HIGH COURT OF ANDHRA
PRADESH AND TELANGANA
Commissioner of Income-tax v. Pact
Securities & Financial Services Ltd.
61 taxmann.com 192
I.T.T.A.
NOS. 252 & 291 OF 2003, 132 & 136 OF 2004 AND 76 & 77 OF 2006
Order Dated.- FEBRUARY 5, 2015
Ratio/Brief Analysis
Where assessee had maintained accounts as per
guidance note on accounting for leases issued by ICAI and during the year it
had claimed deduction of lease equalisation charges from lease rental income,
the AO cannot discard the method of accounting following by assessee . The 'a'
was entitled to deduction inspite of the fact that guidance note has not
attained mandatory status.
Full Text
Dilip
B. Bhosale and A. Ramalingeswara Rao
For the Appellant: S.R. Ashok and K.K. Viswanatham
For the Respondent: Y. Ratnakar and S. Sasidhar Reddy, Standing Counsel
ORDER
Dilip B. Bhosale
The first four appeals, under section 260A of
the Income-tax Act, 1961 (for short "the Act"), are preferred by the
Revenue. Out of which, first two appeals are against the orders dated July 30,
2002, and November 29, 2002, in I.T.A. Nos. 142/Hyd/2002 and 141/Hyd/2002,
respectively, and the remaining two are against the common order dated March
26, 2002, rendered by the Income-tax Appellate Tribunal in Income Tax Appeal
bearing No. 229/Hyd/2000 and 273/Hyd/2000. By these orders, the Tribunal
allowed the Income Tax Appeals filed by the respondent-assessee against the
orders of the Commissioner of Income-tax (Appeals) dated December 10, 2001,
December 14, 2001, and January 28, 2000. In so far as I.T.A. No. 273/Hyd/2000
is concerned, that was also disposed of by the order dated January 28, 2000,
along with the assessee's appeal bearing I.T.A. No. 229/Hyd/2000. All these
appeals pertain to the assessment years 1996-97 to 1999-2000.
2. Before the Commissioner of Income-tax
(Appeals), the assessees had called in question the orders of Assessing Officer
(for short "the AO"), who, while completing the assessment for the
relevant assessment years disallowed the deduction of the "lease
equalisation" charges from the lease rental income. The disallowed amounts
by the Commissioner of Income-tax (Appeals) in these appeals are of Rs.
48,56,224, Rs. 44,18,245 and Rs. 13,16,123.
3. Since the questions raised and the
assessee in all four appeals are common, for the sake of convenience we state
the facts leading to I.T.T.A. No. 252 of 2003 preferred by the Revenue, to the
extent they are necessary, as follows : the assessee-company had filed its
return of income on November 30, 1998, declaring the income of Rs. 58,65,660.
The return was processed under section 143(1)(a) of the Act on September 28,
1999, without any adjustments. Then the assessee's case was selected for
scrutiny by issue of a notice under section 143(2) dated September 28, 1999.
The notice was served on the assessee on October 11, 1999. Subsequently,
notices under section 142(1) and 143(2) were issued, in response to which,
chartered accountant of the assessee appeared before the Assessing Officer and
furnished details called for. The assessment was then completed and the
Assessing Officer disallowed the lease equalisation charges of Rs. 48,56,224
from the lease rental charges for the assessment year 1998-99.
3.1 During the assessment year 1998-99, the
assessee had given certain assets on lease and shown gross lease rentals of Rs.
1,14,91,395, as income in the profit and loss account. Out of this, a sum of
Rs. 48,56,224 was claimed as deduction by way of "lease equalisation
charges" from the lease rental income. In the course of assessment
proceedings, it was submitted on behalf of the assessee that the treatment in
the accounts had been given as per the "guidance note" on accounting
for leases, issued by the Institute of Chartered Accountants of India (for
short "the ICAI"). In this backdrop, the question that was considered
by the Tribunal and Commissioner of Income-tax (Appeals) was whether the
assessee could take recourse to the "guidance note" issued by the
Institute of Chartered Accountants of India qua accounting for lease in
determination of its income, and whether the deduction as claimed by the assessee
ought to be allowed.
4. The Commissioner of Income-tax (Appeals)
disallowed the "lease equalisation" charges from the lease rental
income, whereas the Tribunal allowed and, hence, the Revenue preferred the
above four appeals raising five questions of law in the memorandum of appeals.
