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Income Tax Appellate Tribunal, PUNE BENCHES “B” :: PUNE
Assessment Year: 2020-21 Sheth Chimanlal Govinddas V The Commissioner of Memorial Trust, s. Income Tax, 1070, Prabodh, Shukrawar Exemption, Pune. Peth, Subhash Nagar, Lane No.5, Pune – 411002. PAN: AADTS5193F Appellant/ Assessee Respondent / Revenue Assessee by Shri Abhay Avachat Revenue by Shri Amit Bobde –CIT(DR) Date of hearing 25/09/2025 Date of pronouncement 16/12/2025 आदेश/ ORDER
PER DR. DIPAK P. RIPOTE, AM:
This appeal is filed by the Assessee against the order of ld.Commissioner of Income Tax(Exemption), Pune passed under section 263 of the Income Tax Act, 1961 for A.Y.2020-21, dated 29.03.2025 emanating from Assessment Order u/s.143(3) read with section 144B of the Income Tax Act, 1961 dated 26.09.2022. The assessee has raised following grounds of appeal :
[A] ―1. The Order under section 263 dated 29 03 2025 passed by the learned Commissioner Income Tax Exemption Pune (CIT) is contrary to the facts and circumstances of the cave and the law and thus needs to be set aside 2. The ld Commissioner of Income Tax has erred in issuing direction u/s 263 to set aside the original assessment order to the file of assessing officer to be re framed on issue of taxation of investment of funds made in a related entity with reference to section 131 13(2) read with sec 11(5) of the Income-tax Act. 1961 3. (Nothing is mentioned at Ground number 3) 4. The ld Commissioner of Income Tax has erred in exercising jurisdiction u/s 263 and issuing directions to the AO to reopen the case in respect of issue of investment related party despite the said issue was thoroughly discussed and scrutinized by the Assessing Officer while passing the assessment order u/s 143(3) of the Act 5. The ld Commissioner of Income Tax has erred in exercising jurisdiction under section 263 and directed the AO to re-examine the issue of investment in related party since the assessing Officer has already examined the said issue and taken one view with which the Commissioner of Income Tax did not agree Thus two views are possible which vitiate the remand proceedings u/s 263 6. Further the ld. CIT was unable to bring on record and to point out the enabling provision to tax the ineligible investment in related party and also to point out the AOs complete failure in examination / verification of the issue during assessment Therefore the exercise of jurisdiction u/s 263 is untenable and incorrect 7. The assessee craves leave to add, alter amend, modify, delete all or any of the grounds of appeal
‖ Submission of ld.AR :
2. Ld.Authorised Representative(ld.AR) for the Assessee submitted a paper book containing 77 pages. Ld.AR submitted that during the assessment proceedings, necessary details were filed and after considering the details, Assessing Officer(AO) allowed 2 [A] exemption u/s.11 of the Act. Therefore, once Assessing Officer has verified the fact, ld.CIT(Exemption) has no jurisdiction to invoked provisions of Section 263 of the Act. Ld.AR took us though the submission filed during Assessment Proceedings. Ld.AR also pleaded that the Assessing Officer has taken one of the possible views.Therefore, ld.AR pleaded that order u/s.263 shall be quashed.
Submission of ld.DR : 3. Ld.Departmental Representative(ld.DR) read the Order u/s 263 and supported it. Ld.DR for the Revenue relied on the following decisions : Hon'ble High Court of Kerala in the case of CIT Vs. Chandrika Educational Trust [1994] 207 ITR 108 (Kerala) vide order dated 21.07.1993. Hon'ble High Court of Karnataka in the case of CIT Vs. Fr.Mullers Charitable Institutions [2014] 44 taxmann.com 275 (Karnataka) vide order dated 10.02.2014. Findings & Analysis : 4. We have heard both the parties and perused the records. In this case, Assessee is a Charitable Trust registered u/s.12AA of the Act. Assessee Trust filed Return of Income for A.Y.2020-21 on 29.09.2020 declaring total income at Rs.68,040/-. The Assessee’s case was selected for scrutiny, accordingly, notice u/s.143(2) and 3 [A] notice u/s.142(1) were served on the assessee. Assessee filed the details which are mentioned at the Assessment Order page no.3, which are reproduced here as under : a) Balance sheet for the trust as on 31/03/2020. b) Details of investment of the Trust. c) Ledger copy of interest earned in M/s.Prabodh Artha Sanchay. d) Details of expenses incurred. e) Income and expenditure statement for the period from 01/04/19 to 31/03/2020.
