Ma/417/2011 Of Chero Medico And Developers Pvt. Ltd v. The Assistant Commissioner Of Income Tax, Circle 2, Patna

IN THE HIGH COURT OF JUDICATURE AT PATNAMiscellaneous Appeal No.280 of 2011 ====================================================== H. R. Properties Pvt. Ltd., A limited company incorporated under theCompanies Act, 1956, having its registered office at Hathwa House, SouthGandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna through its Executive Director, Smt. Punam Sahi, daughter of Late SriYadunandan Prasad Narayan Singh, presently aged about 57 years, resident ofHathwa House, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna ... ... Respondent/s ====================================================== with Miscellaneous Appeal No. 281 of 2011 ====================================================== H. R. Properties Pvt. Ltd., A limited company incorporated under theCompanies Act, 1956, having its registered office at Hathwa House, SouthGandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna through its Executive Director, Smt. Punam Sahi, daughter of Late SriYadunandan Prasad Narayan Singh, presently aged about 57 years, resident ofHathwa House, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna. ... ... Respondent/s ====================================================== with Miscellaneous Appeal No. 295 of 2011 ====================================================== H.R. Properties Pvt. Ltd. A limited company incorporated under theCompanies Act, 1956, having its registered office at Hathwa House, SouthGandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town and District ofPatna through its Executive Director, Smt. Punam Sahi, daughter of Late SriYadunandan Prasad Narayan Singh, presently aged about 57 years, resident ofHathwa House, G.P.O. Patna, P.S. Gandhi Maidan, in the town and district ofPatna. ... ... Appellant/s Versus The Assistant Commissioner of Income Tax Circle -2, Patna. ... ... Respondent/s ====================================================== with Miscellaneous Appeal No. 296 of 2011 ====================================================== H.R. Properties Pvt. Ltd. A limited company incorporated under theCompanies Act, 1956, having its registered office at Hathwa House, SouthGandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town and District ofPatna through its Executive Director, Smt. Punam Sahi, daughter of Late SriYadunandan Prasad Narayan Singh, presently aged about 57 years, resident ofHathwa House, G.P.O. Patna, P.S. Gandhi Maidan, in the town and district ofPatna. ... ... Appellant/s Versus The Assistant Commissioner of Income Tax, Circle 2, Patna. ... ... Respondent/s ======================================================withMiscellaneous Appeal No. 297 of 2011 ====================================================== H. R. Properties Pvt. Ltd., A limited company incorporated under theCompanies Act, 1956, having its registered office at Hathwa House, SouthGandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna through its Executive Director, Smt. Punam Sahi, daughter of Late SriYadunandan Prasad Narayan Singh, presently aged about 57 years, resident ofHathwa House, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna. ... ... Respondent/s ====================================================== withMiscellaneous Appeal No. 298 of 2011 ====================================================== ====================================================== H. R. Properties Pvt. Ltd., A limited company incorporated under theCompanies Act, 1956, having its registered office at Hathwa House, SouthGandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna through its Executive Director, Smt. Punam Sahi, daughter of Late SriYadunandan Prasad Narayan Singh, presently aged about 57 years, resident ofHathwa House, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna. ... ... Respondent/s ====================================================== withMiscellaneous Appeal No. 298 of 2011 ====================================================== H. R. Properties Pvt. Ltd. A limited company incorporated under theCompanies Act, 1956, having its registered office at Hathwa House, SouthGandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna through its Executive Director, Smt. Punam Sahi, daughter of Late SriYadunandan Prasad Narayan Singh, presently aged about 57 years, resident ofHathwa House, G.P.O. Patna, P.S. Gandhi Maidan in the town and district ofPatna. ... ... Appellant/s Versus The Assistant Commissioner of Income Tax Circle 2, Patna. ... ... Respondent/s ====================================================== with Miscellaneous Appeal No. 366 of 2011 ====================================================== Chero Medico and Developers Pvt. Ltd. a limited company incorporatedunder Companies Act, 1956, having its registered office at Hathwa House,South Gandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town anddistrict of Patna through its Executive Director, Dhrub Shankar, Son of LateBishwanath Prasad Narayan Singh, presently aged about 62 years, resident ofChainpur Kothi, Nawal Kishore Road, Kadam Kuan, P.O. - Kadam Kuan, P.S.Kadam Kuan, in the town and district of Patna. ... ... Appellant/s Versus The Assistant Commissioner of Income Tax Circle 2, Patna. ... ... Respondent/s ======================================================with Miscellaneous Appeal No. 414 of 2011 ====================================================== Chero Medico and Developers Pvt. Ltd., A limited company incorporatedunder Companies Act, 1956, having its registered office at Hathwa House,South Gandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town anddistrict of Patna through its Executive Director, Dhrub Shankar, son of LateBishwanath Prasad Narayan Singh, presently aged about 62 years, resident ofChainpur Kothi, Nawal Kishore Road, Kadam Kuan, P.O. Kadam Kuan, P.S.Kadam Kuan, in the town and district of Patna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna. ... ... Respondent/s ====================================================== withMiscellaneous Appeal No. 415 of 2011 ====================================================== Chero Medico and Developers Pvt. Ltd., A limited company incorporatedunder Companies Act, 1956, having its registered office at Hathwa House,South Gandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town anddistrict of Patna through its Executive Director, Dhrub Shankar, son of LateBishwanath Prasad Narayan Singh, presently aged about 62 years, resident ofChainpur Kothi, Nawal Kishore Road, Kadam Kuan, P.O. Kadam Kuan, P.S.Kadam Kuan, in the town and district of Patna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna. ... ... Respondent/s ====================================================== with Miscellaneous Appeal No. 416 of 2011 ====================================================== ====================================================== Chero Medico and Developers Pvt. Ltd., A limited company incorporatedunder Companies Act, 1956, having its registered office at Hathwa House,South Gandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town anddistrict of Patna through its Executive Director, Dhrub Shankar, son of LateBishwanath Prasad Narayan Singh, presently aged about 62 years, resident ofChainpur Kothi, Nawal Kishore Road, Kadam Kuan, P.O. Kadam Kuan, P.S.Kadam Kuan, in the town and district of Patna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna. ... ... Respondent/s ====================================================== with Miscellaneous Appeal No. 416 of 2011 ====================================================== Chero Medico and Developers Pvt. Ltd., A limited company incorporatedunder Companies Act, 1956, having its registered office at Hathwa House,South Gandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town anddistrict of Patna through its Executive Director, Dhrub Shankar, son of LateBishwanath Prasad Narayan Singh, presently aged about 62 years, resident ofChainpur Kothi, Nawal Kishore Road, Kadam Kuan, P.O. Kadam Kuan, P.S.Kadam Kuan, in the town and district of Patna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax, Circle 2, Patna. ... ... Respondent/s ======================================================with Miscellaneous Appeal No. 417 of 2011 ====================================================== Chero Medico and Developers Pvt. Ltd. A limited company incorporatedunder Companies Act, 1956, having its registered office at Hathwa House,South Gandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town andDistrict of Patna through its Executive Director, Dhrub Shankar, son of LateBishwanath Prasad Narayan Singh, presently aged about 62 years, resident ofChainpur Kothi, Nawal Kishore Road, Kadam Kuan, P.O. Kadam Kuan, P.S.Kadam Kuan in the town and District of Patna. ... ... Appellant/s Versus The Assistant Commissioner of Income Tax Circle 2, Patna. ... ... Respondent/s ====================================================== withMiscellaneous Appeal No. 418 of 2011 ====================================================== Chero Medico and Developers Pvt. Ltd. A limited company incorporatedunder Companies Act, 1956, having its registered office at Hathwa House,South Gandhi Maidan, G.P.O. Patna, P.S. Gandhi Maidan in the town anddistrict of Patna through its Executive Director, Dhrub Shankar, Son of LateBishwanath Prasad