At the stage of admitting the appeals no substantial question of law was
framed. In view thereof, learned senior counsel for the Revenue, fairly
submitted that only the following substantial question of law, in their
appeals, arise for our consideration :
"(1) whether, on the facts and in the circumstances of the
case, the Income-tax Appellate Tribunal was justified in allowing the assessee
to deduct the lease equalisation charges from the lease rental income,
accepting its accounting policy based on the guidance note issued by the
Institute of Chartered Accountants of India for preparation of accounts and
whether it would override the statutory provisions of the Act ?"
5. The remaining two appeals, bearing
I.T.T.A. Nos. 132 and 136 of 2004, preferred by the assessees, are against the
orders passed by all the three authorities, disallowing the deduction of
"lease equalisation charges" from the gross lease receipts, holding
that the assessee was in the wrong in employing the "guidance note"
issued by the Institute of Chartered Accountants of India for computing their
income from lease rent. In these appeals, the following substantial question of
law is raised for our consideration :
"(1) Whether, on the facts and in the circumstances of the
case, the Tribunal was justified in law in disallowing deduction of lease
equalisation charges from the gross lease receipts ?"
6. Counsel for the assessees, at the
outset, invited our attention to the judgments of the Delhi High Court in CIT v. Virtual
Soft Systems Ltd. [2012] 341 ITR 593/205 Taxman 257/18 taxmann.com 119 and
of the Karnataka High Court in Prakash Leasing Ltd. v. Dy.
CIT [2012] 208 Taxman 464/23 taxmann.com 3 and
contended that similar questions fell for consideration of these High Courts
and based on the guidance note issued by the Institute of Chartered Accountants
of India held that the assessees are entitled for deduction of lease
equalisation charges from lease receipts. In short, it was contended that the
questions raised in these appeals are squarely covered by those judgments. It
was further submitted that the assessee is entitled to have its accounting
policy taking recourse to the guidance note issued by the Institute of
Chartered Accountants of India, while accounting for lease transactions. It was
further submitted that the courts have accepted the recommendations issued by
the Institute of Chartered Accountants of India from time to time, with respect
to the manner and mode of reflecting transactions in books of account, in
number of judgments pronounced by High Courts as well as the Supreme Court.
Lastly, he submitted that what is provided in the guidance note stands
transacted into an accounting standard issued by the Institute of Chartered
Accountants of India and approved under sub-section (2) of section 145 of the
Act by the Central Government.
7. Mr. S.R. Ashok, learned senior counsel
appearing for the Revenue, on the other hand, at the outset, invited our
attention to section 145 of the Act, in particular sub-section (2) thereof, and
submitted that neither the accounting standards nor the guidance note issued by
the Institute of Chartered Accountants of India could be taken recourse to in
the absence of a notification being issued by the Central Government as
contemplated by sub-section (2). He submitted that the Delhi High Court and the
Karnataka High Court did not consider the provisions contained in sub-section
(2) of section 145 of the Act in proper perspective, and without reference
thereto considered whether the guidance note could be the basis for accepting
the accounting system followed by the assessee. He submitted that the taxable
income of the assessee should be determined as per the Income-tax Act and not
on the basis of the guidance note issued by the Institute of Chartered
Accountants of India. In other words, it was submitted that the assessee cannot
take recourse to the guidance note issued by the Institute of Chartered
Accountants of India qua accounting for lease in determination of its income
and, therefore, in that regard whether a particular deduction ought to be
allowed or disallowed, one should only have to look to the provisions of the
Income-tax Act.
8. The arguments advanced by the learned
counsel for the parties were centered around the judgment of the Delhi High
Court in Virtual Soft Systems Ltd.case (supra) and of the
Karnataka High Court in Prakash Leasing Ltd. case (supra)
and also the provisions contained in sub-section (2) of section 145 of the
Income-tax Act. In view thereof, we would like to have a glance at both the
judgments and the provisions of section 145(2) of the Income-tax Act.
8.1 In Virtual Soft Systems Ltd. (supra),
the following questions were framed (page 599 of 341 ITR):
"(1) Whether, on the facts and circumstances of the case,
the Income-tax Appellate Tribunal erred in law and on the merits in allowing
the deduction of the lease equalisation charges from the lease rental income?
