M/s. JMD Realtors Pvt. Ltd.,, New Delhi v. DCIT, New Delhi

ITA 5346/DEL/2011 | 2006-2007
Pronouncement Date: 29-02-2012 | Result: Dismissed

Appeal Details

RSA Number 534620114 RSA 2011
Assessee PAN AAACJ2071K
Bench Delhi
Appeal Number ITA 5346/DEL/2011
Duration Of Justice 2 month(s) 29 day(s)
Appellant M/s. JMD Realtors Pvt. Ltd.,, New Delhi
Respondent DCIT, New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 29-02-2012
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted D
Tribunal Order Date 29-02-2012
Assessment Year 2006-2007
Appeal Filed On 30-11-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH D : NEW DELHI) BEFORE SHRI U.B.S. BEDI JUDICIAL MEMBER AND SHRI B.C. MEENA ACCOUNTANT MEMBER ITA NO.5346/DEL./2011 (ASSESSMENT YEAR : 2006-07) M/S. JMD REALTORS PVT. LTD. VS. DCIT CENTRAL CI RCLE 18 6 U.G.F. DEVIKA TOWER NEW DELHI. NEHRU PLACE NEW DELHI 110 019. (PAN : AAACJ2071K) (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI R.S. SINGHVI CA REVENUE BY : MS. NAMITA PANDEY DR ORDER PER B.C. MEENA ACCOUNTANT MEMBER : THIS APPEAL FILED BY THE ASSESSEE EMANATES FROM THE ORDER OF CIT (APPEALS)- III NEW DELHI DATED 03.10.2011 FOR THE ASSESSMENT YEAR 2006-07. 2. THE ASSESSEE IS A COMPANY INCORPORATED ON 07.11. 1996 AND ENGAGED IN THE BUSINESS OF REAL ESTATE DEVELOPMENT. THE ASSESSEE HAS DECLARED A SUM OF RS.82 07 161/- UNDER THE HEAD INCOME FROM HOUSE PRO PERTY AND THE DETAILS OF WHICH ARE AS UNDER :- (I) RENTAL INCOME AGAINST INVESTMENT RS.15 51 61 3/- (II) SIGNAGE RENT RS. 7 98 000/- (III) PARKING RENT RS.24 50 237/- (IV) LEASE RENT RS.18 48 350/- (V) TERRACE RENT RS. 1 00 000/- (VI) LICENSE FEES RS.12 29 000/- (VII) LICENSE FEE RS. 2 29 961/- RS.82 07 161/- ITA NO.5346/DEL./2011 2 ASSESSEE ALSO CLAIMED DEDUCTION U/S 24(1) OF RS.24 62 148/-. THE ASSESSING OFFICER TOOK A VIEW THAT OUT OF THE TOTAL INCOME OF RS.82 07 161/- DECLARED UNDER THE HEAD INCOME FROM HOUSE PROPERTY THE AMOUNT OF RS .48 07 198/- RECEIVED CONSISTING OF SIGNAGE RENT OF RS.7 98 000/- PARKIN G RENT OF RS.24 50 237/- TERRACE RENT OF RS.1 00 000/- AND LICENSE FEES OF RS.12 29 000/- IS TO BE TAXED UNDER THE HEAD PROFITS OR GAINS OF BUSINESS. THE CIT (A) H ELD THAT THE INCOME SHOULD BE TAXED UNDER THE HEAD INCOME FROM OTHER SOURCES. AGAINST WHICH ASSESSEE IS IN APPEAL BEFORE US IN RESPECT OF LICENCE FEE AND PARK ING RENT. 3. THE GROUNDS OF APPEAL READ AS UNDER :- 1. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE THE CIT(A) WAS NOT JUSTIFIED IN NOT ACCEPTING CLAIM OF THE ASSESSE E THAT LICENCE FEE AND PARKING RENT IS TO BE CONSIDERED UNDER THE HEAD INCOME FROM HOUSE PROPERTY AS SAME IS PART OF RENTING IN A CCORDANCE WITH PROVISIONS OF SEC. 22 OF THE INCOME TAX ACT 1 961. 