Narayan Singh, presently aged about 62 years, resident ofChainpur Kothi, Nawal Kishore Road, Kadam Kuan, P.O. - Kadam Kuan, P.S.Kadam Kuan, in the town and district of Patna. ... ... Appellant/s Versus The Assistant Commissioner of Income tax Circle 2, Patna. ====================================================== CORAM: HONOURABLE THE CHIEF JUSTICE and HONOURABLE MR. JUSTICE RAJIV ROYCAV JUDGMENT(Per: HONOURABLE THE CHIEF JUSTICE) Date : 12-01-2024 The above appeals under the Income Tax Act,arises out of orders of the Income Tax Appellate Tribunal(henceforth for short ‘the Tribunal’) are of two differentassessees, with respect to assessment years 2002-03 to 2007-08, raising the very same question of law. The question of lawframed is as below:- ‘Whether the Tribunal committed a gross error in lawby affirming the order of the Assessing Authority reversed bythe first appellate authority, finding the rental income of theassessee to be one assessed under the head ‘Income FromHouse Property’ and not as an Income from Business.’ 2. Learned Senior Counsel for the assessee Sri Date : 12-01-2024 The above appeals under the Income Tax Act,arises out of orders of the Income Tax Appellate Tribunal(henceforth for short ‘the Tribunal’) are of two differentassessees, with respect to assessment years 2002-03 to 2007-08, raising the very same question of law. The question of lawframed is as below:- ‘Whether the Tribunal committed a gross error in lawby affirming the order of the Assessing Authority reversed bythe first appellate authority, finding the rental income of theassessee to be one assessed under the head ‘Income FromHouse Property’ and not as an Income from Business.’ 2. Learned Senior Counsel for the assessee Sri A. K. Rastogi argued that both the assessees had only rentalincome in the subject assessment years and that was themain object of their constitution as revealed from theMemorandum of Understanding (for brevity ‘MoU’). It isalso pointed out that the rental income of the assessees hadbeen regularly assessed prior to the subject assessmentyears as ‘income from business’ and there was no validground to deviate from the consistent stand taken by theDepartment. It is argued that both the assessees had onlyrental income in their subject year which indicated that thiswas the only business carried out by the assessee and in thatcircumstance, there could not be an assessment made of theabove rental income generated by the assessee as ‘Incomefrom House Property’. The learned counsel would rely onthe decision of the Hon’ble Supreme Court in RayalaCorporation Pvt. Ltd v. ACIT reported in (2016) 386 ITR500 SC and Chennai Properties & Investments Ltd. v. CITreported in (2015) 373 ITR 673 SC and the judgment of aDivision Bench of this Court in M.A. No. 567/2007 dated18.11.2016, Pandooi Palace v. CIT, Patna. The AssessingOfficer has erroneously relied on the decision of the Hon’ble Supreme Court in Shambhu Investment Pvt. Ltd. v.Commissioner of Income Tax reported in (2003) 263 ITR143 (SC). Insofar as consistency required to be maintainedby the Department, reliance was placed on a Division Benchof this Court in Dr. Narendra Prasad & Others v. CIT &Another, (2010) 322 ITR 171 (Pat). 3. Smt. Archana Shahi, learned Senior StandingCounsel for the Income Tax Department, however, pointedout that the assessee is a real estate developer and builderand the rental income generated is of the buildingsconstructed by the appellant which were not sold off. Thebusiness of the assessee, even as per the MoU was notconfined to leasing out properties and the rental incomegenerated can only be assessed as ‘income from houseproperties’ and not as ‘income from business’. The learnedcounsel also pointed out that Rayala Corporation Pvt. Ltd &Chennai Properties & Investments Ltd.(supra) are on thefacts coming out from the above decision not applicable tothe present case. As far as consistency is concerned, it isargued that it is trite that every assessment year is a separatecause of action and if the view taken by the Assessing Officer in the earlier years is found to be erroneous, therecan be no rule of consistency, which would work against theprovision of the Act itself. Officer in the earlier years is found to be erroneous, therecan be no rule of consistency, which would work against theprovision of the Act itself. 