2019 (5) TMI 1880

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....For the Revenue : Shri Prasoon Kabra, Sr. D.R. ORDER PER O. P. MEENA, AM 1. This appeal by the Revenue is directed against the order of learned Commissioner of Income tax (Appeals)-2, Surat (in short "the CIT (A)") dated 19.01.2018 pertaining to Assessment Year 2012-13. 2. The grounds of appeal raised by the Revenue are as under: 1. Whether on the fact and circumstance of the ....

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....We have heard the arguments of ld. DR and carefully perused the relevant material placed on the record of the Tribunal. The Ld. CIT (DR) submitted that the Ld. CIT(A) was not justified in deleting the disallowance made by the Assessing Officer by invoking provisions of Section 80(IA) r.w.s. 10AA(9) in giving deductions of interest on Capital and Remuneration to partners of the assessee firm after ....

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....Per contra, the learned counsel for the assessee submitted that the issue is covered by the decision of Hon'ble Gujarat High Court in the case of Alidhara Taxpro Engineering (P) Ltd. v. DCIT [2010] 189 Taxman 164 and decision of Surat bench of Tribunal in the case of ACIT v. Mukta Enterprise [2018] 100 taxmann.com 33 (Surat- Trib). 5. We have heard the rival submissions and perused the relevant....

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....on capital and remuneration to the partners therefore, the ld. CIT(A) was right in denying application of order of ITAT, Rajkot in favour of the Revenue in the present case having distinct and dissimilar facts and circumstances. 6. Further, from the binding decision of the Hon'ble High court of Gujarat in the case of Alidhara Taxspin Engineers (supra), wherein their lordship speaking for th....