2004 (10) TMI 301

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..... ssue pertains to disallowance of Rs. 66,917 made out of publicity expenses. 3. We have heard the rival submissions and have perused the evidence on record. 4. The assessee derives income from film distribution as a proprietor and share of profit from the firm. For the assessment year under consideration, the assessee filed return of income declaring loss of Rs. 2,33,783. The AO computed the in .....

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..... rough this order. So, respectfully following the decision of the Tribunal. we also set aside this issue to the file of the AO for fresh adjudication as per rules. 8. The next issue pertains to the interest payable to the firm in which the assessee is a partner. 9. The learned Authorised Representative has submitted that the assessee had borrowed funds from the firm which were invested in his o .....

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..... the Gujarat High Court are different from the facts of the case in hand. In this case, the assessee had debit balance in the firm (cinema a/c) because of withdrawals and losses incurred in the firm. These withdrawals were invested in distribution business. The profit from the firm is not taxable under s. 10(2A). The debit balance in the firm is appearing as a credit balance in the individual busin .....

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