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TMI Blog2016 (11) TMI 1024X X X X Extracts X X X X X X X X Extracts X X X X ..... : Parinitoo Jain ORDER 1. By way of this appeal, the appellant has assailed the judgment & order of the Tribunal whereby the Tribunal has partly allowed the appeal preferred by the department and also assessee's appeal. 2. This Court while admitting the matter framed the following question which reads as under:- "Whether on the facts and in the circumstances of the case, the Income Tax Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the Revenue is that either no interest or very low rate of interest has been charged from family concerns on advances of Rs. 32,91,561/-. the assessee has raised loans and paid interest and forwarded the same for non-business consideration out of Rs. 32,91,561/- advanced to family concerns, interest on amount of Rs. 4,71,293/- and 10,64,394/- is being charged by the assessee but no interest o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16. Ground No.5 of the assessee and Ground No.1(3) of the Revenue. The main grievance of the assessee in its ground is that the ld. CIT(A) erred in confirming the addition by the AO on account of income from Trailer amounting to Rs. 40,000/- and is proper in principle and the grievance of the Revenue is that the ld. CIT(A) erred in deleting the said addition made by the AO which cannot be made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments of the ld. AR and on perusal of the documents, we find that the AO has wrongly estimated the net income of Rs. 40,000/- as income from Trailers. Therefore, we find no reason to interfere with the order of the ld. CIT(A) in deleting the addition on this account and the same is hereby upheld for the reasons mentioned above. Therefore, the grounds of the Revenue is dismissed and that of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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