1982 (1) TMI 69

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....eals is the same. So both the appeals were heard together and for the sake of convenience are being disposed of by a common order. 2. The assessee is a private limited company. The ITO for the assessment year 1979-80, while scrutinising the interest account found that the assessee has paid interest of Rs. 5,199 which included interest payment of Rs. 4,343 to Smt. Jiviben Himatlal Shah, wife of ....

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....er husband was transferred to her account as his legal heir. Since the assessee had not received any amount by way of deposit, it was claimed that the provisions of section 40A(8) of the Act were not attracted. 5. The learned Commissioner (Appeals) after considering the contentions of the appellant was of the view that neither before the ITO nor before him the assessee was able to show that the....

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.... has not shown to him that the amount in question was lying to the credit of Shri Himatlal Shah. The assessee's counsel read over a letter dated 29-1-1980 to the Commissioner (Appeals) and also explained its contents. He also contended that the finding of the learned Commissioner (Appeals) is not supported by any material on record. 7. The learned departmental representative supported the order....

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.... the books of the company, which is operated by her for her own use, and maintenance and the interest is given on this account. So it will be thus seen that this amount is not received by the company by way of any deposits on account of borrowing and hence the provisions of section 40A(8) are not applicable." The said letter is also supported from the copy of account of Smt. Jiviben Himatlal Sh....