) Miscellaneous Expenses Rs.609243 (vii) Staff Welfare Expenses Rs.744870 (viii) Travelling expenses (including foreign travelling) Rs.2485004 Rs.7491607 39. However, the assessee expressed its inability to produce the supporting evidences on the reasoning that all the necessary documents have be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order dt. 16/04/03 held similar view. Considering the facts that all eight heads under which such expenses are incurred, claimed and disallowed by A.O. are part of valuation of FBT, except legal expense, and Misc. Expenses. The total of these two expenses are r 16,00,000/- (about) {9,99,155 + 6,09,243). The appellant neither in asstt.proceedings nor in appeal has furnished any details 7 bills etc. for these two expenditure. It is therefore 20% of these expenditure i.e. disallowance addition of Rs.3,20,0007- (20% of 16,00,000) are upheld and confirmed. The A.O. is directed to delete the balance addition of Rs.11,78,321/- (14,98,321 -3,20,000). The appellant gets part relief. These grounds are partly allowed. 42. Being aggrieved by the order of the learned CIT-A, both the assessee and the Revenue are in appeal before us. The relevant ground of Revenue s appeal in ITA No 1447/Ahd/2014 reads as under: 2). The Ld. Commissioner of Income-Tax (Appeals)-XIV, Ahmedabad has erred in law and on facts in deleting the addition of Rs.11,78,321/- out of total addition of Rs.14,98,321/- made on account of various expenses not proved to have been incurred wholly exclusively for A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as explained in para No. 3.2 of the Circular, the scope of the term fringe benefits provided is defined in section 115WB(1) to mean any consideration for employment provided by way of any privilege, service facility or amenity, directly or indirectly, provided by an employer, whether by way of reimbursement or otherwise, to his employees. Moreover, as clarified in the said circular while answering frequently asked question No. 15, fringe benefit is deemed to have been provided if the employer has incurred expenses for any of the purposes referred to in the relevant provisions and there is no requirement to segragate such expenses between those incurred for official purposes and personal purposes. It was further clarified while answering question No. 81 that when expenditure on running and maintenance of motor cars is liable to fringe benefit tax, the employees will not be liable to income tax on the perquisite value of motor car provided by the employer. As rightly contended by the learned counsel for the assessee, circular No. 8/2005 dated 29-08-2005 issued by the Board explaining the provisions relating to fringe benefit tax thus makes it clear that fringe benefit tax is levie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income-Tax (Appeals)-XIV, Ahmedabad has erred in law and on facts in deleting the addition of Rs.11,78,321/- out of total addition of Rs.14,98,321/- made on account of various expenses not proved to have been incurred wholly exclusively for Assessee's business. 3). On the facts and in the circumstances of the case, the Ld. Commissioner of Income- Tax (Appeals)-XIV, Ahmedabad ought to have upheld the order of the Assessing Officer. 4). It is therefore, prayed that the order of the Ld. Commissioner of Income-Tax (Appeals)-XIV, Ahmedabad may be set-a-side and that of the order of the Assessing Officer be restored.The first issue raised by the revenue is that the learned CIT-A erred in deleting the addition of Rs. 1,76,15,098/- made on account gross profit after rejecting the books under section 145(3) of the Act. 49. The first issue raised by the Revenue is that the ld. CIT-A erred deleting the addition made by the AO for Rs. 1,76,15,098.00 after rejection the books of the accounts. 50. The AO, in the absence of necessary documents/records/informations which were to be furnished by the assessee, doubted on the genuineness of the transactions sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The necessary finding of the AO reads as under: Sales for the year of Rs.768937364 Gross Profit 16% Rs. 123029978 Less ; G.P. disclosed by as per Annexure to Form 3CD Report Rs.105414880 Addition on account of G.P. Rs. 17615098 Thus, the difference in the gross profit amounting to Rs.17615098 is accordingly added to the total income of the assessee. 52. Aggrieved assessee preferred an appeal to the learned CIT-A 53. The assessee before the learned CIT-A contended that opening stock shown in the year under consideration was carried forward from the earlier assessment year which was also accepted by the revenue as closing stock in the earlier assessment year. Therefore the same cannot be disturbed in the year under consideration. With respect to the valuation of the closing stock, it was contended that assessee has been valuing closing stock either at cost or the realizable value which over is lower and the fact is also highlighted in tax audit report. 53.1 It was a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating substantially higher G.P. results at 20% of G.P. without any comparable, reasonableness has any justification. Specific discrepancies for ' depreciation, disallowances of other expenditure are sufficient to take care of the net profit reflected by appellant. It is therefore, in my view, rejection of books of accounts u/s 145(3) of the Act and estimation of G.P. at 20% and thereby addition of r 1,76,15,0987- is neither justified nor sustainable in law. The A.O. j . jdjrected to deletejne addition so made on presumption and surmises. The appellant gets relief accordingly. These grounds are allowed. 55. Being aggrieved by the order of the learned CIT-A the Revenue is in appeal before us. 56. Both the learned DR and the AR before us vehemently supported the order of the authorities below. 57. We have heard the rival contentions and gone through the facts and circumstances of the case, including the materials available on record. As per section 145 of the Act, the AO is empowered to reject the books of accounts of the assessee and make best judgment assessment in the manner as specified under section 144 of the Act if he is not inter-alia satisfied with the com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment proceeding. It pertinent to highlight that books account of the assessee has been duly audited by the auditor and there was upward trend in GP ratio and in previous year as well in subsequent year, the book results were accepted by the Revenue. 