9911796707
TMI Blog2014 (5) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... ving the identity and creditworthiness of the creditor and the genuineness of the transaction of the loan to the assessee – Decided in favour of Assessee. Addition made without considering the proper and sufficient materials – Held that:- The addition on account of credit entry of M/s.Kundan Traders has been deleted – thus, no disallowance of interest to M/s.Kundan Traders could be made - the amount of credit entry of M/s.Manoj Textiles added in the earlier AY 2005-06 - the interest pertaining to M/s.Manoj Textile during the relevant year could not be disallowed – Decided in favour of Assessee. - ITA No. 3510/Ahd/2010 - - - Dated:- 2-5-2014 - Shri G. C. Gupta And Anil Chaturvedi,JJ. For the Petitioner : Shri Pritesh Shah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erever 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 creditor and account was squared up and the copy of the account for the relevant years alongwith attestation of the creditor was filed before the AO and the copy filed before the Tribunal. He submitted that the creditor was existing IT assessee and his PAN was given. The learned DR has relied on the orders of the AO and the CIT(A). 4. We have considered rival submissions and has perused the orders of the AO and the CIT(A) and also copies of various documents filed in the compilation by the assessee. We find that the amount of Rs.1,00,000/- was r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring 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 of two amounts i.e. the amount of Rs.11,800/- pertaining to M/s.Kundan Traders, which is subject matter of appeal in Ground no.2 of the assessee. The balance amount of interest was disallowed was Rs.12,167/- relating to the credit entry of M/s.Manoj Textiles of which addition was made by the Department in the Asstt.Year 2005-06 and the same was deleted in appeal by the CIT(A) and no further a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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