4. was onRayala Corporation Pvt. Ltd (supra)the specific finding that admittedly the assessee had onlyone business; which was of leasing out of properties andearning rent from them. It was specifically noticed by theHon’ble Supreme Court in paragraph 5 that the assesseewas a Private Limited Company, the MoA of whichindicated the business to be dealing in real estate and also toearn income by leasing out property belonging to theassessee company. It was going by the admitted facts in thatcase, that the assessee company had only one business oflease and earning rent from property, the decision wasrendered permitting the assessment of income as one arisingfrom ‘Profits and Gains of Business and Profession’. was a caseChennai Properties & Investments Ltd.(supra)in which the MoA specifically indicated the main object ofthe assessee was acquisition and holding of propertiescalled “Chennai House” and “Firhavin Estate”, to let outthose properties and making advances upon the lands and buildings or other properties or interest therein. The entireincome accrued in the subject year was from letting out thespecified properties which led to the Hon’ble SupremeCourt finding the income to be assessable as income from‘Profits or Gains of Business or Profession’. 5. A Division Bench of this Court in Pandooi Palace v. CIT, Patna(supra) followed the aforesaiddecisions of the Hon’ble Supreme Court. The assesseetherein had constructed a Commercial complex in the nameand style of Pandooi Palace and was drawing rental incomefrom the same. It was on the facts that the High Court ruledin favor of the assessee in the above case. 6. We will first look at the objects as revealed from the respective MoAs produced in the appeals. Insofaras the one of the assessees H. R. Properties Pvt. Ltd. isconcerned, the MoA produced as Annexure-1 indicates thefollowing objects which is extracted below :- The main objects to be pursued by the Company onits incorporation are : (i) To take over and adopt the firm carried on underthe name and style of at Patna in the State of Bihar (whichis a partnership business carried on by the signatories tothese Memorandum and Articles of Association of thepresent Company) as a going concern including the goodwill, assets and liabilities thereof and to issue fullypaid up shares of the Company of the face value equal tothe value of the shares of the several partners respectivelyin the partnership; (ii) To carry on all or any of the business carried onby land developers and builders and to purchase, acquire,construct, re-construct, build, re-build, remodel, renovateequip, maintain, prepare for market, acquire by purchase,lease or otherwise any land, building, wholly or in part,floors, flats, apartments, shops, godown and to sell, let onhire or on rent, lease out on long/short term, trade orotherwise dispose of and to trade or deal in all realproperties and estates buildings, shops, floors, flats,houses, godown or portions thereof to do and carry on allsuch businesses and transactions as are commonly andusually done or carried on by persons firms and bodiescorporate as dealers of real properties and estates and allsuch other works, conveniences and things connectedwith all or any of the above. (iii) To acquire by purchase, lease, exchange, orotherwise land and/or buildings and structures situated inthe State of Bihar and/or Uttar Pradesh and to turn thesame to account as may seem expedient, and in particularby preparing building sites and by constructing,reconstructing, altering, improving, decorating, houses,shops, cinema houses, theaters, buildings, works andconveniences of all kinds and by consolidating or sub-dividing properties and by leasing; selling or disposing ofthe same whether in whole or by parts, offices, flats,houses, cinema houses, theaters or other buildingsabsolutely on ownership basis or other removes wise; (iv) To manage land, building and other propertysituated as aforesaid whether belonging to the Companyor not and to collect rents and income and to supply totenants and occupiers and others benefits and uses oflights, waiting room, reading room, eating rooms,lavatories and such other advantages as may beconsidered fit; (v) For the present the Company shall under-take, carry out and complete the project with regard todevelopment of the acres of vacant land comprised inMunicipal Holding No. C9/207 and C9/207-1 in MoujaHabibpur, Pergana Dehat Amant, Mahalla Chetgunge inthe district of Varanasi now held by the said firm forbuilding, estate-cum-cinema centre-cum-shoppingcomplex and to sell, lease or otherwise dispose of theflats, offices, shop-rooms, shops, garages, parking spaces,Cinema-houses, godowns and other accommodationstherefore absolutely on ownership basis or otherwise tosuch persons and on such terms as may be considered fit.