9911796707
TMI Blog2019 (6) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... 2011-12 2. The instant appeal has been filed by the Revenue with the following grounds: "i. The CIT(A) has erred in law and on facts in deleting the disallowance of Rs. 25,46,06,987/- on account of Long Term Capital Gain & Short Term Capital Gain of Rs. 3,26,02,919/-. ii. On the facts and circumstances of the case, the Learned CIT(A) ought to have upheld the order of the AO. iii. It is, therefore, prayed that the order of the Learned CIT(A) may be set-aside and that of the AO be restored." 3. Ground No.1relates to deletion of disallowance of Rs. 25,46,06,987/- on account of Long Term Capital Gain (LTCG) and Rs. 3,26,02,919/- on account of Short Term Capital Gain (STCG). 4. The brief facts leading to this case is this that the assessee engaged in the business of Manufacturing of Transmission Towers and Job work of Engineering Fabrication and Galvanizing, filed its return of income through Electronic Media on 02.09.2011 declaring total income at Rs. 38,82,630/- for A.Y. 2011-12, which was processed u/s 143(1) of the Act on 21.03.2013. It was further mentioned in the E-return that the accounts of the assessee were audited by a CA firm vide report dated 28.05.2011, as require ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in which the said transfer takes place and, for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer." 8.2 The above quoted provision would show that u/s 45(4), profits arising from transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm is chargeable to tax as income of the firm in a previous year in which the transfer takes place and for the purposes of section 48, the fair market value of the asset on the date of such transfer is deemed to be the full value of the consideration received or accruing as a result of the transfer. Section 48 deals with mode of computation. It, inter alia, lays down that the income chargeable under the head "Capital gains" shall be computed by deducting from the full value of the consideration, the expenditure incurred in connection with the transfer and the cost of acquisition of the asset. 8.3 Therefore, under section 45(4), two conditions are required to be satisfied viz. transfer by way ofdistribution of capital assets and secondly, such transfer should be o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arises on the said transaction : * CIT vs. Texspin Engg. & Mfg. Works 263 ITR 345 5. In this matter, we are concerned with assessment year 1996-97. Section 45(1) is a charging section as far as capital gains is concerned. Under section 45(4), profits arising from transfer of a capital asset by way of distributionof capital assets on the dissolution of a firm is chargeable to tax as income of the firm in a previous year in which the transfer takes place and for the purposes of section 48, the fair market value of the asset on the date of such transfer is deemed to be the full value of the consideration received or accruing as a result of the transfer. Section 48 deals with mode of computation. It, Inter alia, lays down that the income chargeable under the head "Capital gains" shall be computed by deducting from the full value of the consideration, the expenditure incurred in connection with the transfer and the cost of acquisition of the asset. Therefore, under section 45(4), two conditions are required to be satisfied viz. transfer by way of distribution of capital assets and secondly, such transfer should be on dissolution of the firm or otherwise. Once these two conditions a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies vest in the company as they exist. On the other hand, distribution on dissolution presupposes division, realisation, encashment of assets and appropriation of the realized amount as per .the priority like payment of taxes to the Government, BMC etc., payment to unsecured creditors etc. This difference is very important. This difference is amply brought out conceptually in the judgment of the Supreme Court in the case ofMalabar Fisheries Co. v. CIT[1979] 120 ITR 49. In the present case, therefore, we are of the view that section 45(4) is not attracted as the very first condition of transfer by way of distribution of capital assets is not satisfied. In the circumstances, the latter part of section 45(4), which refers to computation of capital gains under section 48 by treating fair market value of the asset on the date of transfer, does not arise. * CIT vs. Rita Mechanical Works 344 ITR 544 (P&H) 12. Section 45(4) of the Act which is relevant reads thus : "The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d be on dissolution of the firm or otherwise. Once these two conditions are satisfied then, in that event, for the purpose of computation of capital gains under section 48, the market value on the date of the transfer shall be deemed to be the full value of consideration received or accruing as a result of the transfer." 