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2015 (12) TMI 608 - AT - Income TaxDiversion of interest bearing funds to one of its partner Shri Deepak Khanna for non business purposes - CIT(A) deleted the addition - Held that:- The interest in the case of firm has to be calculated on both the accounts of the partner in debit and credit by the Assessing Officer not only debit balance of the partner. The firm had not charged or paid any interest to the partner either on debit or credit since inception. Therefore, there is no justification in calculating the disallowance on debit balance of one of the partner namely Shri Deepak Khanna. The ld DR has also not controverted the finding given by the ld CIT(A). Therefore, we uphold the order of the ld CIT(A). - Decided against revenue
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