2010 (9) TMI 986

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Rao AM This is an appeal filed by the assessee against the order of the CIT(A) Kolhapur, dated 27.02.2009. The grounds read as under. "1) The learned Commissioner of Income Tax (Appeals) has erred on facts and in law in not accepting the fact that interest income of Rs.1,56,65,189/- forms part of books profit for calculating remuneration to working partners U/s.40(b). The learned Commissi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... under consideration stands covered in favour of the assessee by the decisions of various Benches of the Tribunal. Ld counsel for the assessee relied on the Rajkot Bench decision of the ITAT in the case of ACIT Vs. Sheth Brothers and read out the conclusion portion of the order which is as under. "Whole income embedded in the net profit as appearing in the P & L a/c of the assessee-firm is to b....