During the assessment proceedings, it was submitted that Assessee had invested Rs.32,75,000/- in Prabodh Artha Sanchay which appears in the Balance Sheet. It was claimed during assessment proceedings, that Investment made in Prabodh Artha Sanchay was not application of income of the trust, it was merely parking of funds. It was submitted during assessment proceedings, that the Amount invested in Prabodh Artha Sanchay was out of Corpus.
The Assessing Officer after considering the submission of the Assessee, accepted the Return of Income and completed the Assessment without any addition.
7. Ld.Commissioner of Income Tax (Exemption) Pune on perusal of the records, issued notice u/s.263 of the Act, dated 03.02.2025. On behalf of assessee, Mr.Abhay Avachat-Chartered Accountant appeared before ld.CIT(Exemption) and filed the submissions. In para 11 of the order, the ld.CIT(Exemption) held as under : ―The assessee, a charitable trust, made an investment of Rs 32,75,000/- in M/s Prabodh Artha Sanchay, a partnership firm where its trustee had a substantial interest. This investment is in direct violation of Sections 13(1)(c), 13(1)(d), 13(2)(a). 13(2)(g), and 13(2)(h), as well as the prescribed modes of investment under Section 11(5). Therefore, the FAO was required to disallow the entire investment of Rs 32,75,0007- and tax it at the Maximum Marginal Rate (MMR). The FAO was also required to reject the assessee's claim of deduction u/s 11 of the Income-tax Act, 1961 in respect of the interest earned from this impermissible investment which is, as per Schedule 3 (List of interest received/ accrued on securities) Rs 2,95,102/- The FAO's failure to examine these issues and to tax the amounts at MMR has resulted in underassessment and revenue loss. Mere accepting submissions without proper inquiry does not constitute a valid application of mind. Section 263 of the Income-tax Act, 1961 has been amended to provide that an order passed by the FAO shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Commissioner or Commissioner - (a) The order is passed without making Inquiries or verification which should have been made (b) The order is passed allowing any relief without inquiring into the claim, 5 (c) The order has not been made in accordance with any order, direction or instruction issued by the Board under section 119, or (d) The order has not been passed in accordance with any decision, prejudicial to the assessee, rendered by the jurisdictional High Court or Supreme Court in the case of the assessee or any other person.
Thus, the provisions of Section 263 of the Act are rightly invoked in this case.‖
8. The Ld.CIT(E) also relied on following decisions: CIT vs Audyogic Shikshan Mandal (BOM) CIT vs Working Women’s Forum 368 ITR 609 (Mad) CIT vs Fr.Fuller’s Charitable Institutions 363 ITR 230(Kar) Malbar Industrial CO Ltd vs CIT 109 taxmann 66 (SC)
Aggrieved by the order of the ld.CIT(Exemption), Assessee filed appeal before this Tribunal.
