2011 (7) TMI 1391

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... questions of law raised by the Revenue in this appeal, which read thus: (a) Whether on the facts and circumstances of the case and in law the Hon'ble Tribunal was justified in upholding order of the CIT(A) deleting the addition made by Assessing Officer disallowing payment of Rs. 32,85,000/- made to ex- partner/spouses of deceased partners, by holding that payment has been paid on accoun .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s regards question (b) is concerned, the finding of fact recorded by the ITAT is that the assessee firm had an Exchange Earners' Foreign Currency (EEFC) Account, the balance of which in the current account as on 31st March, 2003 was U.S. dollars 2,38,168.84/- The rupee valuation of this balance amount in the books was Rs.12,672,436/-. If the said balance was restated at the prevailing rate on .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X