Dharamdev Finance Pvt. Ltd.,, Ahmedabad v. The DY.CIT., Circle-1(1),, Ahmedabad

ITA 3074/AHD/2007 | 2003-2004
Pronouncement Date: 18-03-2011 | Result: Dismissed

Appeal Details

RSA Number 307420514 RSA 2007
Assessee PAN AABCD3915F
Bench Ahmedabad
Appeal Number ITA 3074/AHD/2007
Duration Of Justice 3 year(s) 8 month(s) 5 day(s)
Appellant Dharamdev Finance Pvt. Ltd.,, Ahmedabad
Respondent The DY.CIT., Circle-1(1),, Ahmedabad
Appeal Type Income Tax Appeal
Pronouncement Date 18-03-2011
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted C
Tribunal Order Date 18-03-2011
Date Of Final Hearing 09-03-2011
Next Hearing Date 09-03-2011
Assessment Year 2003-2004
Appeal Filed On 13-07-2007
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH AHMEDABAD (BEFORE S/SHRI BHAVNESH SAINI JM AND A. N. PAHUJA AM) ITA NO.3419 AND 3420/AHD/2007 A. Y.: 2003-04 AND 2004-05 THE D. C. I. T. CENTRAL CIRCLE-1 (1) ROOM NO. 303 AAYAKAR BHAVAN AHMEDABAD VS DHARAMDEV FINANCE PVT. LTD. E/4 GHANSHYAM PARK ANAND NAGAR SOCIETY FATEHPURA PALDI AHMEDABAD PA NO. AABCD 3915 F (APPELLANT) (RESPONDENT) ITA NO.3074 AND 3075/AHD/2007 A.Y.: 2003-04 AND 2004-05 DHARAMDEV FINANCE PVT. LTD. E/4 GHANSHYAM PARK ANAND NAGAR SOCIETY FATEHPURA PALDI AHMEDABAD VS THE D. C. I. T. CENTRAL CIRCLE-1 (1) ROOM NO. 303 AAYAKAR BHAVAN AHMEDABAD PA NO. AABCD 3915 F (APPELLANT) (RESPONDENT) ASSESSEE BY SHRI S. N. DIVETIA AR DEPARTMENT BY SHRI SHELLEY JINDAL SR. DR O R D E R PER BHAVNESH SAINI: ALL THE CROSS APPEALS ARE DIRECTED AGAINST DIFFERENT ORDERS OF THE LEARNED CIT(A)-I A HMEDABAD DATED 29 TH MAY 2007 FOR ASSESSMENT YEARS 2003-04 AND 2004-05 . SINCE COMMON ISSUES ARE INVOLVED IN ALL THE CROSS APPEALS THEREFORE ALL WERE HEARD TOGETHER AND DISPOSE OF THE SAME THROUGH THIS COMMON CONSOLIDATED ORDER. ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 2 2. WE HAVE HEARD THE LEARNED REPRESENTATIVES OF BOT H THE PARTIES PERUSED THE FINDINGS OF THE AUTHORITIES BELOW AND C ONSIDERED THE MATERIAL AVAILABLE ON RECORD. ITA NO.3419/AHED/2004 (DEPARTMENTAL APPEAL) ITA NO.3074/AHD/2007(ASSESSEES APPEAL) 3. THE LEARNED COUNSEL FOR THE ASSESSEE DID NOT PRE SS GROUNDS NO.1 TO 4 IN THE APPEAL OF THE ASSESSEE. THE SAME A RE ACCORDINGLY DISMISSED AS NOT PRESSED. 4. ON GROUNDS NO.1 AND 2 THE REVENUE CHALLENGED TH E ORDER OF THE LEARNED CIT(A) IN ADMITTING FRESH EVIDENCE IN V IOLATION OF RULE 46A OF THE IT RULES. FURTHER ON GROUND NO.3 THE R EVENUE HAS CHALLENGED THE ORDER OF THE LEARNED CIT(A) IN DELET ING THE ADDITION OF RS.14 50 501/- MADE ON ACCOUNT OF UNEXPLAINED CASH CREDIT AND RS.25 071/- MADE ON ACCOUNT OF INTEREST ON SUCH CAS H CREDIT BY ADMITTING ADDITIONAL EVIDENCES ON CONSIDERATION OF REMAND REPORT FILED BY THE AO. THE ASSESSEE ON GROUNDS NO.5 AND 6 CHAL LENGED THE ADDITION OF RS.1 53 000/- ON ACCOUNT OF UNEXPLAINED CASH CREDIT AND DISALLOWANCE OF INTEREST IN A SUM OF RS.875/-. 