(2) Whether the guidance note issued by the Institute of
Chartered Accountants of India for presentation of accounts would override the
statutory provisions of the Income-tax Act, 1961?"
8.2 The facts leading to the appeal before
the Delhi High Court were almost similar, in the sense the assessment of the
assessee for the assessment year 1996-97 was set aside by the Commissioner
directing the Assessing Officer to include the assessee's lease rental income.
For the assessment years 1997-98 to 2000-01, the assessments were reopened by
the Assessing Officer and he came to the conclusion that the taxable income of
the assessee had to be determined in accordance with the Act and not on the
basis of the guidance note, which only provided guidelines for preparation of
financial statements for the purpose of accounting. The Assessing Officer,
accordingly, disallowed the sum attributed to lease equalisation charges, and,
consequently, added to the assessee's income. The Commissioner (Appeals)
confirmed the order of the Assessing Officer, whereas the Tribunal allowed the
appeals of the assessee on the merits. In this backdrop, the relevant
observations made by Delhi High Court in Virtual Soft Systems Ltd. (supra)
read thus (page 602 of 341 ITR):
"In this background what is required to be considered is
whether the books of account could be rejected by the Assessing Officer merely
for the reason that recourse to the guidance note was taken by the assessee. In
this regard, we would be required to examine the provisions of section 145 of
the Income-tax Act. Section 145 of the Income-tax Act adverts to the method of
accounting followed by an assessee. Sub-section (1) of section 145 provides
that income chargeable under the head 'Profits and gains of business or
profession' or 'Income from other sources' shall be computed either on the cash
basis or on the mercantile system, whichever method being regularly employed by
the assessee. This provision is, however, subject to the Central Government
notifying accounting standard in respect of any class of assessee or class of income.
Sub-section (3) of section 145 empowers the Assessing Officer to disregard the
books of account submitted by the assessee only if he is not satisfied with the
correctness or completeness of the accounts of the assessee or the method of
accounting employed by the assessee or on account of the accounting standards
notified under sub-section (2), not being particularly followed by the
assessee. In this particular case, the Assessing Officer has disregarded, in
substance, the method of accounting followed by the assessee qua lease rentals
without basing it on the grounds provided in section 145 of the Income-tax Act.
The fact that the assessee justified its method of accounting, by taking
recourse to the guidance note issued by the Institute of Chartered Accountants
of India in that behalf, was disregarded, on what we would term as, a
disjointed reading of the provisions of the said guidance note. Both the
Assessing Officer as well as the Commissioner of Income-tax (Appeals) have
adverted to paragraph 2 of the guidance note to come to what we consider an
erroneous conclusion inasmuch as they have held that in determining as to
whether deduction on account of the lease equalisation charges ought to be
allowed or not, what has to be borne in mind is ultimately the provisions of
the Income-tax Act. In our view, such an observation in paragraph 2 of the
guidance note is really saying the obvious. Therefore, even if this guidance
note was silent on this aspect the provisions of the Income-tax Act would
undoubtedly still apply. Thus, as to what is the impact of the provision of
paragraph 2 of the guidance note will be considered by us as we progress
further with our judgment.
9.1 However, what is important at this stage is to first address
ourselves to the aspect as to whether the Assessing Officer could have
disregarded the method of accounting followed by the assessee in respect of the
lease rentals. In our view, the Assessing Officer could not have done so, as
the method of accounting was based on a guideline commended for adoption by a
professional body such as the Institute of Chartered Accountants of India. The
guidance note reflects the best practices adopted by accountants the world
over. The fact that, at the relevant point in time, it was not mandatory to adopt
the methodology professed by the guidance note issued by the Institute of
Chartered Accountants of India is irrelevant for the reason that, as long as
there was a disclosure of the change in the accounting policy in the accounts,
which had a backing of a professional body such as the Institute of Chartered
Accountants of India, it could not be discarded by the Assessing Officer. This
is specially so, since the Institute of Chartered Accountants of India is
recognised as the body vested with the authority to recommend accounting
standards for ultimate prescription by the Central Government in consultation
by the National Advisory Committee of Accounting Standards, for presentation of
financial statements. The provisions of section 211(3C) of the Companies Act,
1956, are quite clear on this aspect. As a matter of fact, the proviso to the
said sub-section, quite clearly specifies that till such time the Central
Government prescribes the accounting standards the accounting standards issued
by the Institute of Chartered Accountants of India shall be deemed to be the
relevant accounting standards. The relevant provision reads as follows:
'211. (3C) For the purposes of this section, the expression
"accounting standards" means the standards of accounting, recommended
by the Institute of Chartered Accountants of India constituted under the
Chartered Accountants Act, 1949 (38 of 1949), as may be prescribed by the
Central Government in consultation with the National Advisory Committee on
Accounting Standards established under sub-section (1) of section 201A:
Provided that the standards of accounting specified by the
Institute of Chartered Accountants of India shall be deemed to be the
accounting standards until the accounting standards are prescribed by the
Central Government under this sub-section.'
