2002 (11) TMI 278 - AT - Income Tax

Summary

The Revenue's appeal against the order of CIT(A), Jodhpur for the assessment year 1990-91 was dismissed by the Appellate Tribunal ITAT Jodhpur. The dispute was regarding the deletion of addition of Rs. 1,06,118 on account of interest of funds advanced to the assessee's wife without interest. The Tribunal found that the assessee had sufficient interest-free capital and funds from third parties to cover the debts of the assessee's wife, who was a trade debtor. As a result, the Tribunal upheld the CIT(A)'s decision to delete the addition, and the appeal of the Revenue was dismissed.