2(I) THAT FINDING OF THE CIT(A) THAT INCOME FROM L ICENCE FEE AND PARKING OF RENT IS ASSESSABLE UNDER THE HEAD OTHER SOURCES EVEN THOUGH THERE WAS NO SUCH GROUND OR FINDING OF THE A SSESSING OFFICER AND AS SUCH THESE OBSERVATIONS WERE WITHOUT ANY LEGAL BASIS OR IN THE CONTEXT OF ANY SUCH CLAIM OR CONTRO VERSY. (II) THAT ONLY ISSUE BEFORE CIT(A) WAS WHETHER INC OME FROM LICENCE FEE AND PARKING OF RENT IS TO BE CONSIDERED UNDER THE HEAD PROPERTY OR UNDER THE HEAD BUSINESS AS HELD BY THE ASSESSING OFFICER AND AS SUCH THE FINDING AND CONCL USION OF THE CIT(A) IS NOT IN RESPECT OF ANY DISPUTE OR GROUND T HAT SUCH INCOME IS REQUIRED TO BE CONSIDERED UNDER THE HEAD OTHER SOURCES. (III) THAT FINDING AND CONCLUSION OF THE CIT(A) IS WITHOUT JURISDICTION AND OUT OF CONTEXT AND SAME IS NOT SUS TAINABLE UNDER THE LAW. ITA NO.5346/DEL./2011 3 3. THAT ASSESSING OFFICER MAY BE DIRECTED TO CONSID ER INCOME FROM LICENCE FEE AND PARKING OF RENT AS ASSESSABLE UNDER THE HEAD INCOME FROM HOUSE PROPERTY AND TO ALLOW CONSEQ UENTIAL REBATE U/S. 24(1) OF THE INCOME TAX ACT 1961. 4. THAT THE ORDERS OF THE LOWER AUTHORITIES ARE NO T JUSTIFIED ON FACTS AND SAME ARE BAD IN LAW. THUS THE DISPUTE IN THE APPEAL INVOLVED IS ONLY RE GARDING THE TAXABILITY UNDER THE HEAD INCOME IN RESPECT OF INCOME FROM LICENSE FEE A ND PARKING RENT. ASSESSEE CLAIMS IT AS INCOME UNDER THE HEAD INCOME FROM HOUS E PROPERTY AND CIT (A) HELD IT AS INCOME FROM OTHER SOURCES. 4. WHILE PLEADING ON BEHALF OF THE ASSESSEE THE LE ARNED AR SUBMITTED THAT ASSESSEE IS ENGAGED IN THE BUSINESS OF REAL ESTATE DEVELOPMENT AND THE INCOME HAS BEEN EARNED BY LETTING OUT ITS PROPERTIES TO VARIOU S PERSONS. LD. AR ALSO PLEADED THAT THE ASSESSING OFFICER TOOK A VIEW THAT ONLY TH E INCOME WHICH FALLS UNDER SECTION 22 AND 23 OF INCOME-TAX ACT IS PURELY LIMIT ED TO RESIDENTIAL AND COMMERCIAL PROPERTIES. HE PLEADED THAT VARIOUS CIRCULARS ISSU ED BY THE DEPARTMENT ARE IN SUPPORT OF THE VIEW TAKEN BY THE ASSESSEE. THE TAX HAS BEEN DEDUCTED BY PAYER OF AMOUNT BY TREATING THE AMOUNT AS RENT UNDER SECTION 194I OF THE INCOME-TAX ACT. HE ALSO PLEADED THAT THE CIRCULARS OF THE CBDT MADE IT CLEAR THAT ANY INCOME ATTRACTED FROM LETTING OUT OF THE LAND OR BUILDING IS ASSESSABLE UNDER SECTION 22 AND 23 OF THE INCOME-TAX ACT AND NOT UNDER THE HEAD PRO FITS AND GAINS OF BUSINESS OR PROFESSION UNDER SECTION 28 OF THE INCOME-TAX ACT. THE CIT (A) CHANGED THE HEAD I.E. INCOME FROM OTHER SOURCES WHICH IS ALSO NOT J USTIFIED. THEREFORE THE CONCLUSION ARRIVED BY THE ASSESSING OFFICER AS WELL AS THE CIT (A) ARE ARBITRARY AND NOT