5. THE ABOVE GROUNDS ARE INTER-LINKED AND COMMON IN TERMS OF FACTS PRETATION IN BOTH THE CROSS APPEALS. THE AO MADE TH E ADDITION OF RS.16 03 501/- ON ACCOUNT OF UNEXPLAINED CASH CREDI TS AND ALSO DISALLOWED INTEREST PAID ON SUCH CASH CREDITS IN A SUM OF RS.25 946/-. THE AO OBSERVED THAT THERE ARE CREDITS IN RESPECT O F DEPOSITS IN THE NAME OF 21 PERSONS IN THE BOOKS OF DIFFERENCE CONCE RNS OF THE ASSESSEE. THE DETAILS OF THE SAME ARE NOTED IN THE ASSESSMENT ORDER ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 3 AS WELL AS IN PARA 5 OF THE ORDER OF THE LEARNED CI T(A). THE AO OBSERVED THAT THE ASSESSEE WAS ASKED TO EXPLAIN THE SOURCES OF THE ADDITIONAL CAPITAL INTRODUCED IN THE CAPITAL ACCOUN T AND PARTICULARS OF DONORS AND THEIR SOURCES. IN THE ABSENCE OF ANY EXP LANATION AND INFORMATION THE ADDITION WAS ACCORDINGLY MADE. IT WAS OBSERVED THAT THE ASSESSEE WAS REQUESTED TO FURNISH LIST OF DEPOS ITORS WITH THEIR NAMES ADDRESSES THEIR OPENING BALANCE ADDITION REPAYMENT INTEREST PAID/CREDITED ETC. THE ASSESSEE WAS ALSO ASKED TO FURNISH CONTRA ACCOUNTS PAN OF THE DEPOSITORS IN RESPECT OF FRESH CREDITS. THE ASSESSEE MADE PART COMPLIANCE GIVING LIST OF DEPOSI TORS COPIES OF THEIR ACCOUNTS FROM THE BOOKS OF ACCOUNTS. HOWEVER CONTRA CONFIRMATION AND PAN OF THE CREDITORS WERE NOT FURN ISHED. THE AO HAS THEREAFTER SUMMARIZED THE DETAILS FURNISHED BEF ORE HIM IN RESPECT OF CASH CREDITS AND HE NOTED THAT THE ASSESSEE HAS ACCEPTED TOTAL CASH CREDITS OF RS.16 03 501/-. THE AO FURTHER NOTE D THAT THE ASSESSEE WAS REQUIRED TO PROVE THE IDENTITY OF THE CREDITORS GENUINENESS OF THE TRANSACTIONS AND CREDITWORTHINES S OF THE CREDITORS AND ALSO NOTED THAT THE BURDEN IS UPON THE ASSESSEE TO PROVE THE SAME. THE AO NOTED THAT THE ASSESSEE HAS NOT FURNIS HED EVIDENCES TO PROVE GENUINENESS OF THE CASH CREDITS. IT WAS AL SO NOTED THAT SOME OF THE CONCERNS WERE ASSESSED IN HIS RECORD FROM WH OM DEPOSITS HAVE BEEN RECEIVED AND VERIFIABLE FROM THE RECORDS AND SAME ARE CONSIDERED. AFTER THE ABOVE OBSERVATIONS IT WAS ST ATED THAT GENUINENESS AND CREDITWORTHINESS AND THE CAPACITY O F THE DEPOSITORS ARE NOT PROVED. ACCORDINGLY ADDITION WAS MADE. IT WAS SUBMITTED BEFORE THE LEARNED CIT(A) THAT THE ASSESSEE HAD FUR NISHED COPIES OF THE ACCOUNT OF CONCERN PERSONS AND THEIR CONTRA ACC OUNTS ALONG WITH ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 4 CONFIRMATION. IT WAS ALSO