2013 (1) TMI 977

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....hul Kumar ORDER PER G.C. GUPTA, VICE-PRESIDENT: This appeal by the assessee for the assessment year 2007-2008 is directed against the order of the CIT(A)-XXI, dated 14.5.2010. 2. The only issue in this appeal of the assessee is as under: "1. On the facts and in circumstances of the case and in law, the ld.CIT(A) has erred in confirming the addition u/s.40A(2)(b) of Rs. 42,112/....

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....r making disallowance out of the interest paid to two coparceners was that the interest paid to other parties was at 12% per annum. We find that the interest paid to two coparceners at the rate of 15% could not be said to be excessive, considering the prevailing rate of interest during the relevant assessment year 2007-2008. Once it is found that the rate of interest paid to two coparceners at 15%....