2002 (11) TMI 278

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....rch, 1994. 2. We have heard the arguments of both the sides and also perused the records including the written statement of learned authorised representative of assessee placed on record. 3. The sole ground raised by the Revenue disputes the deletion of addition of Rs. 1,06,118 on account of interest of funds advanced to assessee's wife without interest. The learned Departmental Representati....

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.... that even in most of the earlier years the assessee had not charged interest from his wife but had charged interest only in two years being asst. yrs. 1988-89 and 1989-90. He has contended that the assessee's wife is proprietor of M/s Frig Corporation of Rajasthan, and the assessee is a contractor and doing job work of installation of water cooler, etc. He has contended that the assessee's wife i....

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....tended that besides assessee's own interest-free capital being available, the assessee was having substantial non-interest bearing funds obtained from third parties, being to the tune of Rs. 4,89,017 as detailed on pp. 6 and 7 of the written statement. 4. We have considered the rival contentions, as also the relevant material on record. From the perusal of record we find that the assessee had s....