IN CONSONANCE WITH THE CONTENTS OF THE INCOME-T AX PROVISIONS. A CIRCULAR ITA NO.5346/DEL./2011 4 NO.699 DATED 30.01.1995 THE RENT HAS BEEN DEFINED. THE RENT MEANS ANY PAYMENT BY WHATEVER NAME CALLED UNDER ANY LEASE SUB-LEASE TENANCY OR ANY OTHER AGREEMENT OR ARRANGEMENT FOR THE USE OF ANY LAND OR ANY BUILD ING (INCLUDING FACTORY BUILDING) TOGETHER WITH FURNITURE FITTINGS AND THE LAND APPU RTENANT THERETO WHETHER OR NOT SUCH BUILDING IS OWNED BY THE PAYEE. ANOTHER CIRCU LAR NO.715 DATED 08.08.1995 REGARDING THE DEDUCTION OF TAX ALSO CONFIRMS THAT T HE TAX IS TO BE DEDUCTED FROM RENT PAID BY WHATEVER NAME CALLED FOR HIRE OF PROPERTY T HE INCIDENCE OF DEDUCTION OF TAX AT SOURCE DOES NOT DEPEND UPON THE NOMENCLATURE BUT ON THE CONTENT OF THE AGREEMENT. THE SCOPE OF DEDUCTION U/S 194I HAS BEE N CLARIFIED BY BOARD CIRCULAR NO.715 DATED 08.08.1995. AS PER THE CIRCULAR IF A PERSON HAS TAKEN A PARTICULAR SPACE ON RENT AND THEREAFTER SUB-LETS THE SAME FULL Y OR IN PART FOR PUTTING UP A HOARDING HE SHOULD BE LIABLE TO TDS U/S 194I AND N OT U/S 194C. FROM THESE CIRCULARS AND CLARIFICATIONS IT IS WELL ESTABLISHE D THAT THE ASSESSEE HAS RIGHTLY OFFERED THE INCOME RECEIVED FROM LETTING OUT THE SPACE ETC . ETC. UNDER THE HEAD INCOME FROM PROPERTY AND NOT UNDER THE HEAD BUSINESS OR PROFESS ION AND INCOME FROM OTHER SOURCES AS HELD BY THE CIT (A). THE LEARNED AR ALS O SUBMITTED THAT DEPARTMENT IS ACCEPTING THE INCOME UNDER THE HEAD INCOME FROM HOU SE PROPERTY IN OTHER YEARS THEREFORE FOR THE RULE OF CONSISTENCY THE ORDER O F THE AUTHORITIES BELOW DESERVES TO BE SET ASIDE. 5. ON THE OTHER HAND THE LEARNED DR RELIED ON THE ORDERS OF THE AUTHORITIES BELOW. 6. WE HAVE HEARD BOTH THE SIDES. GENERALLY THE RUL E OF CONSISTENCY WOULD PREVAIL WHEN A VIEW ACCEPTED IN EARLIER YEARS IS TO BE FOLLOWED IN THE SUBSEQUENT ITA NO.5346/DEL./2011 5 YEARS. HOWEVER THIS RULE IS NOT APPLICABLE TO THE FACTS OF PRESENT CASE I.E. FIRSTLY THE RULE OF RES JUDICATA IS NOT APPLICABLE TO THE I NCOME-TAX PROCEEDINGS. RES JUDICATA AS APPLICABLE TO CIVIL COURT DECISIONS AND HAS NO A PPLICATION TO INCOME-TAX PROCEEDINGS SO WHAT IS COVERED IN AN EARLIER ASSES SMENT CAN STILL BE RAISED IN LATER ONE. THIS RULE IS SUBJECT TO EXPECTATION OF CONSIS TENCY ESPECIALLY WHERE THERE ARE NO FRESH FACTS; AND SECONDLY THE PERPETUATION OF B ONAFIDE MISTAKE MADE EARLIER IS ALSO NOT PERMITTED BY LAW. IN CASES WHERE THE EAR LIER FINDINGS ARE INCONCLUSIVE AND IN SUBSEQUENT YEAR ASSESSING OFFICER TAKES A VIEW OR DEPART FROM EARLIER VIEW THE DOCTRINE OF RES JUDICATA IS NOT APPLICABLE. ASSESS ING OFFICER IS NOT BOUND TO TAKE THE SAME VIEW AS IN PREVIOUS YEARS OF ASSESSMENT