1982 (9) TMI 182

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.... Kachwala is a partner alongwith some others. The firm's accounts with the Bank of Maharashtra, both at Bombay and Pune were overdrawn as at the beginning of the year. During the first year under consideration, there were deposits and withdrawals, in consequence of which the Bombay account was left with a nominal overdraft whereas the Pune account was carried forward with a credit balance. During ....

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....interest on the monies given to Smt. Rashida for personal use. On an appeal by the assessee before the CIT(A), the CIT(A) has allowed the appeal on the ground that the partner Nazaralli's account showed adequate credit balances and he was entitled to withdraw the money from his account for his personal use. 2. On an appeal by the Revenue against the order of the CIT(A), the ld. departmental rep....