In this context, it would be important to note that Accounting
Standard 1 pertaining to disclosure of accounting policies has already been
notified by the Institute of Chartered Accountants of India as having attained
mandatory status for periods commencing on or after April 1, 1991. It is not
the Assessing Officer's case that the accounting policy with regard to the
lease rentals was not disclosed by the assessee. The Assessing Officer seems to
have taken umbrage to the change in the accounting policy having been brought
about only with effect from the assessment year 1996-97. In our view, as long
as there was a disclosure of the factum of change in the accounting policy and
its effect in the accounts no fault could be found with the change in the
accounting policy merely on account of the fact that it was employed for the
first time in the assessment year 1996-97. The change in the accounting policy,
as noticed by us above, had the imprimatur of a duly recognised professional
body, i.e., the Institute of Chartered Accountants of India. Therefore,
notwithstanding the fact that the opinion of the Institute of Chartered
Accountants of India was expressed in a guidance note which had not attained a
mandatory status, would not, in our view, provide a basis to the Assessing
Officer to disregard the books of account of the assessee and in effect method
of accounting for leases followed by the assessee."
8.3 The Karnataka High Court, in Prakash
Leasing Ltd. (supra) framed the following questions of law:
"1.
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Whether in law the
Tribunal was justified in confirming the disallowance made by the lower
authorities on the claim of the appellant with regard to the lease
equalisation account to the extent of Rs. 4,35,89,466 ?
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2.
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Whether in law the
Tribunal is justified in not appreciating that the appellant being a NBFC had
followed the norms required by its regulatory authority, namely, RBI and
hence the claim made by the appellant with regard to the lease equalisation
account was perfectly in order?
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3.
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Whether in law the
Tribunal was justified in declining to accept the deduction claimed by the
appellant which was in accordance with accounting standard which was
consistently followed which declares the real income in the relevant year?
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4.
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Whether in law the
Tribunal was justified in concluding that lease equalisation reserve is an
appropriation of profit and thus cannot be allowed as deduction?"
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8.4 The Karnataka High Court considered
several judgments including the judgment of the Delhi High Court in Virtual
Soft Systems Ltd. (supra) and in paragraph 12, observed thus:
"Admittedly, in so far as the lease equalisation charges
are concerned, it is not provided in the notified accounting standards by the
Department. It is also not in dispute that in the Act what the lease
equalisation charges is not explained. In the absence of any specific provision
in the Act dealing on the subject, when the accounting standard is now made the
basis for maintaining the accounts for the purpose of income-tax, even if the
Central Government has not notified in the Official Gazette the accounting
standards, certainly the accounting standards prescribed by the Institute of Chartered
Accountants has to be followed. In fact, the hon'ble Supreme Court in Challapalli
Sugars Ltd. v. CIT [1975] 98 ITR 167 (SC) has put its seal of
approval on adopting the accounting standards while interpreting section
10(2)(vi), (via), (vib) and section 10(5) of the Indian Income-tax Act 1922,
while interpreting the expression 'actual cost'. The Supreme Court held in (ITR
page 173) : 'as the expression "actual cost" has not been defined, it
should, in, our opinion, be construed in the sense which no commercial man
would misunderstand. For this purpose, it would be necessary to ascertain the
connotation of the above expression in accordance with the normal rules of
accountancy prevailing in commerce and industry. Therefore, it is judicially
accepted that when determining whether there has in fact been accrual of
liability or income, the accountancy standards prescribed by the Institute of
Chartered Accountants of India would have to be followed and applied'.
