2012 (3) TMI 722

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..... DR ORDER PER G C GUPTA (VICE-PRESIDENT):- This appeal by the assessee for Assessment Year 2005-06 is directed against the order of the learned CIT(A). The only ground of appeal of the assessee is as under:- On the facts and in the circumstances of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of the AO in making addition of Rs. .....

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..... the learned CIT(A) in the immediately preceding Assessment Year 2004-05. We find that in similar facts the addition made u/s 40A(2)(b) of the Act on account of excessive interest in the immediately preceding assessment year 2004-05 was deleted by the learned CIT(A) in the case of the assessee vide his order dated 29-01-2008. It was stated by the assessee that no further appeal was preferred by th .....

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..... dging the movable or immovable asset, the period for which the loan was required and the purpose of the loan, etc. There is no material brought on record on behalf of the Revenue to suggest that the assessee has paid a lower rate of interest to outside parties as compared to the depositors covered u/s 40A(2)(b) of the Act. In these facts of the case, we hold that the addition / disallowance made u .....

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