It is a fact that Assessee Trust is registered u/s.12AA of the Act. It is also fact that Prabodh Artha Sanchay is a related party as defined in Section 13 of the Act. The same fact is admitted by the Auditor of the Assessee in the Audit Report. The relevant portion of the Audit report filed by Assessee during Assessment Proceedings is reproduced here as under : 6 III INVESTMENT HELD AT ANY TIME DURING THE PREVIOUS YEAR(S) IN CONCERNS IN WHICH PERSONS REFERRED TO IN SECTION 13(3) HAVE A SUBSTANTIAL INTEREST Sr. Name and Whether Nominal Income Whether the No address of the the value of the from the amount in col. concern concern is investment Investme 4 exceeded 5 a nt per cent of the Company, capital of the Number concern during and Class the previous of shares year – say, Held Yes/No 1 2 3 4 5 6 1 M/s Prabodh No 32,75,000/- 2,95,102 Yes Artha Sanchay Total 32,75,000/- For M/s Milind Kale & co., Chartered Accountants Firm Registration No 106399W Sd/- Milind A. Kale Proprietor Membership No. 35030 Place : Pune Date : 18th May 2020
As per Schedule-1 filed by Assessee, during the assessment proceedings along with Audit Report, the investment made is as under : SHETH CHIMANLAL GOVINDDAS MEMORIAL TRUST SCHEDULES FORMING PART OF ACCOUNTS A.Y.2020-21 F.Y.2019-20 Schedule : 1 Details Of Investments FY 2019-20 Sr. No Mode of Investment as per section 11(5) Amount of Investment 1 F D with M/s Prabodh Artha Sanchay 32,75,000 TOTAL 32,75,000 7 10.1 Thus, it is an admitted position that Assessee has invested Rs.32,75,000/- with Prabodh Artha Sanchay, which is a related party as defined in section 13 and earned Interest Income.
Section 11 of the Act and Section 13 of the Act, are reproduced here as under : Income from property held for charitable or religious purposes. 11. (1) Subject to the provisions of sections 60 to 63, the following income shall not be included in the total income of the previous year of the person in receipt of the income— (a) income derived from property held under trust wholly for charitable or religious purposes, to the extent to which such income is applied to such purposes in India; and, where any such income is accumulated or set apart for application to such purposes in India, to the extent to which the income so accumulated or set apart is not in excess of fifteen per cent of the income from such property; (b) income derived from property held under trust in part only for such purposes, the trust having been created before the commencement of this Act, to the extent to which such income is applied to such purposes in India; and, where any such income is finally set apart for application to such purposes in India, to the extent to which the income so set apart is not in excess of fifteen per cent of the income from such property; (c) income derived from property held under trust— (i) created on or after the 1st day of April, 1952, for a charitable purpose which tends to promote international welfare in which India is interested, to the extent to which such income is applied to such purposes outside India, and (ii) for charitable or religious purposes, created before the 1st day of April, 1952, to the extent to which such income is applied to such purposes outside India: Provided that the Board, by general or special order, has directed in either case that it shall not be included in the total income of the person in receipt of such income. (d) income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution. Explanation 1.—…………………… 8 Explanation 2.—…………………… Explanation 3.—…………………….". (1A) For the purposes of sub-section (1),— …………………………………………. (2) Where eighty-five per cent of the income referred to in clause (a) or clause (b) of sub-section (1) read with the Explanation to that sub- section is not applied, or is not deemed to have been applied, to charitable or religious purposes in India during the previous year but is accumulated or set apart, either in whole or in part, for application to such purposes in India, such income so accumulated or set apart shall not be included in the total income of the previous year of the person in receipt of the income, provided the following conditions are complied with, namely:— (a) such person furnishes a statement in the prescribed form and in the prescribed manner to the Assessing Officer, stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years; (b) the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub-section (5); (c) the statement referred to in clause (a) is furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year: 3…………………………. 4………………………… (5) The forms and modes of investing or depositing the money referred to in clause (b) of sub-section (2) shall be the following, namely :— (i) investment in savings certificates as defined in clause (c) of section 2 of the Government Savings Certificates Act, 1959 (46 of 1959), and any other securities or certificates issued by the Central Government under the Small Savings Schemes of that Government; (ii) deposit in any account with the Post Office Savings Bank; (iii) deposit in any account with a scheduled bank or a co-operative society engaged in carrying on the business of banking (including a co- operative land mortgage bank or a co-operative land development bank). Explanation.