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2016 (4) TMI 568 - AT - Income TaxAddition made towards the professional receipts - Held that:- The amounts received by the assessee from various producers towards advances cannot be assessed as income of the assessee. Therefore, we set aside the orders of the lower authorities and delete the additions in respect of the advances treated as income of the assessee - Decided against revenue Addition made on interest on OD as personal expenditure in nature - CIT(A) observed that when the assessee himself disallowed 25% of total interest expenditure there is no basis for AO to disallow arbitrarily 75% of total interest expenditure - Held that:- AO had not brought on record any material to show that the interest expenditure incurred to the extent of 75% on his personal purpose. Had it been any material to suggest that the so called borrowed amount was used by the assessee for his personal benefit, not for the professional business, the AO would justified. In the absence of any material brought by the AO, we are not in a position to uphold his order. Accordingly, we do not interfere with the order of the Ld.CIT(A) and the same is confirmed.- Decided against revenue
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