(vi) “To Carry on the business of Hotel keepers,owners of restaurants," lodging and boarding housekeepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates followingobjects which are extracted below:- I. To acquire and take over as a going concern thebusinesses, works and activities of the firm carried on as apartnership in the name and style of Chero Medico andDevelopers Private Limited, having its principal officesituated at Ganga Mahal, Judges Court Road, in the townand district of Patna, in the State of Bihar, including thegoodwill, property and assets thereof and to pay thepurchase consideration by the issue and allotment of fullypaid up Equity Shares in the capital of the Company tothe several partners respectively in the partnership and asmore fully described hereinabove in the Memorandum ofAgreement. 2. To carry on, establish, setup and maintainhospitals and nursing home and aftercare home for thereception and treatment of ailing person and personssuffering from illness and for reception and treatment ofpatients and persons during convalescence requiring medical and surgical attention and nursing and after careattendances and to provide medical relief to all sufferingpersons and to appoint and make arrangements fordoctors, specialists in medical science and nurses andother persons and to conduct and carry on biological andpathological tests and examinations and to purchase,acquire and work latest sophisticated plants andmachinery for the proper identification of diseases and formedical and surgical treatment and to do all other workand works allied to any of the above relating to surgical,pharmaceutical, biological and pathological tests andexamination operations and investigations and to carry onthe business as manufacturers buyers, sellers, improversand exporters of and dealers in all pharmaceuticalchemical preparations and compounds, drugs, medicinesand surgical implementations and as suppliers of food andestables to patients and others and to carry on the businessof dry and machine cleaners, dyers and launderers on allother acts, activities, work and works allied thereto andany of the above. 3. To carry on the business of buyers sellers anddevelopers of and dealers, buildings, premises, realestates, flats, apartments, built in spaces, and as builders,constructors, civil and electrical engineers, architects,plumber polishers, wood workers, structural engineers,designers, buyers and sellers materials of all kindsincluding iron, cement, stone chips, sand etc., and build,rebuild, pull out, acquire, construct, reconstruct, remodel,renovate maintain and to acquire by purchase, exchangeor lease or otherwise a land, building, wholly or in partfor the purposes of construction and flats, apartments,premises, godowns, stock yards, shopping and recreatingeating places, parking places, and built in spaces of everydescription either dential or for commercial purposes andto sell, lease out, exchange, let out rent, and otherwisedispose of the same and to trade and deal in all res andestates of every description, buildings, promises, houses,shops, fates, built in floors and places and to deal withering of the above in any man conducive and they onall work and works allied to all or any of the to do andcarry on all other transactions, activities and business asare commonly done and carried on by the real estatedeveloper, and as trade dealers in real properties of everydescription and as agents and contract estate andproperties. 4. To undertake, carry out and complete the projectwith regard to the development of various plots of landsand buildings belonging to the partnership firm as morefully in part I to VII of the schedule appearinghereinabove and for that demolish, if necessary, the brickbuilt houses and buildings and structure thereon for thepurposes of carrying out the above objects of thecompany. 8. Hence, both the assessee’s can be said to becapable of being engaged in the business of land developingand are also builders, but the test as is seen from the citeddecisions is as to the actual business carried on by theassessee. It was argued by the Department that in theassessment orders of both the assesses it has been stated thatthe buildings were handed over to the company in a finishedmode and the company had also received advance for theirbuildings from the prospective purchasers, which sale hasnot fructified by transfer of ownership since the fullconsideration had not been rescind. The assessees had thuslet out for rent the aforesaid building, the rental income of which is not a business income but the income on houseproperty. The Assessing Officer has also looked at thespecific object as extracted herein above from the MoA.The companies were holding the buildings as stock-in tradefor more than 20 years. The income from house propertyhas three conditions to be satisfied that the property shouldconsist of buildings, the assessee should be the owner of thebuilding and that the building should not be used by theowner for the purpose of business or profession carried onby him, the profits of which are chargeable to tax. In thepresent case, the Assessing Officer relies on CIT v.Chugandas and Co. reported in (1965) 55 ITR 17(SC),which declare that even if an assessee carries on business ofpurchase and selling of buildings, income received from thebuildings so long as they are owned by the assessee will beshown as ‘Income from House Property’ and not an incomefrom ‘Profits and Gains of Business and Profession’. 