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2016 (6) TMI 1030 - CALCUTTA HIGH COURT

2016 (6) TMI 1030 - CALCUTTA HIGH COURT - TMI - Interest paid to the partners disallowance - whether there is no specific provision for claiming interest paid to the partners on their capital against the income from house property? - Held that:- The question whether the business has been closed permanently or there was any intention of resumption of the business is essentially a question of fact and that has to be decided only on the basis of documentary evidence and such other evidences which m .....

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out of business; and (b) whether the payment of interest to the partners can be allowed as a permissible deduction. He will decide these questions, after taking such evidence as the assessee may adduce, in accordance with law. - The questions formulated at the time of admission of appeal have now become redundant and they need not be answered. - ITA 11 of 2010 - Dated:- 21-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Appellant : Mr. Ananda Sen, Adv. Mr. S. S.Bhutoria, Adv. For t .....

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in the circumstances of the case and on a true and proper interpretation of Section 24(b) of the Income Tax Act, 1961 was justified in law in disallowing the interest paid to the partners on the ground that there is no specific provision for claiming interest paid to the partners on their capital against the income from house property? ii] Whether the amount of interest paid to the partners from the partnership firm on account of interest though being assessed to tax can again be subjected to ta .....

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C.I. T. vs. Margarine and Refined Oils Co. Ltd., [2006] 282 ITR 576 [Karn] wherein the following views were taken: The manufacturing unit which was a capital asset of the business was leased out to a lessee carrying on the same business out of which the assessee derived income by way of rent. The said rental income was income from business. He submitted that the payment of interest to the partners was authorised by the Partnership Deed at the rate of 12% p.a. and it is at that rate that interes .....

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cannot be allowed to spring a surprise on the other side by bringing in a new case which is sought to be done by Mr. Sen. Case of the assessee has always been that the income arose out of house property. The new case now sought to be argued was never the case of the assessee either before the Assessing Officer or before the CIT(A) or before the learned Tribunal or even before this Court when the appeal was admitted. He submitted that in any event when the business has been closed down and there .....

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her income (referred to by whatever nomenclature, lease amount, rent or licence fee) received by an assessee from leasing or letting out of assets would fall under the head Profits and gains of business or profession ; (2) it is a mixed question of law and fact and has to be determined from the point of view of a businessman in that business on the facts and in the circumstances of each case, including true interpretation of the agreement under which the assets are let out; (3) where all the ass .....

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