The ACIT- 1(2), Bhopal v. M/s Bhaskar Infrastructure Ltd., Bhopal

ITA 242/IND/2013 | 2008-2009
Pronouncement Date: 23-10-2013 | Result: Dismissed

Appeal Details

RSA Number 24222714 RSA 2013
Assessee PAN ADBPA7945A
Bench Indore
Appeal Number ITA 242/IND/2013
Duration Of Justice 5 month(s) 28 day(s)
Appellant The ACIT- 1(2), Bhopal
Respondent M/s Bhaskar Infrastructure Ltd., Bhopal
Appeal Type Income Tax Appeal
Pronouncement Date 23-10-2013
Appeal Filed By Department
Order Result Dismissed
Bench Allotted DB
Tribunal Order Date 23-10-2013
Assessment Year 2008-2009
Appeal Filed On 25-04-2013
Judgment Text
1 INCOME TAX APPELLATE TRIBUNAL INDORE BENCH INDORE BEFORE SHRI JOGINDER SINGH JUDICIAL MEMBER AND SHRI R.C. SHARMA ACCOUNTANT MEMBER ITA NO. 240/IND/2013 A.Y. 2008-09 ACIT-1(2) BHOPAL :: APPELLANT VS PAWAN AGRAWAL BHOPAL PAN - ADBPA 7945 A :: RESPONDENT ITA NO. 241/IND/2013 A.Y. 2008-09 ACIT-1(2) BHOPAL :: APPELLANT VS BHASKAR MULTINET LTD. BHOPAL PAN AABCB 4192 Q :: RESPONDENT 2 AND ITA NO. 242/IND/2013 A.Y. 2008-09 ACIT-1(2) BHOPAL :: APPELLANT VS BHASKAR INFRASTRUCTURE LTD. BHOPAL PAN AABCB 4214 H :: RESPONDENT REVENUE BY SMT. MRIDULA BAJPAI AND SHRI R.A. VERMA REVENUE BY SHRI S.S. DESHPANDE DATE OF HEARING 23. 10 .2013 DATE OF PRONOUNCEMENT 2 3 . 10 .2013 O R D E R PER JOGINDER SINGH JUDICIAL MEMBER THE REVENUE IS AGGRIEVED BY THE DIFFERENT IMPUGNED ORDERS PASSED BY THE LD. FIRST APPELLATE AUTHORITY BHO PAL FOR A.Y. 2008-09 OF THE DIFFERENT ASSESSEES. 2. FIRST WE SHALL TAKE UP THE APPEAL IN CASE OF PAWAN AGRAWAL (ITA NO.240/IND/2013) WHEREIN THE FIRST GROU ND PERTAINS TO DELETING THE ADDITION OF RS.1 50 000/- MAD E BY THE ASSESSING OFFICER ON ACCOUNT OF STAFF WELFARE AND S ALARY AND BONUS EXPENSES. 3 2.1 DURING HEARING WE HAVE HEARD SMT. MRIDULA BAJPAI CIT/DR ALONG WITH SHRI R.A. VERMA SR. DR AND SHRI S.S . DESHPANDE LEARNED COUNSEL FOR THE ASSESSEE. THE CRUX OF ARGUMENTS ON BEHALF OF THE REVENUE IS IN SUPPORT TO T HE ASSESSMENT ORDER WHEREAS THE LEARNED COUNSEL FOR THE ASSESSEE HAS DEFENDED THE CONCLUSION DRAWN IN THE IMPUGNED ORDER. 2.2 WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUS ED THE MATERIAL AVAILABLE ON RECORD. THE FACTS IN BRIEF ARE THAT THE ASSESSEE IS AN INDIVIDUAL ENGAGED IN THE BUSIN ESS OF RUNNING PRINTING PRESS AT SURAT VADODARA AND AHMEDABAD. THE ASSESSEE DECLARED INCOME OF RS.23 41 132/- IN HIS RETURN FILED ON 27.9.2008. T HE ASSESSING OFFICER NOTICED THAT THE ASSESSEE HAD CLAIMED STAFF WELFARE EXPENSES TO THE TUNE OF RS.64 862/- AND SALARY AND BONES EXPENSES AT RS.1 83 74 973/-. A LUMP SUM DISALLOWANCE OF RS.1 50 000/- WAS MADE BY THE 4 ASSESSING OFFICER ON THE PLEA