TMI Blog2015 (4) TMI 1050X X X X Extracts X X X X X X X X Extracts X X X X ..... regarding interest free funds available to it more than the borrowed funds.- Decided in favour of assessee for statistical purposes. Addition as undisclosed professional receipts on the basis of Annual Information Return (AIR) - Held that:- Assessee has offered much more professional receipts than the professional receipts shown in the AIR. Accordingly, we do not find any merit in the addition so made by the AO which may be due to different accounting system being followed by payer of such fees. - Decided in favour of assessee. - ITA No.297/Mum/2012 - - - Dated:- 17-4-2015 - SHRI R.C.SHARMA, AM And SHRI SANJAY GARG, JM For the Appelant : Shri K.K.Ved Sh.N.A.Patade For the Respondent : Shri Neil Philip ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that ground No.1 with regard to disallowance of payment made to partner amounting to ₹ 1,63,26,270/- has already been decided against the assessee and the assessee has also filed appeal before the Hon ble High Court wherein substantial question of law has been accepted by the Hon ble High Court vide order dated 28-7-2009. In this respect assessee has filed Form No.8 being declaration u/s.158A(1) of the ITAT claiming that identical question of law is pending before the High Court. 3. As the assessee has already filed declaration u/s.158A(1), the assessee needs not to file appeal to the Hon ble High Court on this issue, and he is bound by the decision of the Hon ble High Court in respect of appeal filed for preceding year. We direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sallowance is warranted as per verdict of Hon ble High Court in case of Godrej Boyce Mfg. Co. (supra). In the interest of justice and fairplay, we restore this issue back to the file of AO for deciding afresh after considering assessee s contention regarding interest free funds available to it more than the borrowed funds. We direct accordingly. 7. The AO has also made an addition of ₹ 85,619/- as undisclosed professional receipts on the basis of Annual Information Return (AIR). The contention of the assessee was that as against professional fees as per AIR of ₹ 28,33,14,309/-, the assessee has offered professional fees in the return of income at ₹ 67,08,97,552/-. The professional fee offered in the return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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