—In this clause, "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 9 1980), or any other bank being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (iv) investment in units of the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963); (v) investment in any security for money created and issued by the Central Government or a State Government; (vi) investment in debentures issued by, or on behalf of, any company or corporation both the principal whereof and the interest whereon are fully and unconditionally guaranteed by the Central Government or by a State Government; (vii) investment or deposit in any public sector company: Provided that where an investment or deposit in any public sector company has been made and such public sector company ceases to be a public sector company,— (A) such investment made in the shares of such company shall be deemed to be an investment made under this clause for a period of three years from the date on which such public sector company ceases to be a public sector company; (B) such other investment or deposit shall be deemed to be an investment or deposit made under this clause for the period up to the date on which such investment or deposit becomes repayable by such company; (viii) deposits with or investment in any bonds issued by a financial corporation which is engaged in providing long-term finance for industrial development in India and which is eligible for deduction under clause (viii) of sub-section (1) of section 36; (ix) deposits with or investment in any bonds issued by a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes and which is eligible for deduction under clause (viii) of sub-section (1) of section 36; (ixa) deposits with or investment in any bonds issued by a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for urban infrastructure in India. Explanation.—For the purposes of this clause,— (a) "long-term finance" means any loan or advance where the terms under which moneys are loaned or advanced provide for repayment along with interest thereof during a period of not less than five years; (b) "public company" shall have the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956); (c) "urban infrastructure" means a project for providing potable water supply, sanitation and sewerage, drainage, solid waste management, roads, bridges and flyovers or urban transport; (x) investment in immovable property. 10 Explanation.—"Immovable property" does not include any machinery or plant (other than machinery or plant installed in a building for the convenient occupation of the building) even though attached to, or permanently fastened to, anything attached to the earth; (xi) deposits with the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964); (xii) any other form or mode of investment or deposit as may be prescribed. (emphasis supplied) 12. Section 11(5) which is reproduced above specifies that mode of investments for the purpose of Section 11 of the Act. It is noted that Investment in Prabodh Artha Sanchay do not fall in any of the categories mentioned in Section 11(5) of the Act. This fact has not been disputed by ld.AR.
12.1 Section 13 of the Act is reproduced here as under : Section 11 not to apply in certain cases. 13. (1) Nothing contained in section 11 or section 12 shall operate so as to exclude from the total income of the previous year of the person in receipt thereof— (a) any part of the income from the property held under a trust for private religious purposes which does not enure for the benefit of the public; (b) in the case of a trust for charitable purposes or a charitable institution created or established after the commencement of this Act, any income thereof if the trust or institution is created or established for the benefit of any particular religious community or caste; (bb) [***] (c) in the case of a trust for charitable or religious purposes or a charitable or religious institution, any income thereof— (i) if such trust or institution has been created or established after the commencement of this Act and under the terms of the trust or the rules governing the institution, any part of such income enures, or (ii) if any part of such income or any property of the trust or the institution (whenever created or established) is during the previous year used or applied, 11 (3) : Provided that in the case of a trust or institution created or established before the commencement of this Act, the provisions of sub-clause (ii) shall not apply to any use or application, whether directly or indirectly, of any part of such income or any property of the trust or institution for the benefit of any person referred to in sub-section (3), if such use or application is by way of compliance with a mandatory term of the trust or a mandatory rule governing the institution : Provided further that in the case of a trust for religious purposes or a religious institution (whenever created or established) or a trust for charitable purposes or a charitable institution created or established before the commencement of this Act, the provisions of sub-clause (ii) shall not apply to any use or application, whether directly or indirectly, of any part of such income or any property of the trust or institution for the benefit of any person referred to in sub-section (3) in so far as such use or application relates to any period before the 1st day of June, 1970; (d) in the case of a trust for charitable or religious purposes or a charitable or religious institution, any income thereof, if for any period during the previous year— (i) any funds of the trust or