THAT SOME OF THE EXPENS ES ARE OF NON-VERIFIABLE NATURE. ON APPEAL BEFORE THE LD. CIT( A) IT WAS CLAIMED BY THE ASSESSEE THAT NO AD-HOC DISALLOWANCE OUT OF THESE EXPENSES IS PERMISSIBLE MORE SPECIFIC ALLY WHEN EACH AND EVERY DETAIL OF EACH EXPENSE WAS FILED WHI CH INCLUDES LEDGER COPY OF SALARY PAID/SALARY PAYABLE/PF CONTRIBUTION AND DETAILS OF CHEQUES ISSUED TO BANKS TO CREDIT SALARY DIRECTLY TO THE ACCOUNTS OF THE EMPLOYEE S. THE DETAILS OF STAFF WELFARE WERE FURNISHED LIKE PAYMENT TO KARMCHARI AAPAT NIDHI PF LABOUR WELFARE FUND. THIS FACTUAL MATRIX WAS NOT CONTROVERTED BY THE REVENUE WITH THE HELP OF ANY POSITIVE MATERIAL. KEEPING IN VIEW THE TOTALITY OF FACTS AND MATERIAL AVAILABLE ON RECORD WE ARE OF THE CONSIDERED OPINION THAT THESE EXPENSES ARE ALLOWAB LE EXPENSES AND IN THE ABSENCE OF ANY CONTRARY MATERIAL NO LUMP SUM DISALLOWANCE IS PERMISSIBLE. THE STAND OF TH E LD. CIT(A) IS AFFIRMED. 5 3. IN THE NEXT GROUND THE ADDITION OF RS.3 27 35 00 0/- WHICH WAS DELETED BY THE LD. CIT(A) ON ACCOUNT OF SH ARE SALE CONSIDERATION WHICH WAS TREATED AS INCOME FROM OTHE R SOURCES HAS BEEN CHALLENGED. THE CRUX OF ARGUMENTS ON BEHALF OF THE REVENUE IS IN SUPPORT TO THE ADDITION/ASSESSMENT ORDER WHEREAS THE LEARNED COUNSEL FOR THE ASSESSEE DEFENDED THE IMPUGNED ORDER. 3.1 WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUS ED THE MATERIAL AVAILABLE ON RECORD. THE FACTS IN BRIEF ARE THAT THE ASSESSEE DECLARED LONG TERM CAPITAL GAINS OF RS. 45 12 972/- ON THE SALE OF SHARES OF DIFFERENT COMPANI ES WHICH ARE SUMMARISED AS UNDER: DIVYA MOTI HOTEL AND RESORTS BHASKAR EXXOILS PRECIOUS CONSTRUCTION GOODLUCK CONSTRUCTION SUDHARMA CONSTRUCTION NO. OF EQUITY SHARES 5000 120000 5250 525 525 SALE CONSIDERATIO N 3550000 1800000 9128330 9128340 9128330 LESS: INDEX COST OF 55433 1782620 9894718 6594539 9894718 6 ACQUISITION LONG TERM CAPITAL GAIN 3494567 17380 - 766388 2533801 - 766388 THE LD. ASSESSING OFFICER TREATED THE GAIN ON THE SALE OF THE SHARES OF THE ABOVE COMPANIES AS INCOME FROM OTHER SOURCES FOR THE FOLLOWING REASONS: A. NO SHARE CERTIFICATE IN THE NAME OF ASSESSEE IN THE SE COMPANIES WAS PRODUCED. B. NO SHARE TRANSFER FORMS TOWARDS SALE OF SHARES IN THESE WERE PRODUCED. C. NO SHARE PURCHASE AGREEMENT BETWEEN THE ASSESSEE AND BUYER WERE PRODUCED AS THESE SHARES WERE NOT SO LD THROUGH STOCK EXCHANGE OR SHARE BROKERS. THEREFORE THE ASSESSEE DID NOT PROVE THE PURCHASE OF SHARE IN HIS NAME FROM THESE COMPANIES. D. NEITHER AUDITED FINANCE STATEMENT CONTAINING AUDIT REPORT AUDITED P & L ACCOUNT AND BALANCE SHEET OF THESE COMPANIES NOR INCOME-TAX RETURNS OF THESE COMPANIES WAS PRODUCED. E. ONLY NAME OF PRECIOUS