IF ANY BONAFIDE MISTAKE OCCURRED EARLIER. THE RULE OF CONSISTENCY IS NOT A COMPLETE SACROSANCT IN NATURE AS THE PRINCIPLES OF RES-JUDICATA IS NOT APPLICABLE TO THE INCOME-TAX PROCEEDINGS. EACH ASSESSMENT YEAR IS A SEPARATE ASSESSMENT YEAR AND A NY BONAFIDE MISTAKE COMMITTED SHOULD NOT BE ALLOWED TO BE PERPETUATED. THIRDLY THE RELIANCE OF THE ASSESSEE THAT THE TDS HAD BEEN DEDUCTED AS PER THE PROVISIONS OF SECTION 194I WHICH ARE APPLICABLE TO THE TDS ON RENT IS ALSO NOT OF A GROU ND ON WHICH CORRECT HEAD OF THE INCOME CAN BE DETERMINED. THE PROVISIONS OF TAX DE DUCTED AT SOURCE ARE PROCEDURAL IN NATURE AND THESE ARE MEANT FOR COLLECTION OF TAX ES ON THE BASIS OF PRINCIPLE AS YOU EARN AS YOU PAY. THE INCOME TO BE ASSESSED UN DER THE HEAD INCOME FROM HOUSE PROPERTY UNDER SECTION 22 OF THE INCOME-TAX ACT IS THE INCOME RELATE TO BUILDING OR LAND OR LAND APPURTENANT THERETO OF WHI CH THE ASSESSEE IS THE OWNER. SUCH INCOME IS CHARGEABLE UNDER THE HEAD INCOME FRO M HOUSE PROPERTY. SECTION 23 LAYS DOWN THE WAYS OF CALCULATION OF ANNUAL VALUE O F SUCH PROPERTY WHICH IS LET OUT ITA NO.5346/DEL./2011 6 BY THE OWNER. SECTION 24 PROVIDES ABOUT DEDUCTION FROM INCOME FROM HOUSE PROPERTY. THE INCOME EARNING FROM INSTALLATION OF TOWERS / ANTENNAS ON ITS PREMISES OR INCOME RECEIVED FROM INSTALLATION OF SIGNAGE OR INCOME FROM PARKING RENT OR INCOME FROM GIVING SPACE FOR OPERATING SMALL KIOSKS CANNOT BE SAID TO BE INCOME FROM HOUSE PROPERTY OR FROM LAND APPURTENANT WITH S UCH PROPERTY. 7. WHEN WE LOOK TO THE TDS PROVISION ON RENT WE FIN D NOTHING WHICH COULD DECIDE THE HEAD OF INCOME. SECTION 194I IN CHAPTER XVII READ AS UNDER :- 194-I. ANY PERSON NOT BEING AN INDIVIDUAL OR A HINDU UNDI VIDED FAMILY WHO IS RESPONSIBLE FOR PAYING TO [A RESIDEN T] ANY INCOME BY WAY OF RENT SHALL AT THE TIME OF CREDIT OF SUCH I NCOME TO THE ACCOUNT OF THE PAYEE OR AT THE TIME OF PAYMENT THEREOF IN C ASH OR BY THE ISSUE OF A CHEQUE OR DRAFT OR BY ANY OTHER MODE WHICHEVE R IS EARLIER [DEDUCT INCOME-TAX THEREON AT THE RATE OF [( A ) TWO PER CENT FOR THE USE OF ANY MACHINERY OR PLAN T OR EQUIPMENT; AND ( B ) TEN PER CENT FOR THE USE OF ANY LAND OR BUILDING (INCLUDING FACTORY BUILDING) OR LAND APPURTENANT TO A BUILDING (INCLUDING FACTORY BUILDING) OR FURNITUR E OR FITTINGS:]] PROVIDED THAT NO DEDUCTION SHALL BE MADE UNDER THIS SECTION WHERE THE AMOUNT OF SUCH INCOME OR AS THE CASE MAY BE T HE AGGREGATE OF THE AMOUNTS OF SUCH INCOME CREDITED OR PAID OR LIKE LY TO BE CREDITED OR PAID DURING THE FINANCIAL YEAR BY THE AFORESAID PERSON TO THE ACCOUNT OF OR TO THE PAYEE DOES NOT EXCEED [ ONE HUNDRED AND EIGHTY THOUSAND RUPEES ] : [ PROVIDED