9911796707
TMI Blog2014 (5) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... sident: This appeal by the assessee for the assessment year 2007-2008 is directed against the order of the CIT(A). 2. The learned counsel for the assessee submitted that the ground no.2 of the appeal of the assessee may be decided first, which is reproduced hereunder: "2. The ld.CIT(A) erred in the confirming the addition of Rs.100,000/- for unsecured loan received from M/s.Kundan Traders by no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same was filed in the compilation before the Tribunal. The interest was paid to the creditor on the loan amount per account payee cheque for the relevant year as well as the subsequent year, and TDS wherever applicable was deducted at source and deposited to the account of the Central Government. He submitted that in the subsequent years, the amount of loan was paid back by the assessee to the cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant year as well as subsequent years. The interest paid by the assessee for different years per account payee cheques and TDS was made, wherever is applicable. The account of the creditor was squared up in the subsequent Asstt.Year 2009- 10 and the amount of deposit along with interest amount was paid back by the assessee per account payee cheques. The assessee has filed copy of acknowledgement fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Rs.23,967/- of A.Y.2007-08 by not considering the proper and sufficient materials and records submitted. The expenditure was made for the purpose of business. It is submitted that the same expenditure of interest of Rs.23967/- may kindly be allowed." 6. The learned counsel for the assessee submitted that this ground pertains to the disallowance of interest paid at Rs.23,967/-. It consisted o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers has been deleted by us for the reasons recorded in the foregoing paras of this order while deciding the ground no.2 of the assessee, and accordingly, no disallowance of interest to M/s.Kundan Traders of Rs.11,800/- could be made. Likewise, the amount of credit entry of M/s.Manoj Textiles added in the earlier assessment year 2005-06, since has been deleted by the CIT(A), and his order has becom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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