CONSTRUCTION GOODLUCK CONSTRUCTION AND SUDHARMA CONSTRUCTION WERE MENTIONED IN THE COMPUTATION. WHETHER THESE ARE PUB LIC OR PRIVATE LIMITED COMPANIES IS ALSO NOT CLEAR. F. THE PURPOSE OF INVESTMENT IN EQUITY SHARES OF THESE UNLISTED/UNQUOTED COMPANIES IS NOT MADE CLEAR. G. THE ASSESSEE WAS SPECIFICALLY ASKED TO JUSTIFY THE SALE OF EQUITY SHARES OF M/S. DIVYA MOTI HOTEL AND RESORTS P. LTD. AT PREMIUM. ON PERUSAL OF AUDITED BALANCE SHEET FOR THE FY ENDED ON 31.3.2007 THERE WAS BROUGHT FORWARD LOSS OF RS.2 88 153/- WHEREAS THE ASSESSEE HAD SOLD THE SAHRE AT THE RATE OF RS.710 P ER SHARE THEREBY EARNING AT THE RATE OF RS.0.52 PER SHARE AS ON 31.3.2007. THE SAID BALANCE SHEET OF DIVYA MO TI 7 HOTEL WAS SUBMITTED DURING ASSESSMENT PROCEEDINGS O F BHASKAR INFRASTRUCTURE LIMITED. H. TO WHOM SHAERS WERE SOLD BY THE ASSESSEE AND FROM WHOM SALE CONSIDERATION WAS RECEIVED WAS ALSO NOT SUBMITTED. IN VIEW OF THE ABOVE THE ENTIRE SALE CONSIDERATION OF RS.3 27 35 000/- DECLARED ON SALE OF EQUITY SHARES FR OM FIVE COMPANIES WAS ADDED AS UNEXPLAINED INCOME FROM OTHER SOURCES. THE AFORESAID ADDITION WAS CHALLENGED BEFORE THE LD. CIT(A) WHO CONSIDERED THE SUBMISSION S OF THE ASSESSEE AND THE RELEVANT RECORD SUBMITTED BEFORE HIM. THE SUBMISSIONS AND THE DOCUMENTS WERE FORWARDED TO THE ASSESSING OFFICER FOR VERIFICATION/EXAMINATION AND TO SUBMIT THE REPORT. THE LD. ASSESSING OFFICER SUBMITTED REMAND REPORT DATED 2 ND JANUARY 2013 AS HAS BEEN SUMMARISED AT PAGES 13 AND 14 OF THE IMPUGNED ORDER. THE REJOINDER OF THE ASSES SEE WAS ALSO CONSIDERED. THE LD. CIT(A) CONCLUDED AS UNDER : 5.6 I HAVE CAREFULLY CONSIDERED THE SUBMISSION OF T HE APPELLANT REMAND REPORT AND REJOINDER OF THE APPEL LANT. REGARDING THE ISSUE OF SALE OF SHARE OF DIVYA MOTI HOTEL AND 8 RESORTS PVT. LTD. IT IS NOTICED THAT THE APPELLANT HAD SHOWN SALE OF 5000 SHARES OF M/S DIVYA MOTI HOTEL & RESORTS PV T. LTD. TO M/S REEVA BUILDCON PVT. LTD. FOR A CONSIDERATION OF RS.35 50 000/- @ RS.710/- PER SHARE. THE APPELLANT HAD FURNISHED DETAILS IN THE FORM OF BALANCE SHEET OF M /S DIVYA MOTI HOTEL & RESORTS PVT. LTD. JAIPUR. COPY OF FOR M NO. 20B FURNISHED BY M/S DIVYA MOTI HOTEL & RESORTS PVT. LT D. BEFORE THE REGISTRAR OF COMPANIES INCLUDING ANNUAL RETURNS SHOWING THE DETAILS OF SHAREHOLDERS AS ON THE DATE OF ANNUA L GENERAL MEETING (AGM) AND ALSO THE BALANCE SHEET AND OTHER DOCUMENTS FURNISHED BY M/S REEVA BUILDCON PVT. LTD. TO THE REGISTRAR OF COMPANIES. FROM THE DOCUMENTS IT CAN BE CLEARLY SEEN THAT THE APPELLANT WAS SHOWN AS A SHAREHOLDER OF M/S DIVYA MOTI HOTEL & RESORTS PVT. LTD. HOLDING 5000 S HARES AS PER THE LIST OF SHAREHOLDERS AS ON AGM ON 29.09.2007. I