institution are invested or deposited after the 28th day of February, 1983 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11; or (ii) any funds of the trust or institution invested or deposited before the 1st day of March, 1983 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 continue to remain so invested or deposited after the 30th day of November, 1983; or (iii) any shares in a company, other than— (A) shares in a public sector company; (B) shares prescribed as a form or mode of investment under clause (xii) of sub-section (5) of section 11, are held by the trust or institution after the 30th day of November, 1983: Provided that nothing in this clause shall apply in relation to— (i) any assets held by the trust or institution where such assets form part of the corpus of the trust or institution as on the 1st day of June, 1973; (ia) any accretion to the shares, forming part of the corpus mentioned in clause (i), by way of bonus shares allotted to the trust or institution; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation) acquired by the trust or institution before the 1st day of March, 1983; (iia) any asset, not being an investment or deposit in any of the forms or modes specified in sub-section (5) of section 11, where such asset is not held by the trust or institution, otherwise than in any of the forms or 12 (5) of section 11, after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1993, whichever is later; (iii) any funds representing the profits and gains of business, being profits and gains of any previous year relevant to the assessment year commencing on the 1st day of April, 1984 or any subsequent assessment year. Explanation.—Where the trust or institution has any other income in addition to profits and gains of business, the provisions of clause (iii) of this proviso shall not apply unless the trust or institution maintains separate books of account in respect of such business. Explanation.—For the purposes of sub-clause (ii) of clause (c), in determining whether any part of the income or any property of any trust or institution is during the previous year used or applied, directly or indirectly, for the benefit of any person referred to in sub-section (3), in so far as such use or application relates to any period before the 1st day of July, 1972, no regard shall be had to the amendments made to this section by section 7 [other than sub-clause (ii) of clause (a) thereof] of the Finance Act, 1972. (2) Without prejudice to the generality of the provisions of clause (c) and clause (d) of sub-section (1), the income or the property of the trust or institution or any part of such income or property shall, for the purposes of that clause, be deemed to have been used or applied for the benefit of a person referred to in sub-section (3),— (a) if any part of the income or property of the trust or institution is, or continues to be, lent to any person referred to in sub-section (3) for any period during the previous year without either adequate security or adequate interest or both; (b) if any land, building or other property of the trust or institution is, or continues to be, made available for the use of any person referred to in sub-section (3), for any period during the previous year without charging adequate rent or other compensation; (c) if any amount is paid by way of salary, allowance or otherwise during the previous year to any person referred to in sub-section (3) out of the resources of the trust or institution for services rendered by that person to such trust or institution and the amount so paid is in excess of what may be reasonably paid for such services; (d) if the services of the trust or institution are made available to any person referred to in sub-section (3) during the previous year without adequate remuneration or other compensation; (e) if any share, security or other property is purchased by or on behalf of the trust or institution from any person referred to in sub-section (3) during the previous year for consideration which is more than adequate; (f) if any share, security or other property is sold by or on behalf of the trust or institution to any person referred to in sub-section (3) during the previous year for consideration which is less than adequate; (g) if any income or property of the trust or institution is diverted during the previous year in favour of any person referred to in sub- section (3): Provided that this clause shall not apply where the income, or the value of the property or, as the case may be, the aggregate of the income and the value of the property, so diverted does not exceed one thousand rupees; (h) if any funds of the trust or institution are, or continue to remain, invested for any period during the previous year (not being a period before the 1st day of January, 1971), in any concern in which any person referred to in sub-section (3) has a substantial interest. (emphasis supplied).
In this case, Assessee has invested funds in Prabodh Artha Sanchay. Investment in Prabodh Artha Sanchay is not in the category mentioned in Section 11(5) of the Act. Therefore, Investment in Prabodh Artha Sanchay is in violation of Section 11(5) of the Act. Admittedly, Prabodh Artha Sanchay is a related party as defined in Section 13, relevant part of Audit Report already reproduced. Therefore, as per Section 13 of the Act, the provisions of Section 11 shall not be applicable to the Assessee.
