2004 (12) TMI 331

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..... nsolidated order of learned CIT(A), dt. 22nd March, 1999, for the asst. yrs. 1993-94, 1994-95 and 1995-96. 2. In response to the notice of hearing, assessee has sent written submissions, which have been duly considered along with the arguments advanced by learned Departmental Representative and the material available on record. 3. The brief facts of the case are that the assessee-firm is carryin .....

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..... received any interest or the said party has accounted for such interest as per any terms of agreement in the transactions. Therefore, the addition made on presumptions being notional interest cannot be charged. 4. By considering the totality of facts and circumstances of the case, it appears from the record that the outstanding amount was not recoverable from M/s Manak Chowk Ahmedabad Mfg. Co. L .....

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