16. The court had concluded that section 45(4) of the Act was not attracted in a situation where the firm was converted into company under Chapter IX of the 1956 Act. The relevant observations are as follows (page 352): "In this case, the erstwhile firm has been treated as a limited company by virtue of section 575 of the Companies Act. It is not in dispute that in this case, the erstwhile firm became a limited under Part IX of the Companies Act. Now, section 45(4) clearly stipulates that there should be a transfer by way of distribution of capital assets. Under Part IX of the Companies Act, when a partnership firm is treated as a limited company, the properties of the erstwhile firm vests in the limited company. The question is whether such vesting stands covered by the expression 'transfer by way of distribution' in section 45(4) of the Act. There is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act. Even assuming for the sake of argument that there is a transfer of a capital asset under section 45(1) because of the definition of the word 'transfer1 in section 2(47)(ii), even then we are of the view that the liability to pay capital gains tax would not arise because section 45(1) is required to be read with section 48, which provides for mode of computation. These two sections are required to be read together as the charging section and the computation section constitute one package. Now, under section 48 it is laid down, inter alia, that the income chargeable under the head 'Capital gains' shall be computed by deducting from the full value of the consideration received or accrued as a result of the transfer, the cost of acquisition of the asset and the expenditure incurred in connection with the transfer. Section 45(4) is mutually exclusive to section 45(1). Section 45(4) categorically states that where there is a transfer by way of distribution of capital assets and where such transfer is due to dissolution or otherwise of the firm, the Assessing Officer was entitled to treat the market value of the asset on the date of the transfer as full value of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act would be attracted in the present case. Accordingly, questions Nos. 1 and 2 are answered against the Revenue. 8.7 In view of above made submission, it is most respectfully submitted that revisions of S.45(4) of the Act cannot be invoked in the present case, an no addition on 'account of capital gain can be made." However, such plea of the assessee that the assessee firm converted into Private Limited Company under Part-IX of the Companies Act, 1956 whereupon the property of the erstwhile firm vested in the company thus the same is not covered by the expression of transfer by way of distribution u/s 45(4) of the Act was not found tenable by the Learned AO. He, therefore finalized the assessment by making an addition of Rs. 3,26,02,919/- as STCG and Rs. 25,46,06,987/- as LTCG which was, in turn, deleted by the Learned CIT(A). Hence, the instant appeal before us. 5. At the time of hearing of the instant appeal, the Learned Counsel appearing for the assessee submitted before us that in order to invoke section 45(4) of the Act conditions have to be fulfilled. The Learned Counsel for the assessee further submitted that there was no transfer of assets by way of distribution of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of capital in the hands of thepartners, (vii) Thus the capital gain arose on distribution of assets i.e. land to the partners by the assessee firm, due to revaluation and thereby subsequentallotment shares is sought to be evaded against the provisions and intent of the law." On the basis of such finding of the Learned AO, capital gain on the amount transferred/credited to the capital account of partners as per said provision of Section 45(4) of the Act was brought to tax against the assessee to the tune of Rs. 25,46,06,987/- as LTCG and capital gain out of the transfer of part of land has been treated to be STCG which was worked out at Rs. 3,26,02,919/- and added to the total income of the assessee. However, the Learned CIT(A) Rs. 25,46,06,987/- has been treated as LTCG while deleting such addition made against the assessee relied upon the judgments and observed as follows: "5.3 Decision: I have carefully considered the facts of the case, the assessment order and the written submission of the appellant. The facts in brief related to the issue are that the appellant had re-valued the land owned by it and credited the increase in value of the land due to revaluation to the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 ITR(T) 103 2. Gulabdas Printers - 4 ITR(T) 264 3. Well Pack Packaging 130 Taxman 215 I have carefully gone through the facts of the