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2024 (1) TMI 688 - AT - Income TaxDisallowance u/s 10AA - AO disallowed the part of claim by taking a view that the assessee has not charged any interest on capital contribution and remunerations to its partner - AO worked out the disallowance of interest on capital of partner and remuneration and restricted the claim of deduction u/s 10AA subtracting on account of remuneration to partners and interest on capital contribution by partners - HELD THAT:- The only objection of ld. CIT-DR for the revenue was that before the Assessing Officer, the assessee claimed notarized supplementary deed. On such objection, we directed the ld. AR of the assessee to show the original or supplementary partnership deed. Supplementary partnership deed was brought before the Bench and copy thereof was provided to the ld. CIT-DR for the revenue. On perusal of such supplementary partnership deed, we find that before assessing officer, the assessee has filed copy of said partnership deed attested by Notary Shri M.S. Ratnu, advocate, Jodhpur. On comparing the contents of supplementary partnership deed with copy thereof on record, original was returned to the assessee’s counsel. We are of the considered view that the grounds of appeal raised by assessee are covered in favour of assessee. Hence, the disallowance of interest capital and remuneration from the allowable profit under Section 10AA, is deleted. Accordingly, the Assessing Officer is directed to allow full relief to the assessee. Hence, grounds No. 1 to 4 of the appeal are allowed.
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