STATED THAT THE AMOUNTS W ERE RECEIVED BY ACCOUNT PAYEE CHEQUES. IT WAS SUBMITTED THAT SINCE THE MATTER WAS VERY OLD THE ASSESSEE WAS NOT ABLE TO OBTAIN CONFI RMATION BEFORE THE ASSESSMENT WAS COMPLETED ON ACCOUNT OF INADEQUATE T IME AVAILABLE TO HIM. THEREFORE REQUEST WAS MADE TO ADMIT ADDITI ONAL EVIDENCES AT THE APPELLATE STAGE. THE SUBMISSION OF THE ASSESSEE IS INCORPORATED IN PARA 5.1 OF THE APPELLATE ORDER IN WHICH IS WAS BRIEFLY EXPLAINED THAT DUE TO LACK OF TIME THE REQUIRED DETAILS COULD NOT BE FURNISHED BEFORE THE AO WHICH WERE PRODUCED BEFORE THE LEARNE D CIT(A) IN THE FORM OF ADDITIONAL EVIDENCES. THE LEARNED CIT(A) AC CEPTED THE CONTENTION OF THE ASSESSEE AND NOTED THAT DUE TO IN ADEQUATE TIME THE REQUIRED INFORMATION COULD NOT BE FURNISHED AND ACC ORDINGLY ADDITIONAL EVIDENCES WERE ADMITTED AND REMAND REPORT FROM THE AO WAS CALLED FOR. OPPORTUNITY WAS GIVEN TO THE AO TO VERIFY THE EVIDENCES FILED BY THE ASSESSEE AT THE APPELLATE STAGE AND TO FURNISH HIS COMMENTS. THE AO SUBMITTED HIS REMAND REPORT BEFORE THE LEARNED C IT(A) IN WHICH IT IS STATED THAT THE ASSESSEE HAS FILED AT THE APPELL ATE STAGE THE COPY OF THE ACCOUNT AND CONTRA ACCOUNT DULY CONFIRMED BY TH E DEPOSITORS WITH PAN AND ADDRESSES AND THE DETAILS HAVE BEEN EXAMINE D IN DETAIL. THE ASSESSEE HAS ALSO FURNISHED COMPLETE DETAILS OF THE CREDITORS AND ON EXAMINATION THE AO PREPARED A CHART 21 CREDI TORS AND NOTED THAT 11 CREDITORS ARE NOT ASSESSED TO TAX AND REMAI NING ARE ASSESSED TO TAX EXCEPT IN TWO CASES WHERE CASH CREDIT WAS SM ALL OF RS.2 500/- AND RS.3 000/-. THE AO ON VERIFICATION NOTED THAT 1 1 CREDITORS IN WHOSE CASES RS.1 53 000/- WAS RECEIVED AS CASH CRED IT THEY ARE NOT ASSESSED TO TAX AND THEIR CREDITWORTHINESS IS NOT E XPLAINED. THE ASSESSEE WAS REQUESTED TO PRODUCE THE DEPOSITORS FO R EXAMINATION ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 5 BEFORE THE AO. HOWEVER THE ASSESSEE HAS FAILED TO DO SO. THEREFORE THE AO NOTED IN HIS REMAND REPORT THAT THE CASH CRE DITS IN A SUM OF RS.1 53 000/- IN RESPECT OF 11 CREDITORS REMAINED U NEXPLAINED. HOWEVER IN VIEW OF THE SUPPORTING DOCUMENTS THE AM OUNT OF RS.14 50 501/- STANDS EXPLAINED. THE IDENTITY OF T HE DEPOSITORS GENUINENESS OF THE TRANSACTIONS AND CREDITWORTHINES S WAS ACCEPTED AND PROVED. IT WAS ALSO REQUESTED THAT DISALLOWANCE OF INTEREST IN A SUM OF RS.25 071/- CAN BE TREATED AS ALLOWED. THUS AO RECORDED THAT THE CASH CREDITS IN THE CASES OF 10 PERSONS ST AND PROVED IN A SUM OF RS.14 50 501/- BUT THE CASH CREDITS OF 11 PE RSONS IN A SUM OF RS.1 53 000/- COULD NOT BE PROVED. THE LEARNED CIT( A) ACCORDINGLY CONFIRMED ADDITION OF RS.1 53 000/- AND RESULTANT I NTEREST WAS ALSO DISALLOWED. HOWEVER THE BALANCE ADDITION OF RS.14 50 501/- WAS DELETED AND RESULTANT DISALLOWANCE OF INTEREST IN A SUM OF RS.25 071/- WAS ALSO DELETED. 