issue it is noted that the facts which are relevant for the present our that the land has been revalued the enhanced value on account of revaluation has been credited to the partners capital account; the appellant firm has been converted into a Private Limited Company under Part-IX of the Companies Act 1956; all assets and liabilities of the appellant firm have become assets and liability of the new Private Limited Company on Part -IX conversion; the shares in the Private Company have been allotted to the partners in their profit-sharing ratio in the appellant firm; and the partners of the appellant firm have not received any consideration or benefit, directly or indirectly in any form or manner, other than by way of allotment of shares in the Private Limited Company. It is noted that in similar circumstances honorable ITAT Ahmedabad has decided the issue in favour of the appellant by holding that there was no transfer. In the case of Well Pack Packaging (supra), the honorable ITAT has held, after analysing several other cases decided by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id that mere revaluation of assets of the firm would not result into any liability under the Act. Under both sections 567 and 568 of the Companies Act, there is specific mention of deed of partnership as a document to be submitted before the Registrar. Section 574 provides that on compliance with the requirement of Part IX with respect to registration formality, the Registrar will certify that the assessee is a company incorporated under the Companies Act. Section 576 makes it clear that the registration of a company under Part IX shall not affect its rights and liabilities in respect of any deed or obligation incurred before registration and section 577 provides for continuation of the pending suits and legal proceedings taken by or against the company. As per section 575, all properties including actionable claim belonging to or vested in a company at the date of its registration shall, on such registration, pass to and vest in the company as incorporated. Thus, in view of the relevant provisions of the Companies Act discussed above, it can be said that there is no 'transfer' involved when the company gets itself registered under Part IX. Thus, since there is no tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the capital asset but it is only on account of revaluation of the asset the capital has been increased. The properties of the partnership firm have been vested with the company. The company has taken over all the assets and liability of the erstwhile Firm. The appellant has also suitably distinguished the judgement relied by the AO in the written submission which has been reproduced in the preceding discussion. In view of the above discussion, I am of the considered opinion that there is no transfer of assets and accordingly there is no liability of capital gain on the appellant firm. The addition made by the AO on account of long-term capital gain and short term capital gain on revaluation of the land is directed to be deleted." We have also carefully considered the judgment passed by the Coordinate Bench in the matter of Alta Inter-chem Industries. While dealing with the issue in favour of the assessee the Hon'ble Court observed as follows: "9. We have carefully considered the rival submissions, diligently perused the relevant case records and also the case law quoted by either party. It was the stand of the Assessing Officer that if the full contributions of the partners a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the hon'ble Supreme Court against the ruling of the hon'ble High Court (supra). The hon'ble Supreme Court in CIT v. Well Pack Packaging[2009] 309 ITR 338/174 Taxman 102 had ruled as under (page 340) : "We do not agree with the view taken by the High Court. In our opinion, the questions of law raised by the Revenue before the High Court are substantial questions of law which arise from the order of the Tribunal. The High Court should have decided these questions by recording its findings thereon. Accordingly, the impugned order is set aside. Tax Appeal No. 368 of 2001 is admitted on the aforementioned four questions of law. We request the High Court to record its findings on these questions. The matter is remitted to the High Court for a fresh decision on the aforesaid questions in accordance with law." As per the Revenue's version, the appeal is still pending before the hon'ble jurisdictional High Court for disposal [source : Assessing Officer's letter dated June 18, 2012 to the Departmental representative]. (2) The hon'ble Income-tax Appellate Tribunal, Bangalore Bench in the case of Unity Care and Health Services (supra) had observed as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs to computation of capital gains under section 48 by treating the fair market