TMI Blog2019 (5) TMI 1880X X X X Extracts X X X X X X X X Extracts X X X X ..... ax? - HELD THAT:- In the present case undisputedly in the partnership deed there is no clause providing payment of interest on capital and remuneration to the partners therefore, the ld. CIT(A) was right in denying application of order of Meridian Impex [ 2013 (9) TMI 605 - ITAT RAJKOT] in favour of the Revenue in the present case having distinct and dissimilar facts and circumstances The appellant has not charged any interest and remuneration asper partnership deed therefore, the appellant firm cannot be compelled to charge interest or remuneration. Therefore, we are inclined to hold the ld. CIT(A) was right in observing that the disallowance made by the AO on account of non provision of interest and remuneration of s. 10AA of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case and in law, the Ld.CIT(A) is justified in not appreciating the fact that by not providing interest and remuneration to the partners, the firm has claimed higher profits leading to higher claim of deduction u/s 10AA of the Act and thus, devoiding the revenue from due amount of tax? 3. We have heard the arguments of ld. DR and carefully perused the relevant material placed on the record of the Tribunal. The Ld. CIT (DR) submitted that the Ld. CIT(A) was not justified in deleting the disallowance made by the Assessing Officer by invoking provisions of Section 80(IA) r.w.s. 10AA(9) in giving deductions of interest on Capital and Remuneration to partners of the assessee firm after finding that the assessee had taken undue benefits o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emuneration in the original partnership deed submitted during scrutiny proceedings. Subsequently, a supplementary/addenda to said partnership deed was made amending the said clause providing the clause of non-payment of interest on capital and remuneration to the partners, which was not submitted before AO during assessment proceedings but in the present case undisputedly in the partnership deed there is no clause providing payment of interest on capital and remuneration to the partners therefore, the ld. CIT(A) was right in denying application of order of ITAT, Rajkot in favour of the Revenue in the present case having distinct and dissimilar facts and circumstances. 6. Further, from the binding decision of the Hon'ble High court of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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