In this case, though the details were filed during assessment proceedings, Assessing Officer failed to apply the correct law. Assessing Officer erroneously allowed deduction under section 11 of the Act, on the impugned income. 14 15. The Hon’ble Karnataka High Court in the case of CIT Vs. Fr. Mullers Charitable Institutions [2014] 44 taxmann.com 275 dated 10.02.2014 has held as under : ―11. With regard to second and third substantial questions of law are concerned, reading of Section 13(1)(d) ofthe Act makes it clear that it is only the income from such investment or deposit which has been made inviolation of Section 11(5) of the Act that is liable to be taxed and that violation under Section 13(1)(d) doesnot tantamount to denial of exemption under Section 11 on the total income of the assessee. …………………. Reading of the proviso to Section 142 is very clear that the legislature has clearly contemplated that in a case,where the whole or part of the relevant income is not exempted under Section 11 by virtue of violation ofSection 13(1)(d) of the Act, tax shall be levied on the relevant income or a part of the relevant income at themaximum marginal rate. The said analogy is applicable to the facts of the present case.‖ 16. Similar view has been taken by Hon’ble Jurisdiction High Court in the case of CIT Vs. Audyogik Shikshan Mandal[2019] 261 Taxman 12 (Bombay) dated 18-12-2018.Ld.CIT(Exemption) has referred this decision in the order u/s.263 of the Act.
16.1 Thus, Hon’ble High Court has held that whenever Income is not exempted u/s.11 r.w.s. 13 of the Act, the tax shall be levied on the relevant income at maximum marginal rate.
In this case, Assessing Officer has accepted the returned income. We have already observed above that Investments made in 15 Prabodh Artha Sanchay were in violation of Section 11(5) r.w.s 13 of the Act. Therefore, maximum marginal rate was applicable as explained by Hon’ble High Court(supra). Assessing Officer has erred in not taxing the impugned income at maximum marginal rate, rather Assessing Officer has erred in not making the addition of impugned income. Therefore, we are of the considered opinion that the ld.CIT(Exemption) has rightly invoked provisions of Section 263 of the Act, as the Assessment Order is erroneous and prejudicial to the interest of Revenue.
Ld. AR has pleaded that all details were filed during assessment proceedings and Assessing Officer has taken a plausible view after verifying the details, therefore, 263 cannot be invoked. The pleadings of the Ld.AR are not acceptable. We have already reproduced in earlier paragraphs the list of documents filed by the Assessee. The Assessing Officer has not applied the correct law on the facts of the case. The Assessing Officer has observed that the Assessee has earned interest @ 10% on the investment made with Prabodh Artha Sanchaya. However, the observation of the Assessing Officer has no relevance. As per provision of Section 11(5) the amount was to be invested in the mode specified in section 11(5) of 16 Act. Any violation of the Section 11(5) excludes assessee from exemption under section 11 of the Act. In the case of the assessee once the Assessing Officer noted that the Investment made is not as per provisions of Section 11(5) of the Act, interest earned does not make the investment eligible. The observation of the Assessing Officer in the Assessment order that “neither section 13(1)(c) nor section 13(2)(h) are applicable ..” are erroneous displaying incorrect application of law. Section 13(2)(h) is as under : (h) if any funds of the trust or institution are, or continue to remain, invested for any period during the previous year (not being a period before the 1st day of January, 1971), in any concern in which any person referred to in sub-section (3) has a substantial interest.
19. The section specifically stipulates that if any fund remains invested during the year in any concern in which any person specified in subsection 3 has substantial interest, then Assessee will not be eligible for exemption u/s.11 of the Act. The section uses the word “any fund”, thus the section is applicable for any fund which was invested in the concern in which persons mentioned in subsection have substantial interest. In this case it is admitted fact that Funds were invested in Prabodh Artha Sanchaya, and Prabodh Artha Sanchaya is a related party as certified by the Auditor. In 17 Section 13(2)(h) was applicable in the case of the Assessee. Thus, the Assessing Officer has failed to apply provisions of Section 13 of the Act properly. Also, Assessing Officer has failed to apply the law as explained by the Hon’ble High Court (supra). Hence there is no merit in the pleadings of the Ld.AR.
18. For all the reasons discussed in earlier paragraphs, the Assessment Order is erroneous and prejudicial to the interest of revenue. Hence the Order u/s.263 is upheld. Accordingly, grounds of appeal raised by the assessee are dismissed.
In the result, appeal of the assessee is dismissed. Order pronounced in the open Court on 16 December, 2025.