Therefore, the reasoning of the authorities though the claim of the assessee is
based on such accounting standards of the Institute of Chartered Accountants of
India while deciding whether receipt of money is taxable or not it has to be
decided in accordance with the provisions of law and not in accordance with the
accounting practice has no substance as there is no inconsistency between the
said accounting practice and any provisions of the Act."
9. We would now like to consider the
provisions of section 145 of the Act. Section 145 deals with method of
accounting. This provision was substituted by the Finance Act, 1995, with
effect from April 1, 1997. In the present case, we are concerned with the
assessment years 1997-98 to 2000-01. Sub-section (1) of section 145 states that
income chargeable under the head "Profits and gains of business or
profession" or "Income from other sources" shall, subject to the
provisions of sub-section (2), be computed in accordance with either cash or
mercantile system of accounting regularly employed by the assessee. Sub-section
(2) provides that the Central Government may notify in the Official Gazette
from time to time "accounting standards" to be followed by any class
of assessees or in respect of any class of income. Sub-section (3) of section
145 of the Act provides where the Assessing Officer is not satisfied about the
correctness or completeness of the accounts of the assessee, or where the method
of accounting provided in sub-section (1), or accounting standards as notified
under sub-section (2), have not been regularly followed by the assessee, the
Assessing Officer may make an assessment in the manner provided in section 144
of the Act.
10. On the basis of the provisions contained
in section 145 of the Act, it was submitted on behalf of the Revenue that the
taxable income of the assessee should be determined as per the Act and that the
"guidance note" issued by the Institute of Chartered Accountants of
India cannot be the basis for such determination. It was further submitted that
the guidance note or the accounting standards prescribed by the Institute of
Chartered Accountants of India cannot be taken recourse to or taken into
account unless the Central Government notify such accounting standards in the
Official Gazette to be followed by any class of assessees or in respect of any
class of income. Then, it was submitted that the word "may" in
sub-section (2) should be read as "shall" having regard to the scheme
of section 145 of the Act. In other words, it was submitted that under any
circumstances, the accounting standards or guidance note issued by the
Institute of Chartered Accountants of India cannot be taken recourse to while
accounting for lease transactions unless the accounting standard is notified in
the Official Gazette by the Central Government.
11. In the present case, at the relevant
time, the accounting standard employed by the assessee was not notified though
it was subsequently notified by the Central Government. We would, therefore,
like to examine the question on the premise that at the relevant time the
accounting standards employed by the assessees in the present case was not
notified by the Central Government.
12. The Institute of Chartered Accountants
of India's publication on the subject indicates that the "guidance
note" on accounting leases was issued by it, for the first time, in 1988,
which was then revised in 1995. On April 1, 2001, the Institute of Chartered Accountants
of India did publish Accounting Standard 19 in respect of leases. It is not in
dispute that the said Accounting Standard 19 is applicable in respect of assets
leased during accounting periods commencing on or after April 1, 2001. The
assessment years, which are under consideration, in these appeals are prior to
April 1, 2001. We are not entering into the details as to how the accounting
standards work or applied in respect of lease income since the question that
falls for our consideration is whether the assessees in these appeals were
obliged to employ or to take recourse to guidance note issued by the Institute
of Chartered Accountants of India on accounting for leases even though the
accounting standard was not notified by the Central Government in the Official
Gazette as contemplated by sub-section (2) of section 145 of the Act. It is not
in dispute that the guidance note reflects the best practices adopted by the
accountants in India. Further, it cannot be disputed that the Institute of
Chartered Accountants of India is the authority to recommend accounting
standards for ultimate prescription by the Central Government in consultation
by the National Advisory Committee of Accounting Standards, for presentation of
financial statements. In support, as observed by the Delhi High Court in Virtual
Soft Systems Ltd. (supra) the provisions of section 211(3C) of
the Companies Act are quite clear. The proviso to this section clearly
specifies that till such time the Central Government prescribes the accounting
standards issued by the Institute of Chartered Accountants of India shall be
deemed to be the relevant accounting standards. It is not in dispute that the
Accounting Standard 19 prescribed on April 1, 2001, in respect of leases and
the accounting standard incorporated in the guidance note is one and the same.
Therefore, notwithstanding the fact that the opinion of the Institute of
Chartered Accountants of India was expressed in a guidance note which had not
attained a mandatory status, would not, in our view, provide a basis to the
Assessing Officer to disregard the books of account of the assessee and in
effect the method of accounting for leases followed by the assessee as observed
by the Delhi High Court in Virtual Soft Systems Ltd. (supra).