FURTHER THAT AN INDIVIDUAL OR A HINDU UNDIVIDED FAMILY WHOSE TOTAL SALES GROSS RECEIPTS OR TURNOVER FROM THE BUSINESS OR PROFESSION CARRIED ON BY HIM EXCEED THE MONETARY LI MITS SPECIFIED UNDER CLAUSE ( A ) OR CLAUSE ( B ) OF SECTION 44AB DURING THE FINANCIAL YEAR IMMEDIATELY PRECEDING THE FINANCIAL YEAR IN WH ICH SUCH INCOME BY WAY OF RENT IS CREDITED OR PAID SHALL BE LIABLE TO DEDUCT INCOME-TAX UNDER THIS SECTION.] EXPLANATION. FOR THE PURPOSES OF THIS SECTION [( I ) RENT MEANS ANY PAYMENT BY WHATEVER NAME CALLE D UNDER ANY LEASE SUB-LEASE TENANCY OR ANY OTHER AGREEMENT OR ARRANGEMENT FOR THE USE OF (EITHER SEPARATELY OR TOGETHER) ANY ITA NO.5346/DEL./2011 7 ( A ) LAND; OR ( B ) BUILDING (INCLUDING FACTORY BUILDING); OR ( C ) LAND APPURTENANT TO A BUILDING (INCLUDING FACTOR Y BUILDING); OR ( D ) MACHINERY; OR ( E ) PLANT; OR ( F ) EQUIPMENT; OR ( G ) FURNITURE; OR ( H ) FITTINGS WHETHER OR NOT ANY OR ALL OF THE ABOVE ARE OWNED B Y THE PAYEE;] ( II ) WHERE ANY INCOME IS CREDITED TO ANY ACCOUNT WHET HER CALLED SUSPENSE ACCOUNT OR BY ANY OTHER NAME IN THE BOOKS OF ACCOUNT OF THE PERSON LIABLE TO PAY SUCH INCOME SUCH CREDITING SHALL BE DEEMED TO BE CREDIT OF SUCH INCOME TO THE ACCOUNT OF THE PAYEE AND THE PROVISIONS OF THIS SECTION SHALL APPLY ACCORDINGLY. ] NOWHERE THE PROVISIONS OF SECTION 194I OF ACT PROVI DES THAT THESE PROVISIONS ARE APPLICABLE ONLY TO THE RENTAL INCOME CHARGEABLE UND ER THE HEAD INCOME FROM HOUSE PROPERTY AS PER THE PROVISIONS OF SECTION 22 OF TH E ACT. CERTAIN TYPES OF RENT ARE ALSO TAXABLE UNDER THE HEAD INCOME FROM OTHER SOUR CES WHICH IS CLEAR FROM THE PROVISIONS OF SECTION 56 OF THE ACT. THE PROVISION S OF SECTION 56 READ AS UNDER :- 56. (1) INCOME OF EVERY KIND WHICH IS NOT TO BE EXCLUD ED FROM THE TOTAL INCOME UNDER THIS ACT SHALL BE CHARGEABLE TO INCOME-TAX UNDER THE HEAD INCOME FROM OTHER SOURCES IF IT IS NOT CHARGEABLE TO INCOME-TAX UNDER ANY OF THE HEADS SPECIFIED IN SECT ION 14 ITEMS A TO E. (2) IN PARTICULAR AND WITHOUT PREJUDICE TO THE GEN ERALITY OF THE PROVISIONS OF SUB-SECTION (1) THE FOLLOWING INCOME S SHALL BE CHARGEABLE TO INCOME-TAX UNDER THE HEAD INCOME FRO M OTHER SOURCES ( II ) INCOME FROM MACHINERY PLANT OR FURNITURE BELONGI NG TO THE ASSESSEE AND LET ON HIRE IF THE INCOME IS NOT CHAR GEABLE TO ITA NO.5346/DEL./2011 8 INCOME-TAX UNDER THE HEAD PROFITS AND GAINS OF BUS INESS OR PROFESSION; ( III ) WHERE AN ASSESSEE LETS ON HIRE MACHINERY PLANT O R FURNITURE BELONGING TO HIM AND ALSO BUILDINGS AND THE LETTIN G OF THE BUILDINGS IS INSEPARABLE FROM THE LETTING OF THE SA ID MACHINERY PLANT OR FURNITURE THE INCOME FROM SUCH LETTING I F IT IS NOT CHARGEABLE