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TMI Blog2019 (4) TMI 546X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 68 - denial of deduction u/s 80IC on the said amount - HELD THAT:- 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. Since it is a case of capital introduction, the assessee is entitled to any deduction u/s 80IC of the Act on this account. Therefore, the issue raised vide ground No.3 is restored to the file of the Assessing officer, whereas, the issue raised vide ground No.4 is decided against the assessee. Unexplained cash credit u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining 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 ₹ 15,75,000/- to the appellant's income on account of alleged unexplained cash credit which were amounts of capital introduced by partners of the appellant firm. 4. That on the facts, circumstances of the case and in law, the Worthy CIT(A) has erred in confirming the action of Ld. AO of not allowing deduction u/s 80IC on addition of ₹ 15,75,000/- (agitated through ground 3 above) made u/s 68 on account of capital introduced by partners. 5. That on the facts, circumstances of the case and in law, the Worthy CIT(A) has e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 with interest received from partners. However, the Ld. Counsel fairly agreed that the assessee is not eligible to claim deduction u/s 80IC of the Act on the aforesaid amount. 6. The Ld. DR has also agreed that the matter may be examined afresh by the Ld. CIT(A) in this respect. 7. I have considered the rival submissions. It is held that if there is a receipt of inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces 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. Since it is a case of capital introduction, I do not think that the assessee is entitled to any deduction u/s 80IC of the Act on this account. Therefore, the issue raised vide ground No.3 is restored to the file of the Assessing officer, whereas, the issue raised vide ground No.4 is decided against the assessee. 12. Ground No.5. Vide this ground, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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