9911796707
TMI Blog2019 (4) TMI 546X X X X Extracts X X X X X X X X Extracts X X X X ..... passing that order in contravention of the provisions of S. 250(6) of the Income Tax Act, 1961. 2. That on the facts, circumstances of the case and in law, the Worthy CIT(A) has erred in confirming the action of Ld. AO wherein he had erred in not allowiung deduction u/s 80IC on interest income of Rs. 1,36,856/- even when such income is derived from the fixed deposits held as security with various government authority pertaining to business activity. 3. That on the facts, circumstances of the case and in law, the Worthy CIT(A) has erred in confirming the action of Ld. AO wherein he had erred in making addition of Rs. 15,75,000/- to the appellant's income on account of alleged unexplained cash credit which were amounts of capital int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ire any specific adjudication. 4. Ground No. 2 : Vide ground No.2, the assessee has agitated the action of the lower authorities in denying deduction u/s 80IC of the Income-tax Act, 1961 (in short 'the Act') on interest income of Rs. 1,36,856/-. 5. At the outset, the Ld. Counsel for the assessee has submitted that the assessee inadvertently mentioned in the return of income the said receipt as 'interest from FDRs' whereas, the same was received as interest from partners of the assessee firm. He has further submitted that the assessee during the year also paid some interest to the other partners on their capital. He, therefore, has submitted that in the computation of income, the assessee may be allowed netting of the interest paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, has submitted that the assessee has explained the source of deposits. 10. On the other hand, the Ld. DR submitted that though the assessee has tried to show that the amount has been credited from proprietorship concern, however, the creditworthiness of the proprietorship concern has not been proved. 11. Considering the overall facts and circumstances of the case, I am of the view that the matter needs examination and verification at the hands of the Assessing officer. The assessee will demonstrate before the Assessing officer the source and creditworthiness of the creditor including the source of the deposits in the proprietorship concern. The Assessing officer will examine the same and decide the issue afresh in accordance with law. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue is also restored to the file of the Assessing officer to examine the above contentions of the assessee and decide the issue in accordance with law. 15. Ground No. 6: So far as the ground No.6 is cornered, the assessee has claimed deduction u/s 80IC of the Act on the aforesaid amount of Rs. 8.11 lacs as unexplained loans from Sh. Paramjit Singh. The Ld. counsel has been fair enough to admit that this amount does not qualify for deduction u/s 80IC of the Act. Ground No. 6 of the appeal is, therefore, dismissed. 16. Ground No.7: This ground is not pressed by the Ld. Counsel for the assessee, therefore, the same is dismissed as 'not pressed'. 17. Ground No.8 : This ground is general is nature and does not require any specific adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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