TO INCOME-TAX UNDER THE HEAD PROFITS AN D GAINS OF BUSINESS OR PROFESSION. THE PROVISIONS OF SECTION 56 OF THE INCOME-TAX ACT FOR TAXING INCOME FROM OTHER SOURCES ARE INCLUSIVE. CERTAIN INCOMES SPECIFY IN SECTION 56(2) ARE WITHOUT PREJUDICE TO THE GENERALITY OF THE PROVISIONS OF SU B-SECTION (1) OF SECTION 56. SUB- SECTION (1) TO SECTION 56 PROVIDES THAT INCOME OF E VERY KIND WHICH IS NOT TO BE EXCLUDED FORM THE TOTAL INCOME UNDER THIS ACT SHALL BE CHARGEABLE TO INCOME-TAX UNDER THE HEAD INCOME FROM OTHER SOURCES IF IT I S NOT CHARGEABLE TO INCOME-TAX UNDER ANY OF THE HEAD SPECIFIED IN SECTION 14 ITEM NO.(A) TO (E) IN SECTION 14 WHICH ARE AS UNDER :- A. SALARIES. B. [***] C. INCOME FROM HOUSE PROPERTY. D. PROFITS AND GAINS OF BUSINESS OR PROFESSION. E. CAPITAL GAINS. BY CONSIDERING THESE PROVISIONS OF ACT IN OUR CONS IDERED VIEW ASSESSEES RELIANCE ON THE DEDUCTION OF TAX AS PER THE PROVISIONS OF SE CTION 194I SHALL NOT BE OF ANY HELP TO THE ASSESSEE WITH REGARD TO THE HEAD OF THE INCO ME UNDER WHICH THE INCOME FROM LICENSE FEE AND PARKING RENT IS TO BE ASSESSED. 6.1 IN THE CASE OF MUKHERJEE ESTATE P. LTD. REPORTE D IN 244 ITR 1 THE HON'BLE CALCUTTA HIGH COURT HAS HELD THAT INCOME ON ACCOUNT OF DISPLAY OF HOARDINGS ON THE ITA NO.5346/DEL./2011 9 TOP OF THE BUILDING FOR ADVERTISEMENT PURPOSES TO D ISPLAY THE ADVERTISEMENT IS NOT AN INCOME FROM HOUSE PROPERTY AS HOARDINGS DO NOT FORM PART OF THE BUILDING WHICH IS INCOME FROM THE HOUSE PROPERTY AND OTHER PARTS OF T HE BUILDING. HON'BLE HIGH COURT HAS CLEARLY HELD THAT LETTING OUT THE HOARDIN GS WHICH ARE NEITHER PART OF THE BUILDING NOR THE LAND APPURTENANT THERETO THEREFOR E SUCH INCOME CANNOT BE INCOME FROM HOUSE PROPERTY. TO TREAT THE INCOME FROM HOUS E PROPERTY FIRST IT SHOULD BE LETTING OUT OF A PROPERTY. THIS IS A PRIMARY REQUI REMENT OF TREATING ANY INCOME FROM INCOME FROM PROPERTY. SIMILARLY THE INCOME DERIVE D FROM INSTALLATION OF TOWERS/ ANTENNAS ON ROOF OF BUILDING AND GIVING PARKING SPA CE ON RENT IS NOT INCOME FROM HOUSE PROPERTY WHICH FALLS OR TO BE ASSESSED UNDER SECTION 22 OF INCOME-TAX ACT. ANY INCOME FROM THESE SOURCES HAS TO BE ASSESSED UN DER THE HEAD INCOME FROM OTHER SOURCES. IN VIEW OF THESE WE ARE IN AGREEM ENT WITH THE ORDER OF CIT (A) WHICH IS ACCORDINGLY UPHELD. 7. IN THE RESULT THE APPEAL OF THE ASSESSEE IS DIS MISSED. ORDER PRONOUNCED IN OPEN COURT ON THIS 29 TH DAY OF FEBRUARY 2012. SD/- SD/- (U.B.S. BEDI) (B.C. MEENA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED THE 29 TH DAY OF FEBRUARY 2012 TS COPY FORWARDED TO: 1.APPELLANT 2.RESPONDENT 3.CIT 4.CIT(A)-III NEW DELHI. 5.CIT(ITAT) NEW DELHI AR ITAT NEW DELHI.