value of the asset on the date of transfer, does not apply." Aggrieved, the Revenue had preferred a reference application before the hon'ble jurisdictional High Court in Tax Appeal No. 1559 of 2010 which, according to the Assessing Officer, is still pending for disposal before the hon'ble court (Refer : The Assessing Officer's letter dated June 18, 2012 to the Departmental representative) 13. Let us now analyse the case laws relied on by the Revenue as under : (1) Om NamahShivay Builders & Developers (supra) : After analysing the issue in detail, the hon'ble Mumbai Tribunal ([2011] 43 SOT 397) had concluded its findings as under : "(On page 2) When upon retirement of a partner from partnership of two partners, the assets were taken over by one partner who continued the business as a proprietor, there was a dissolution of the firm and therefore, the difference between the fair market value of the assets and the book value in the books of the firm was assessable as capital gains in the hands of the firm in terms of section 45(4)." We have, with due respects, perused the finding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observation made by the Learned AO and the Learned CIT(A), the submission made by the Learned AR and the case made out by the Revenue and particularly upon considering the judgments cited by the Learned AR appearing for the assessee, We find that the only event took place during the year under consideration i.e. January 2011 is "revaluation of land" and on 01.04.2011 "conversion of firm into company" took place i.e. A.Y. 2012-13, the subsequent year. The Learned AO treated the "revaluation of assets" and brought to tax but such "revaluation of assets" cannot be treated as "transfer" within the meaning of section 2(47) of the Act. In that view of the matter, the very footing of the Learned AO is incorrect since "conversion from firm to company" took place in A.Y. 2012-13 and not in A.Y. 2011-12. Charging of capital gain, therefore, is thus totally unjustified. The further contention of the Learned AO that the capital gain arose on distribution of assets i.e. land to the partners by the assessee's firm due to revaluation of assets and thereby subsequent allotment of shares to the erstwhile partners is sought to be evaded against the provision and intent of the law is not correct. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , explanations and information submitted by the appellant from time to time which ought to have been considered before passing the impugned order. This action of the lower authorities is in clear breach of law and Principles of Natural Justice and therefore deserves to be quashed. 4. The learned CIT(A) has erred in law and on facts of the case in confirming action of the Id. AO in levying interest u/s 234A/B/C of the Act. 5. The learned CIT(A) has erred in law and on facts of the case in confirming action of ld. AO in initiating penalty proceedings u/s 271(1)(c) of the Act. The appellant craves leave to add, amend, edit, delete, change or modify all or any of the ground before or at the time of hearing." 9. Ground No.1 The assessee in the instant Cross Objection challenged the confirmation of disallowance of Rs. 4,01,147/- made by the Learned CIT(A) u/s 14A r.w.r 8D of the Income Tax Rules which, according to the assessee has been ordered without appreciating the fact that the appellant has not made investment out of the interest bearing funds. During the assessment proceeding, upon verification of the books and accounts and the details filed by the assessee, it was found b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as follows: "5. As regards the disallowance made out of administrative expenses of Rs. 76,566/-, the CIT(A) held it to be fair and reasonable and confirmed the same. 6. Before us, the only arguments of the AR of the assessee was that the disallowance under section 14A of the Act should not exceed the exempt income. On the other hand, DR supported the orders of the lower authorities. 7. We have heard rival submissions and perused the orders of lower authorities, and material available on record. The undisputed facts of the case are that the assessee earned exempt dividend income of Rs. 33,445/-. The AO observed that the assessee must have made expenditure for earning the exempt income, and made disallowance of Rs. 2,27,328/- out of total interest expenditure claimed by the assessee, and also made disallowance of administrative expenses of Rs. 76,566/- thereby making a total disallowance of Rs. 3,03,894/- under section 14A of the Act. This was confirmed in appeal by the CIT(A). 8. Only contention of the assessee is that the disallowance made should not exceed the exempt dividend income of Rs. 33,445/-. 