TMI Blog1986 (3) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... or asst. yr. 1981-82. 2. The facts of the case are as below. The assessee is a firm of four partners. Unfortunately the partnership deed is not made available to us but it is common ground that business of the assessee is in Malegaon sarees including Adat business. The extent of the obligation of the partners to contribute capital or their authority to siphon out firm s funds in favour of non pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... making it impossible to identify the funds which have gone into extraordinary indulgent treatment given to the sons of the partners as above. 3. The question whether all the borrowing could be taken as wholly made for business has been the subject matter of adjudication in the past. This aspect is relevant because as noted above, all the debit balance existed before the commencement of the accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profits into capital bringing own capital to Rs. 1,35,492, the weavers dues stood at Rs. 26,04,653. The dues from traders stood at Rs. 26,05,929. Now whilst the CIT(A) has stated that the latter are not interest bearing Sri A. N. Shah has vehemently contended that this is a factual mis-statement possibly on account of genuine oversight. Thus the capital and weaver dues are enough for the purpose. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is for the assessee to prove his case through facts. The assessee cannot take advantage of his own wrong by not giving the particulars properly. 6. We have examined the facts and arguments. In case of this type, one has to examine the issue on a broad basis. Unfortunately we do not have the details of the partnership deed. How did all the partners agree to grant such extra ordinary facility eati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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