6. THE REVENUE IS IN APPEAL ON GROUND NO.3 NOTED AB OVE. THE ASSESSEE IS IN APPEAL ON GROUNDS NO.5 AND 6 AS NOTE D ABOVE. 7. THE LEARNED DR RELIED UPON THE ORDER OF THE AO A ND SUBMITTED THAT THE DETAILS WERE NOT FURNISHED AT THE ASSESSME NT STAGE THEREFORE THE LEARNED CIT(A) SHOULD NOT HAVE ACCEP TED THE ADDITIONAL EVIDENCES. ON THE OTHER HAND THE LEARNED COUNSEL F OR THE ASSESSEE REITERATED THE SUBMISSIONS MADE BEFORE THE AUTHORIT IES BELOW AND SUBMITTED THAT SINCE THE AO ACCEPTED THE GENUINENES S OF THE CASH CREDITS OF SUBSTANTIAL AMOUNT THEREFORE DEPARTMEN TAL APPEAL MAY BE ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 6 DISMISSED AND THE REMAINING ADDITION IN A SUM OF RS .1 53 000/- MAY ALSO BE DELETED ALONG WITH INTEREST. 8. ON CONSIDERATION OF THE RIVAL SUBMISSIONS WE AR E OF THE VIEW THAT NO INTERFERENCE IS CALLED FOR IN THE ORDER OF THE LEARNED CIT(A). THE ASSESSEE EXPLAINED BEFORE THE LEARNED CIT(A) TH AT THE ASSESSEE DUE TO INADEQUATE TIME WAS PREVENTED FROM PRODUCING THE REQUIRED EVIDENCES BEFORE THE AO. THEREFORE REQUEST WAS MAD E TO ADMIT ADDITIONAL EVIDENCES. THE LEARNED CIT(A) CONSIDERIN G THE EXPLANATION OF THE ASSESSEE IN THE LIGHT OF RULE 46 A OF THE IT RULES ADMITTED THE ADDITIONAL EVIDENCES AND ALSO GAVE OPPORTUNITY OF B EING HEARD TO THE AO TO FURNISH HIS COMMENT ON SUCH ADDITIONAL EVIDE NCES. THE AO EXAMINED THE ADDITIONAL EVIDENCES AND FURNISHED HIS COMMENTS AND ACCEPTED THE CLAIM OF THE ASSESSEE FOR GENUINENESS OF THE CASH CREDITS IN SUBSTANTIAL AMOUNT. THEREFORE THE LEARN ED CIT(A) ON PROPER APPRECIATION OF FACTS AND MATERIAL ON RECORD RIGHTLY ADMITTED THE ADDITIONAL EVIDENCES AT APPELLATE STAGE. THE HO NBLE PUNJAB & HARYANA HIGH COURT IN THE CASE OF KULDEEP INDUSTRIA L CORPORATION 209 CTR 400 HELD THAT THE AO WAS PRESENT BEFORE THE LEARNED CIT(A) AND DID NOT RAISE ANY OBJECTION FOR ADMISSION OF AD DITIONAL EVIDENCES RULE 46A NOT VIOLATED. IN THE PRESENT CASE THE ASSESSEE SUBMITTED PART OF THE EVIDENCES BEFORE THE AO TO EXPLAIN THE GENUINENESS OF THE CREDITS. HOWEVER AT THE APP ELLATE STAGE THE ASSESSEE MADE A REQUEST FOR ADMISSION OF ADDITIONAL EVIDENCES BECAUSE DUE TO LACK OF TIME THE REQUIRED DETAILS AN D CONFIRMATIONS COULD NOT BE PRODUCED BEFORE THE AO. THE LEARNED CI T(A) GAVE OPPORTUNITY TO THE AO IN TERMS OF RULE 46A AND CALL ED FOR THE ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 7 COMMENTS OF THE AO. THE AO DID NOT OBJECT TO THE FI LING OF THE REMAND