T IS ALSO MENTIONED IN THE ANNUAL RETURNS FURNISHED BEFORE TH E REGISTRAR THAT THESE SHARES WERE TRANSFERRED ON 04.01.2008 IN THE NAME OF M/S REEVA BUILDCON PVT. LTD. IT IS ALSO NOTICED THAT THE APPELLANT HAD RECEIVED THE SALE CONSIDERATION OF RS .35 50 000/- BY CHEQUE NO.927604 DATED 04.01.2008 DRAWN ON IDBI BANK BRANCH D-24 DURLABH NIWAS PRITHVIRAJ ROAD C SCHE ME JAIPUR FROM M/S REEVA BUILDCOM PVT. LTD .. THE INVESTMENT MADE BY M/S REEVA BUILDCON PVT. LTD. HAD ALSO BEEN REFLECTE D BY IT IN ITS BALANCE SHEET AS ON 31.03.2008. ALL THESE FACTS AND DOCUMENTS SUBMITTED BY THE APPELLANT PROVE THE GENUINENESS OF TRANSACTION OF SALE. AS FAR AS SALE PRICE OF A SHAR E OF M/S DIVYA MOTI HOTEL & RESORTS PVT. LTD. IS CONCERNED IT MAY BE NOTED THAT M/S. DIVYA MOTI HOTEL & RESORTS PVT. LTD. HAD ALLOTTED 150000 EQUITY SHARES ON 28.12.2007 AT A PRICE OF RS .700/- PER SHARES WHICH INCLUDED RS.690/- AS SHARE PREMIUM ON EACH SHARE OF RS.L0/- WHICH INDICATE THE PREVAILING MAR KET RATE OF THE SHARE. THE APPELLANT HAD SOLD THESE SHARES ON 0 4.01.2008 AT A RATE OF RS.710/- PER SHARE. IN THE ABSENCE OF ANY MATERIAL ON RECORDS TO THE CONTRARY IT CANNOT BE SAID THAT THE SHARES WERE NOT WORTH RS.710/- PER SHARE ON THE DATE OF SA LE. THE APPELLANT HAD FURNISHED DOCUMENTS TO PROVE THE GENU INENESS OF THE TRANSACTION. IT MAY BE NOTED THAT THE APPELL ANT HAD SHOWN A LONG TERM CAPITAL GAINS AS CHARGEABLE TO TA X AND NOT EXEMPT. SIMILARLY IN THE CASE OF OTHER COMPANIES THE APPELLANT 9 HAD FURNISHED DOCUMENTS SHOWING THE SALE OF SHARES SUCH AS THE APPELLANT FURNISHED CERTIFICATE FROM MIS PRECIO US CONSTRUCTION PVT. LTD. CERTIFYING THAT THE APPELLA NT HAD SOLD 5250 SHARES ON 16.01.2008 TO SHRI N.K. GUPTA AND JU GALKISHORE FOR A CONSIDERATION OF RS.91 28 330/-. THESE SHARES WERE HELD BY THE APPELLANT SHRI PAWAN KUMAR SINCE 14.05.2005. IN THE CASE OF M/S SUDHARMA CONSTRUCTION PVT. LTD. ALSO TH E CERTIFICATE FROM THE COMPANY WAS PRODUCED CERTIFYING THAT THE A PPELLANT SHRI PAWAN KUMAR AGARWAL WHO WAS HOLDING 525 SHARES SINCE 14.05.2005 TRANSFERRED THE SHARES IN THE NAMES OF SHRI N.K. GUPTA AND JUGALKISHORE FOR A CONSIDERATION OF RS.91 28 330/-. THE CERTIFICATE OF GOODLUCK CONSTRUCTION PVT. LTD. ALSO CERTIFIES THAT THE APPELLANT SHRI PAWAN AGRAWAL WAS HOLDING 5 25 EQUITY SHARES SINCE 14.05.2005 OF THE COMPANY WHICH WERE TRANSFERRED ON 16.01.2008 AGAIN IN THE NAME OF SHRI N.K. GUPTA AND JUGALKISHORE FOR A CONSIDERATION OF RS.91 28 34 0/-. THE APPELLANT FURNISHED COPY OF SHARE TRANSFER DEED IN CASE OF SALE OF SHARES OF M/S BHASKAR EXXOILS LTD. TO M/S VINDHY A SOLVENT PVT. LTD. AND BALANCE SHEET OF M/S VINDHYA SOLVENT PVT. LTD. FOR F.Y. 2007 -08 SHOWING INVESTMENT IN THE SHARES OF M /S BHASKAR EXXOILS LTD. ON 31.03.2008. THE AO DID NOT POINT OU T ANY DEFECTS OR DEFICIENCY OR INCONSISTENCY IN THE DOCUM ENTS FURNISHED BY THE APPELLANT AND ALSO HAD NOT BROUGHT ANY MATERIAL ON RECORD WHICH CAN SUGGEST THAT THE TRANS ACTIONS OF SALE OF SHARES SHOWN BY THE APPELLANT WERE NOT GENU INE. THE SUSPICION OR DOUBT HOWSOEVER STRONG IT MAY BE CANN OT TAKE THE SHAPE OF EVIDENCE. THEREFORE CONSIDERING THE T OTALITY OF FACTS AND CIRCUMSTANCES OF THE CASE THE AO WAS NOT JUSTIFIED IN THE ABSENCE OF ANY MATERIAL IN HIS POSSESSION TO H OLD THAT THE TRANSACTIONS OF SALE OF SHARES SHOWN BY THE APPELLA NT WERE SHAM TRANSACTIONS. THEREFORE THE ADDITION OF RS.3 27 35 000/- MADE BY THE AO CANNOT BE SUSTAINED AND IS THUS DE LETED. THIS GROUND OF APPEAL IS ALLOWED. 3.2 IF THE OBSERVATION MADE IN THE ASSESSMENT ORDER HOLDING THAT THE SALE OF SHARES OF THE CONCERNED COMPAN IES 10 WAS SHAM TRANSACTION CONCLUSION DRAWN IN THE IMPUGNED ORDER MATERIAL AVAILABLE ON RECORD AND THE ASSERTION MAD E BY THE LEARNED RESPECTIVE COUNSEL ARE KEPT IN JUXTAPO SITION IF ANALYSED IT IS NOTEWORTHY THAT THE SUBMISSION OF T HE ASSESSEE ALONG WITH THE DOCUMENTS WERE FORWARDED TO TH E LEARNED ASSESSING OFFICER FOR VERIFICATION AND EXAMINATI ON BY HIM AND ALSO TO SUBMIT REMAND REPORT. THE REMAND REPORT DATED 2.1.2003 AND THE REJOINDER FROM THE ASSES SEE WERE DULY CONSIDERED BY THE LEARNED CIT(A) THEREFO RE THE CONTENTION OF THE REVENUE THAT NECESSARY DETAILS WERE NOT FILED BEFORE THE ASSESSING OFFICER AT THIS STAGE HAS NO FORCE. IT IS ALSO NOTED THAT THE ASSESSEE HAD SHOWN SALE OF 5 000 SHARES OF M/S DIVYA MOTI HOTEL & RESORTS PRIVATE LIMITED TO M/S REEVA BUILDCOM PVT. LTD. @ R. 710/- P ER SHARE FOR A CONSIDERATION OF RS.55 50 000/-. THE NECE SSARY DETAILS IN THE FORM OF BALANCE SHEET COPY OF FORM NO. 20B FURNISHED BEFORE THE REGISTRAR OF COMPANIES ALONG WITH 11 ANNUAL RETURNS SHOWING DETAILS OF SHARES HOLDERS BALANC E SHEET AND OTHER DOCUMENTS FURNISHED BY M/S REEVA BUILDCOM PVT. LTD. TO THE REGISTRAR OF COMPANIES WER E DULY EXAMINED BY THE LEARNED CIT(A) WHEREIN IT WAS FOUND TH AT THE ASSESSEE WAS SHOWN AS A SHARE HOLDER OF M/S DIVYA MOTI HOTEL & RESORTS PVT. LTD. HOLDING 5 000 SHARES AS PER LIST OF SHARE HOLDERS AS ON 29.9.2007. IT WAS FURTHER NOTED THAT IN THE ANNUAL RETURN FURNISHED BEFORE THE REGISTR AR THESE SHARES WERE TRANSFERRED IN THE CASE OF M/S REEVA BUILDCOM PVT. LTD. ON 4.1.2008 WHEREIN THE ASSESSEE RECEIVED SALE CONSIDERATION OF RS. 35 50 000/- BY CHE QUE NO. 927604 DATED 4.1.2008. THE INVESTMENT MADE BY M /S REEVA BUILDCOM PVT. LTD. WAS ALSO REFLECTED IN ITS BAL ANCE SHEET