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ITO, Ward 33 (2) , New Delhi Versus Indo Scottish

2015 (10) TMI 1416 - ITAT DELHI

Addition on cash paid to partner Shri Sukhdev Singh - Held that:- We find that the basic facts in this case are not in dispute. The assessee firm has paid ₹ 16.5 lacs to its partner Shri Sukhdev Singh and the necessary entries were passed in the regular books of account of the assessee firm. The cash entry of ₹ 16.5 lac was reflected in the ledger account of Shri Sukhdev Singh in the books of account of the assessee firm, copy of which has been filed by the assessee before the CIT(A) .....

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issed. - Decided in favour of assessee.

Addition on account of purchase made for non business purpose - CIT(A) deleted the addition - Held that:- CIT(A) has given a finding that there is no basis for holding by the AO that these transactions of purchases were not for business purposes of the assessee. The purchases were supported by the purchase bills produced by the assessee. The complete postal address of the seller parties were furnished to the AO. The CIT(A) has recorded that duri .....

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For the Appellant : Smt Parminder Kaur, Sr. DR For the Respondent : Shri Sanjiv Sapra, CA ORDER Per G C Gupta, Vice President This appeal by the revenue for the assessment year 2008-09 is directed against the order of the CIT(A). The ground of appeal No. 1 is as under : 1. " On the facts and in the circumstances of the case, the CIT(A) has erred in law and on facts in deleting the addition of ₹ 16,50,000/- made by the Assessing Officer on account of cash paid to Shri Sukhdev Singh.&qu .....

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s partner has been assessed as income in the hands of the assessee. He submitted that there is no law to assess the cash withdrawal of a partner as income in the hands of the assesee firm. 3. We have considered the rival submissions and have perused the order of the Ld. CIT(A). We find that the basic facts in this case are not in dispute. The assessee firm has paid ₹ 16.5 lacs to its partner Shri Sukhdev Singh and the necessary entries were passed in the regular books of account of the ass .....

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fully explained and therefore no case of addition of this amount as income in the hands of the assessee firm is made out by the revenue and there being no merit in the ground No. 1 of the revenue, the same is dismissed. 4. The ground of appeal No. 2 of the revenue is as under :- 2. "On the facts and in the circumstances of the case, the CIT(A) has erred in law and on facts in deleting the addition of ₹ 14,69,061/- made by the Assessing Officer on account of purchase made for non busin .....

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