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TMI Blog2013 (7) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... es. Resultantly, it deleted the entire amount - Decided in favour of assessee. Interest on cash loans - CIT deleted - Tribunal deleted entire amount of cash loans - Held that:- When the amount of cash loans itself had been deleted, the issue of making addition by way of interest on such question would not arise. Moreover, the Tribunal also regarded absence of any material worth the name to indicate any proof of charge of interest on cash loans and hence, the Tribunal committed no error at all in dealing with the issue in question - Decided in favour of assessee. - Tax Appeal No. 60 of 2013 - - - Dated:- 20-3-2013 - Akil Kureshi And Sonia Gokani, JJ. For the Petitioner : Mr. Manav A Mehta ORDER (Per : Honoura ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e recorded. The confirmation/ affidavit of the father, mother, wife of the assessee claiming jewellery were also recorded. In such background, the CIT (Appeals) noted that the jewellery belonged to different family members and it also relied on a circular of the CBDT, which permitted customary owning of such jewellery by the ladies. Resultantly, it deleted the entire amount. 3. When challenged before the Tribunal, it concurred with the findings of the CIT (Appeals) by briefly holding that out of the total disclosure made for the block period by the assessee of ₹ 2.76 crore, the remaining jewellery was covered by the Board s Circular and was already reflected in the books of accounts. We see no reason to entertain this issue as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he addition made at ₹ 91,17,075/- made will be modified by him. With this remarks this ground of appeal is partly allowed. 5. When the Revenue challenged the same before the Tribunal, it on discussion of the findings of the CIT (Appeals) deleted entire sum and interest. This issue again is based on the factual matrix presented before both the authorities as could be noted from the discussion made by these authorities. When the amount of cash loans itself had been deleted, the issue of making addition by way of interest on such question would not arise. Moreover, the Tribunal also regarded absence of any material worth the name to indicate any proof of charge of interest on cash loans and hence, the Tribunal committed no error a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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