9. In the case of H.R. Properties Ltd., theAssessment Order has recorded that on perusal of balance-sheet, P & L Account and its enclosures as well as TDSCertificates enclosed with the return; the assessee is earning 9. In the case of H.R. Properties Ltd., theAssessment Order has recorded that on perusal of balance-sheet, P & L Account and its enclosures as well as TDSCertificates enclosed with the return; the assessee is earning income from letting out of buildings, held as stock in trade.The Company was also earning lease rent from a hotelwhich building has been furnished as a hotel. The stock intrade of the buildings were received as a consequence of aDevelopment Agreement and it is the finding of theAssessing Officer that despite construction and sale ofbuildings, being one of the main objects of the assessee, ithas not undertaken any construction project till date. Hence,though there were many objects as revealed from theMemorandum of Association, even the Assessing Officerfinds that the assessee did not have any other business butlease of the properties. The finding is also that noconstruction project has been carried out by the assesseesince its incorporation in 1975 nor has it booked any majorsale since Financial Year 2000-2001. Even the AssessingOfficer finds that the assessee has been pursuing its objectof earning rental income through letting out and makes acasual statement that this is the object pursued morevigorously than the others referred in the Memorandum ofAssociation. The presumption of the Assessing Officer thatno prudent person would wait for more than 10-20 years even after payment of twice the cost of the building cannotbe countenanced. If the building has not been conveyed tothe purchaser and remains with the developer then there isnothing wrong in the developer leasing out the premises.There is no sale noticed, in the very many years, by theAssessing Officer, who also states that the Company hadfurnished the name of 25 persons who had entered intoagreements for sale who were all related parties of theassessee. It is also presumed that the transactions appear tobe a prima facie business connivance (sic) and thatretention of huge advance money without any legal claimsfrom the prospective customers cannot be countenanced. 10. We cannot understand how the absence oflegal proceedings by the intending purchasers can impactthe tax levy of the assessee. The fact remains that theAssessing Officer has clearly found that but for the lease ofproperties the assessee is not engaged in any other business.This is the precise facts on which RayalaCorporation andChennai Properties (both supra) have been decided. 11. In so far as Chero Medico and DevelopersPrivate Limited is concerned, there also the findings of the Assessing Officer are almost identical to that referred to inthe other case; that the assessee was enjoying propertyrights over the buildings leased out and have been dealingwith the buildings as its owner. Irrespective of the fact thatthey were held as stock in trade or fixed assets, it isadmitted by the Assessing Officer that the lease of buildingsis the only business carried on by the assessee. The assesseealso has been receiving rental income from these buildingsas is admitted by the assessee and accepted by the AssessingOfficer. 12. The First Appellate Authority rightly foundthe income to be from business and not under the head,income from house property, especially since the assesseehas only the business of renting out buildings in the subjectyears. 13. On the specific finding of facts made by theAssessing Officer in the assessment order, we are convincedthat there is no question of the income of the assessee beingtreated as income from house property. 14. We find the order of ‘the Tribunal’ to beperverse and set it aside answering the question of law framed, in favour of the assessee and against the Revenue. 15. The appeals stand allowed leaving theparties to suffer their respective costs. (K. Vinod Chandran, CJ) Rajiv Roy, J. Sharun/Pravin AFR/NAFRCAV DATE08.01.2024Uploading Date15.01.2024Transmission Date (Rajiv Roy, J)