57.3 Therefore, without bringing any corroborative material on record suggesting books result in the year under consideration not representing true the book result cannot be rejected merely for not providing the confirmation of the suppliers and supporting bills and voucher with respect to closing stock. In holding so we draw support and guidance from the judgment of Hon ble Allahabad High Court in case of Awadhesh Pratap Singh Adbul Rehman Bros v/s. CIT 201 ITR 404(All) which reads as; It is difficult to catalogue the various types of defects in the account books of an assessee which may render rejection of account books on the ground that the accounts are not complete or correct from which the correct profit cannot be deduced. Whether presence or absence of stock register is material or not, would depend upon the type of the business. It is true that absence of stock register or cash memos in a given situation may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he statutory provisions. It is a fair proposition that if an overall estimate of income has been made, there would not be any scope for making any disallowances and applying section 40A(3). This is not because the statutory provisions can be ignored or excluded but because they must be deemed to have been applied in making the estimate so that there is no scope for any further deductions. Thus, if an estimate is made on the basis of gross profit by using comparative instances, there would be no scope for further deductions applying section 40A(3). Therefore, all depended upon the manner of making the estimate. If it had been made in a way which covered the entire position regarding income and expenditure, naturally there would not be any scope for further deductions. 57.5 At this juncture, we also find pertinent to note that even assuming the closing stock declared by the assessee is undervalued, then also it has tax neutral effect. It is for the reason that such closing stock shall become the opening stock in the next year and therefore there will not be any impact on the income of the assessee except the income of one year will shift to the income of another year. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rought anything on record at the time of hearing in support of the ground of appeal. We have also perused the assessment order and the learned CIT-A order and find that there was no issue whether the case of the assessee was selected for the scrutiny for the limited purpose or it was a regular assessment. Thus in the absence of any contrary information available on record, we do not find any merit in the ground of appeal raised by the assessee. Hence we dismiss the same. 64. The next issue raised by the assessee is the learned CIT-A erred in confirming the disallowances made by the AO for the deprecation of Rs. 76,81,670/- on plant machineries. 65. At the outset we note that the issues raised by the Assessee in its grounds of appeal for the AY 2011-12 are identical to the issues raised by the assessee in ITA No. 1320/AHD/2014 for the assessment year 2009-10. Therefore, the findings given in 1320/AHD/2014 shall also be applicable for the year under consideration i.e. AY 2011-12. The appeal of the assessee for the assessment 2009-10 has been decided by us vide paragraph No. 11 of this order in favour of the assessee for statistical purposes. The learned AR and the DR also a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings observed certain differences between the income shown in the books of accounts viz a viz in the TDS certificate. The details of the same stand as under: Sr.No. Name of the party Income as per TDS certificate Income as per P L A/C Difference as per TDS certificate 1. State bank of India 669643 319197 350466 2. Kandla Port Trust 676000 NIL 676000 Total 1026466 72. The above difference was treated as income of the assessee and therefore the same was added to the total income of the assessee. However, the assessee has not challenged the impugned addition before the learned CIT-A. 73. Nevertheless, the assessee has raised the ground of appeal before us. However, at the time of hearing the learned AR has not advanced any argument or pointed out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which is eligible for deduction. The learned CIT-A has disallowed the same on the reasoning that the assessee failed to furnish the necessary details about the EMD. Indeed, it is the onus upon the assessee to furnish the necessary details for the claim made by it in the income tax return. The assessee has only filed the copy of the ledger which is placed on pages 94-95 of the paper book. To our understanding, the copy of the ledger is not sufficient enough to admit the claim of the assessee until and unless it is supported by the documentary evidence. However at the same time, we find that generally these EMD s are provided by way of fixed deposits which are made through the banking channel. It is also a normal practice if the contract is not awarded to the party, the same is returned back to the assessee. But all these details are not available on record. However in the interest of justice and fair play we are inclined to give one more opportunity to the assessee to furnish the necessary details before the AO for fresh adjudication as per the provisions of law. The assessee is at the liberty to furnish the necessary details without delay. It is also directed to the assessee to ext ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eration i.e. AY 2012-13. Hence, the grounds of appeal filed by the assessee is hereby allowed for statistical purposes. 85. The next issue raised by the assessee is the learned CIT-A erred in confirming the disallowances of deprecation of Rs. 8,99,378/- on car. 86. At the outset we note that the issues raised by the Assessee in its grounds of appeal for the AY 2012-13 are identical to the issues raised by the assessee in ITA No. 1320/AHD/2014 for the assessment year 2009-10. Therefore, the findings given in 1320/AHD/2014 shall also be applicable for the year under consideration i.e. AY 2012-13. The appeal of the assessee for the assessment 2009-10 has been decided by us vide paragraph No. 20 of this order partly in favour of the assessee for statistical purposes. The learned AR and the DR also agreed that whatever will be the findings for the assessment year 2009-10 shall also be applied for the year under consideration i.e. AY 2012-13. Hence, the grounds of appeal filed by the assessee is hereby partly allowed for statistical purposes. 87. In the result appeal of the assessee is partly allowed for statistical purposes. 88. In the combined Result, appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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