REPORT AND IN THE REMAND REPORT THE CLAIM OF THE ASSESSEE WAS ACCEPTED IN A SUM OF RS.14 50 501/- AND IT WAS EXPLAINED THAT CASH CREDIT TO THAT EXTENT STAND EXPLAINED AND PROV ED BY THE ASSESSEE. THEREFORE THE LEARNED CIT(A) ON PROPER A PPRECIATION OF THE EVIDENCES AND MATERIAL ON RECORD RIGHTLY EXERCI SED HIS JURISDICTION UNDER RULE 46A FOR ADMISSION OF THE ADDITIONAL EVID ENCES AT THE APPELLATE STAGE. THERE IS NO VIOLATION OF RULE 46A BY THE LEARNED CIT(A). SINCE THE AO ADMITTED THAT THE ASSESSEE HAS PROVED GENUINENESS OF CASH CREDIT IN A SUM OF RS.14 50 501 /- THEREFORE NO FAULT CAN BE FOUND IN THE ORDER OF THE LEARNED CIT( A) IN DELETING THE ADDITION TO THAT EXTENT. 9. SO FAR AS THE ADDITION OF RS.1 53 000/- OF 11 C ASH CREDITORS IS CONCERNED THE AO WAS NOT SATISFIED WITH THE EVIDEN CES FILED BY THE ASSESSEE THEREFORE THE ASSESSEE WAS REQUESTED TO PRODUCE THESE DEPOSITORS FOR EXAMINATION BEFORE THE AO. BUT THE A SSESSEE FAILED TO DO SO. THE LEARNED CIT(A) WAS THEREFORE JUSTIFIED IN HOLDING THAT THE ASSESSEE FAILED TO COMPLY WITH THE DIRECTION OF THE AO AND ALSO FAILED TO PROVE THE CASH CREDITS TO THE EXTENT OF RS.1 53 000/-. CONSIDERING THE ABOVE DISCUSSIONS WE DO NOT FIND ANY ERROR IN THE ORDER OF LEARNED CIT(A) IN ADMITTING THE ADDITIONAL EVIDENCE S AND IN DELETING THE ADDITION OF RS.14 50 501/- AND THE RESULTANT IN TEREST. IN THE RESULT THE DEPARTMENTAL APPEAL HAS NO MERIT ON GROUNDS NO. 1 2 AND 3. SAME ARE ACCORDINGLY DISMISSED. SIMILARLY WE DO NO T FIND ANY ERROR IN THE ORDER OF THE LEARNED CIT(A) IN RESTRICTING THE ADDITION TO ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 8 RS.1 53 000/- AND RESULTANT INTEREST OF RS.875/-. G ROUNDS NO.5 AND 6 OF THE APPEAL OF THE ASSESSEE ARE ALSO ACCORDINGLY DISMISSED. 10. CHARGING OF INTEREST U/S 234A 234B AND 234C OF THE IT ACT CHALLENGED IN GROUND NO.7 OF THE APPEAL OF THE ASSE SSEE IS CONSEQUENTIAL AND MANDATORY AND IS ACCORDINGLY REJE CTED. 11. IN THE RESULT THE DEPARTMENTAL APPEAL AS WELL AS THE APPEAL OF THE ASSESSEE HAS NO MERIT. THE SAME ARE ACCORDINGLY DISMISSED. ITA NO.3020/AHD/2007 (DEPARTMENTAL APPEAL) ITA NO.3075/AHD/2007 (ASSESSEES APPEAL) 12. THE LEARNED COUNSEL FOR THE ASSESSEE DID NOT PR ESS GROUNDS NO.1 2 3 AND 4 OF THE APPEAL OF THE ASSESSEE. THE SAME ARE ACCORDINGLY DISMISSED AS NOT PRESSED. 