9. We find force in the contention of the assessee. Recently, Mumbai Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such as mobile and telephone expenses, car loan, vehicle repair and maintenance has been claimed as expenses in the Profit and Loss account. Details of the entire expenses were also placed before the authorities below. The agreement of the assessee with the expenses of insurance includes the medical expenses of Rs. 13,779/- to be disallowed reveals the good conduct of the assessee. Apart from that, the expenses which has been discussed above for running a company are necessary expenses which sometimes difficult to be ascertained whether any personal expenses element is available or not. However, taking into consideration the entire gamut of the matter it seems that the assessee's pleas are genuine taking into consideration the details submitted by the assessee before the authorities below and before us as well. We are thus restrict such disallowance to 20% of the disallowance made by the authorities below which is calculated at Rs. 44,854/-. The assessee'sCross Objection is thus partly allowed. 15. Ground No.3 to 5The issues raised by the Assessee in ground Nos. 3 to 5 are either general or consequential in nature. Therefore no separate adjudication is required. Therefore, the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : "8.1 During the course of the assessment proceedings, it was observed by the ld. AO that the Appellant has claimed commission expenditure to two parties viz., Basic Wind Energy Pvt. Ltd. and Shri Upendrasingh D Darbar. The Id. AO asked the Appellant to prove the genuineness of the said expenditure. The Appellant vide reply dated 25/04/2013 submitted ledger account alongwith debit notes issued by the recipient of commission. The Appellant also furnished the details of the parties to whom sale have been made through these commission agents. The ld. AO rejected the submission of the Appellant on the ground that no agreement with commission agent has been submitted by the Appellant. The ld. AO further observed that letters to commission agents were issued, however, no response have been received by him. Accordingly, the ld. AO held that commission of Rs. 14,33,731/- and Rs. 5,75,246/- totaling to Rs. 20,08,977/- paid to both the parties to be non-genuine and hence he disallowed the same. 8.2 The Appellant has placed on record following details / information regarding the commission paid to the commission agents : (a) Debit Note -cum- Confirmation of Basic Wind Energy Pvt. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th such institutions. Be that as it may, this much is clear that the Commission Agents have introduced the Appellant to the customers in connection with the sale of products of the appellant. That itself would be a service rendered by Agency for the purposes of the Appellant's business. It is further submitted that it is not necessary that the Appellant should have entered into written agreement only, mutual understanding is a/so sufficient. For the above propositions, reliance is placed on following authorities: * Pennzol Investment & Trading Co. (P.) Ltd, vs. ACIT 49 ITD 534 (Hyd.) XXX... * JCITVs Concept Communication Ltd. 9 SOT 75 (Mum.) XXX... * Swastic Textile Co.(P) Ltd, vs CIT 150 ITR 155 (Guj.) XXX... * CIT Vs Hewitt Robins (New York) 141 ITR 278 (Cal.) XXX... * ITO Vs Shakti Cables 50 Taxman 329 (Del.) XXX... * Ciba Dyes Ltd, vs CIT 25 ITR 102 (Bom.) * CITVs Ishwarprakash& Bros. 159 ITR 843 8.4 In view of above made factual and legal submissions, it is submitted that the Appellant has placed each and every evidences to establish that the commission agents has provided services to the Appellant and therefore, the commission expenditure is genuine and no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to persons for referring names of customers is allowable u/s 37 of the Act for introducing potential customers to the assessee falls within the ambit of service. We thus find the order passed by the Learned CIT(A) not incoherence with ratio laid down by the judgment as cited above. We thus delete the addition. In the result, assessee's appeal is allowed. 19. Ground No.2 to 4 The issues raised by the assessee in ground Nos. 2 to 4 are either general or consequential in nature. Therefore, no separate adjudication is required. Thus, the grounds raised by the assessee are dismissed. ITA No.3055/Ahd/2015 for A.Y. 2008-09 20. The revenue has challenged the order impugned with the following grounds: "1. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 2,11,26,463/- made on account of difference in job work. 2. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 62,93,378/- made on account of under valuation of closing stock. The addition was made on account of clear provisions of Section 145A for including tax, duty, cess, etc. 3. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 2,25,530/- made u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at cost of the books of accounts. The Excise and VAT have been deducted in the valuation of closing stock because the firm has taken Cenvat credit of excise and VAT and therefore the cost value of the goods Rs. 6,66,004/- have been considered while valuing the closing stock. However, such plea of the assessee was not accepted by the Learned AO and finally an amount of Rs. 2,11,26,463/- was disallowed being the different account treating the same as undisclosed income of the assessee. 23. At the time of hearing of the instant appeal, the Learned Counsel appearing for the assessee submitted before us that merely the payees have deducted tax at source on the amount due towards sales consideration would not change from character of the transaction. When the assessee has no control over the payees addition ought not to have been done on that count by the Learned AO. Taking into consideration this particular aspect of the matter, Learned CIT(A) rightly deleted the impugned addition as also submitted by the Learned AR before us. On the contrary the Learned Representative of the Department relied upon the order passed by the Assessing Officer. 24. We have heard the rival submissions; we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby deleted. This ground of appeal is, therefore, allowed." It appears that the Learned CIT(A) was of the opinion that the balance sum of Rs. 2,11,26,463/- has been disclosed as the part of the sales which has been credited to P&L Account, the account has become revenue neutral and thus, the question of making addition does not arise. He also relied upon the ratio laid down by the Hon'ble Apex Court in the matter of Kedarnath Jute Mfg. Co. Ltd.-vs-CIT reported in 82 ITR 363 (SC) where it was held that what is necessary is to be considered as the true nature of income. In that view of the matter, the true income emanating from real character of the transaction is to be looked into. On that basis, the Learned CIT(A) also clarifies the position that in the event the addition is to be sustained same amount requires to be reduced from sales so as to avoid double taxation he thus deleted the addition. The clarification so given by the CIT(A) is according to us just and proper and without any infirmity the same is confirmed. The revenue's appeal is dismissed. 25. Ground No.2 relates to deletion of addition of Rs. 62,93,378/- made on account of under valuation of closing stock u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned DR, on the other hand, relied upon the order passed by the Learned AO. 28. Heard the respective parties, perused the relevant materials available on record. We have also perused the relevant judgments in the matter of DCIT-vs- AIA Engineering Ltd. reported in ITA No.1122/Ahd/2015; the relevant portion whereof is as follows: "3. At the time of hearing before us, learned representatives fairly agree that the above grievance is covered, in favour of the assessee, by the decision dated 31.08.2016 of the Co-ordinate Bench of this Tribunal in the case of ITO vs. Mamata Brampton Engg. Pvt. Ltd. in ITA No.2387/Ahd/2013 for assessment year 2008-09 wherein the Tribunal has, inter alia, observed as follows:- "5. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. The issue in the present case is with respect to the addition of unutilised CENVAT credit to the closing stock. We find that the ld.CIT(A) while deciding the issue in favour of ITA No. 1122/Ahd/2015 DCIT vs. AIA Engineering Ltd Assessment year: 2006-07 Page 2 of 2 assessee has given a finding that assessee is following exclusive method of accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AY 2008-09, dated 12/02/2016. He thus supported the order of ld.CIT(A). 5. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. The issue in the present case is with respect to the addition of unutilised CENVAT credit to the closing stock. We find that the ld.CIT(A) while deciding the issue in favour of assessee has given a finding that assessee is following exclusive method of accounting whereby the excise duty is not included in the valuation of stock and raw-materials as the excise duty paid and collected is not made part and parcel of the Profit & Loss A/c. He has further given a finding that assessee has complied with the provisions of section 145A of the Act and the effect of including excise duty in valuation of closing stock does not affect the profit and is Revenue neutral. He has further relied on the decision of Hon'ble Gujarat High Court in the case of Narmada Chematur Petrochemicals ITA No.2387/Ahd/2013 ITO vs. Mamata Brampton Engg.Pvt.Ltd. Asst.Year - 2008-09 - 8 - Ltd.(supra). Before us, Revenue has neither controverted the finding of ld.CIT(A) nor has placed any contrary binding decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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