AS ON 31.3.2008. IN VIEW OF THESE FACTS THE GENUINENESS OF TRANSACTION OF SALE OF SHARES STANDS PROV ED. SO FAR AS SALE PRICE OF SHARES OF M/S DIVYA MOTI HOTEL & RESORTS PVT. LTD. IS CONCERNED IT WAS FOUND BY THE LEARNED 12 CIT(A) THAT 1 50 000 EQUITY SHARES WERE ALLOTTED AT A PRI CE OF RS. 700/- PER SHARE ON 28.12.2007 WHICH INCLUDED RS.690/- AS SHARE PREMIUM ON EACH SHARE OF RS.10/- INDICATING THE PREVAILING MARKET RATE OF SHARES. THE ASSESSEE SOLD THESE SHARES @ RS.710/- PER SHARE AS ON 4.1.2008. IN THE ABSENCE OF ANY CONTRARY MATERIAL THE PRESUMPTION DRAWN BY THE ASSESSING OFFICER THAT THE SHARES WERE NOT WORTH RS. 710/- PER SHARE ON THE DATE OF SALE IS ALSO NOT SUBSTANTIATED. THE CERTIFICATE OF GOOD LUCK CONSTRUCTION PVT. LTD. ALSO CERTIFIES THAT THE ASSESSE E WAS HOLDING 5250 EQUITY SHARES SINCE 14.5.2005 WHICH WERE TRANSFERRED ON 16.1.2008 AGAIN IN THE NAME OF SHRI N.K. GUPTA AND SHRI JUGALKISHORE FOR A CONSIDERATION OF RS.91 28 340/-. IDENTICAL IS THE SITUATION IN OTHER T WO CASES REGARDING SHARE TRANSFER DEED IN THE CASE OF SALE O F SHARE IN THE CASE OF BHASKAR EXXOILS LIMITED TO M/S VINDHYA SOLVENT PRIVATE LIMITED AND IN TURN IN BALANCE 13 SHEET OF M/S VINDHYA SOLVENT PVT. LTD. FOR THE A.Y. 2007-08 SHOWING INVESTMENT IN SHARES ON 31.3.2008 OF M/S BHASKAR EXXOILS LIMITED. THE ASSESSING OFFICER NEITHE R POINTED OUT ANY DEFECT OR DEFICIENCY OR INCONSISTENC Y IN THE DOCUMENTS FILED BY THE ASSESSEE NOR BROUGHT OUT ANY MATERIAL ON RECORD SUGGESTING THAT THE SALE OF SHARES SH OWN BY THE ASSESSEE WAS NOT GENUINE. THE FACTUAL FINDING RECORDED BY THE CIT(A) WAS NOT CONTROVERTED BY THE REVENUE WITH THE HELP OF ANY POSITIVE MATERIAL ON RECO RD. IT SEEMS THAT THE ADDITIONS WERE MADE BY THE ASSESSING OFFICER MERELY ON PRESUMPTION AND SUSPICION. IN VIEW OF THESE FACTS WE FIND NO INFIRMITY IN THE CONCLUSION DRAWN BY THE LEARNED CIT(A). ALL THESE ASSESSEES ARE CONNECTED TO BHASKAR GROUP. THE ASSESSEE MADE THE PAYMENT THROUGH CHEQUE THE ANNUAL REPORT FOR THE YEAR ENDING 2007 TH E NAME OF THE ASSESSEE IS APPEARING AS SHARE HOLDER (PAGE 72 OF THE PAPER BOOK) THE TRANSFERS HAVE BEEN INTIMATED T O THE 14 REGISTRAR (PAPER BOOK PAGE 93) THE LIST OF DIRECTORS WAS ALSO FILED WITH THE REGISTRAR (PAPER BOOK PAGE 92) THEREFORE THE STAND OF THE LEARNED CIT(A) IS AFFIRMED RESULTING INTO DISMISSAL OF ALL THESE APPEALS. FINALLY THE APPEALS OF THE REVENUE ARE DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LEARNED REPRESENTATIVE OF BOTH THE SIDES ON 23.10.2013. SD/- SD/- (R.C.SHARMA) (JOGINDER SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 23 .10.2013 COPY TO: APPELLANT RESPONDENT CIT CIT(A) DR GU ARD FILE !VYS!