13. ON GROUNDS NO.1 AND 2 IN THE DEPARTMENTAL APPEA L THE REVENUE CHALLENGED THE ORDER OF THE LEARNED CIT(A) IN ADMITTING ADDITIONAL EVIDENCES AT THE APPELLATE STAGE IN VIOL ATION OF RULE 46A OF THE IT RULES. ON GROUND NO.3 THE REVENUE CHALLENG ED THE ORDER OF THE LEARNED CIT(A) IN DELETING THE ADDITION OF RS.8 65 000/- ON ACCOUNT OF UNEXPLAINED CASH CREDITS AND RS.17 032/- ON ACCOUNT OF INTEREST ON SUCH CASH CREDITS BY ADMITTING ADDITION AL EVIDENCES. THE ASSESSEE ON GROUNDS NO.5 AND 6 CHALLENGED THE ORDER OF THE LEARNED CIT(A) IN RESTRICTING THE ADDITION TO RS.1 48 175/- ON ACCOUNT OF UNEXPLAINED CASH CREDIT AND RESULTANT DISALLOWANCE OF INTEREST OF RS.2 529/-. ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 9 14. BOTH THE PARTIES STATED THAT THE ISSUE IS SAME AS IS CONSIDERED IN ASSESSMENT YEAR 2003-04. IN NUTSHELL THE AO DIS ALLOWED AN AMOUNT OF RS.10 13 175/- ON ACCOUNT OF 11 UNEXPLAIN ED CASH CREDITORS. SIMILARLY ADDITIONAL EVIDENCES WERE ADM ITTED BY THE LEARNED CIT(A) AT THE APPELLATE STAGE DUE TO INADEQ UATE TIME. THE REMAND REPORT FROM THE AO WAS CALLED FOR. THE AO EX AMINED THE ADDITIONAL EVIDENCES AND SUBMITTED IN HIS REMAND RE PORT THAT THE CASH CREDITS AMOUNTING TO RS.8 65 000/- STAND EXPLAINED BY THE ASSESSEE AND THEREFORE ADDITION SHOULD BE DELETED TO THAT E XTENT. IT WAS ALSO EXPLAINED THAT INTEREST PAYMENT OF RS.17 032/- ON S UCH UNEXPLAINED CASH CREDITS MAY BE TREATED AS ALLOWABLE DEDUCTION. THE LEARNED CIT(A) FOLLOWING THE REMAND REPORT DELETED THIS AD DITIONS ON WHICH THE REVENUE IS IN APPEAL. THE AO HOWEVER IN THE RE MAND REPORT STATED THAT THE ASSESSEE HAS FAILED TO PROVE THE GE NUINENESS OF THE CASH CREDITS OF 4 PARTIES IN A SUM OF RS.1 48 175/- BECAUSE THE ASSESSEE FAILED TO PRODUCE THESE PARTIES BEFORE HIM FOR EXAMINATION AND VERIFICATION OF THE GENUINENESS OF THE CASH CRE DITS. THE LEARNED CIT(A) AGREED TO THE FINDINGS OF THE AO AND CONFIR MED THE ADDITION TO THAT EXTENT AND ALSO CONFIRMED THE PAYMENT OF INTER EST ON SUCH UNEXPLAINED CASH CREDITS. IT WOULD THEREFORE SHOW THAT THE ISSUE IS SAME AS IS CONSIDERED IN ASSESSMENT YEAR 2003-04 AB OVE. BY FOLLOWING THE SAME REASONS FOR DECISION AS IS CONSI DERED IN ASSESSMENT YEAR 2003-04 WE DO NOT FIND ANY MERIT O N ALL THE GROUNDS RAISED BY THE REVENUE AND THE ASSESSEE. 15. IN THE RESULT BOTH THE CROSS APPEALS ARE DISMI SSED. ITA NO.3419 3420 3074 AND 3075/AHD/2007 DHARMDEV FINANCE PVT. LTD. AHMEDABAD 10 16. CHARGING OF INTEREST IS CONSEQUENTIAL IN NATUR E AND IS ACCORDINGLY DISMISSED. 17. IN THE RESULT BOTH THE CROSS APPEALS ARE DISMI SSED. 18. NO OTHER POINT IS ARGUED OR PRESSED 19. IN THE RESULT ALL THE CROSS APPEALS ARE DISMIS SED. ORDER PRONOUNCED IN THE OPEN COURT ON 18-03-2011 SD/- SD/- (A. N. PAHUJA) ACCOUNTANT MEMBER (BHAVNESH SAINI) JUDICIAL MEMBER DATE : 18-03-2011 LAKSHMIKANT/- COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) CONCERNED 5. THE DR ITAT AHMEDABAD 6. GUARD FILE BY ORDER DY. REGISTRAR ITAT AHMEDABAD