In this connection, we would like to make a reference to the judgment of the
Supreme Court in CIT v. Bilahari Investment (P.) Ltd. [2008] 299 ITR 1/168 Taxman 95 wherein it
was observed that every assessee is entitled to arrange its affairs and follow
the method of accounting, which the Department has earlier accepted. It is only
in those cases where the Department records a finding that the method adopted
by the assessee results in distortion of profits that the Department can insist
on substitution of the existing method. Therefore, certainly the method adopted
by the assessee in maintaining its accounts for the earlier period is an
important factor, which the authorities have to keep in mind at the time of
framing the assessment orders. It is well settled that in determining whether
there has in fact been accrual of liability or income, the accountancy
standards prescribed by the Institute of Chartered Accountants of India would
have to be followed and applied (see Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167 (SC). In this judgment, the
Supreme Court has put its seal of approval on adopting the accounting standards
while interpreting section 10(2)(vi), (via), (vib) and section 10(5) of the
Indian Income-tax Act, 1922, and the expression "actual cost". Thus,
even if at the relevant time, it was not mandatory to adopt the methodology
prescribed by the guidance note or for that matter the accounting standard as
it was not notified by the Central Government in the Official Gazette, in our
opinion, it is not relevant for the reason that, as long as there was a
disclosure of the accounting policy in the accounts, which had a backing of a
professional body, such as the Institute of Chartered Accountants of India, it
could not be discarded by the Assessing Officer.
13. Lastly, we would like to consider the
submission that the word "may" employed in sub-section (2) of section
145 of the Act should be read as "shall". Sub-section (2) provides
that the Central Government "may" notify in the Official Gazette from
time to time accounting standards to be followed by any class of assessees or
in respect of any class of income. The question, therefore, is whether in the
absence of such notification, being issued by the Central Government, the
accounting standards or the guidance note, prescribing the accounting
standards, issued by the Institute of Chartered Accountants of India could be
adopted as a method for accounting. It is judicially accepted that in
determining whether there has in fact been accrual of liability or income, the
accountancy standards prescribed by the Institute of Chartered Accountants of
India would have to be followed and applied. In other words, the accounting
standards prescribed by the Institute of Chartered Accountants of India has
received recognition in several decisions of the High Courts and the Supreme
Court. We have also made reference to the provisions of section 211(3C) of the
Companies Act, 1956. The proviso to this section clearly specifies that till
such time the Central Government prescribes, the accounting standards issued by
the Institute of Chartered Accountants of India shall be deemed to be the
relevant accounting standards. Keeping that in view, it would not be possible
to read the word "may" employed in sub-section (2) of section 145 of
the Act as "shall". It is well settled that the word "may" normally
indicate that the provision is not mandatory. It is also true that the word
"may" can also be used in the sense "shall" or
"must" by the Legislature. The intent of the Legislature, however,
will have to be gathered from the scheme of the relevant provision, Chapter or
the relevant statute and also judicial pronouncements dealing with the relevant
provision. Having regard to the provisions contained in section 145 of the Act,
we are of the opinion that the word "may" used in sub-section (2)
thereof cannot be read as "shall". Merely because, the Central
Government has not notified in the Official Gazette "accounting
standards" to be followed by any class of assessees or in respect of any
class of income, it cannot be stated that the "accounting standards"
prescribed by the Institute of Chartered Accountants of India or the accounting
standards reflected in the "guidance note" cannot be adopted as an
accounting method by an assessee. Thus, this submission also deserves to be
rejected.
14. Therefore, in our opinion,
notwithstanding the fact that the opinion of the Institute of Chartered
Accountants of India was expressed in the guidance note, which had not attained
a mandatory status, would not, in our view, be a ground to discard the books of
account of the assessee or method of accounting for lease followed by the
assessee and disallowing the assessee to deduct the lease equalisation charges
from the lease rental income.
15. Thus, substantial questions of law
framed by us are answered in favour of the assessee and against the Revenue. The
first four (4) appeals filed by the Revenue are accordingly dismissed and the
remaining two (2) appeals filed by the assessee are allowed with no order as to
costs.
16. Miscellaneous petitions pending in the
appeals, if any, also stand disposed of.
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