1983 (4) TMI 88

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..... , in short, pertaining to the issue are that the assessee is a registered partnership firm comprising of four persons. There is another concern known as M/s Aggarwal Iron store in which four persons, i.e., two sons of each of the two partners of the assessee firm are partners. In the said account, there was a closing debit balance of Rs. 1,53,060 on which only Rs. 2,500 was charged as interest. Th .....

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..... question, no addition was ever made and even in subsequent years addition is restricted to the extent of interest paid. His submission, in the alternative, was that since total interest paid by the assessee amounts to Rs. 8,162 and Rs. 2,500 have already been charged from said Aggarwal Iron Store, if at all any addition is to be confirmed, it should be the balance of the two. The ld. departmental .....

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