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2015 (9) TMI 172 - AT - Income TaxDisallowance of interest expenses on the basis of net debit cumulative balance of all the partners - Held that:- All the capital accounts of the partners are to be examined by the AO while disallowing the interest on debit balance. The assessee has calculated the disallowance of interest on the basis of credit and debit balances of all the partners at ₹ 4,91,054/-. Therefore, we uphold the order of ld. CIT (A). Thus Revenue’s appeal on this ground and assessee’s cross objection are dismissed. Trading addition - Held that:- The facts and circumstances of the case are identical to A.Y. 2008-09. During the year under consideration the assessee has prepared the closing stock on estimated basis which cannot be verified as no quantitative and qualitative stock was maintained by the assessee. The GP rate has increased compared to preceding year on enhanced turnover. However, the defects pointed out by the AO required to be confirmed certain addition, therefore, we reverse the order of ld. CIT (A) and in the interest of justice, addition to the tune of ₹ 1,00,000/- is confirmed against addition made by the AO at ₹ 3,00,000/-. Decided partly in favour of assessee.
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