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2016 (5) TMI 1174 - HC - Income TaxAddition u/s 68 - failure to produce evidence in respect of credit entries in the capital account of the partner - Held that - Learned counsel for the assessee has produced a copy of the assessment order dated 20.12.2010 passed by the Assessing Officer whereby the claim of the assessee has been accepted. The said order is taken on record. However it is not disputed by the learned counsel for the revenue that after remand the order was passed on 20.12.2010 accepting the version of the assessee. - Decided in favour of the assessee Addition on account of interest paid to M/s Saini Car Scheme under Section 40A(2)(b) - Held that - The amount received by the assessee from Saini Car Scheme were for business purposes. The assessee advanced a sum of Rs. 17, 60, 053/- as loans to employees on which no interest was charged. The advancing of loan to the employees was for business purposes of the assessee. The factual matrix was neither controverted by the revenue nor any contrary material was produced before the Tribunal to show that the addition of Rs. 6, 16, 645/- was wrongly deleted.- Decided in favour of the assessee
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