1989 (8) TMI 97

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.... addition of Rs. 30,421 being deemed interest on the debit balance of two partners. 2. The learned counsel for the assessee contended that similar matter has been decided by the Tribunal in favour of the assessee in asst. yr. 1981-82 and 1982-83 vide order dt 18th Feb. 1988 in ITA Nos. 95&96/Ahd/86. He also pointed out that the facts pertaining to the year under appeal are exactly similar as is ....

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....etailed reasons given in the assessment order. 4. We have heard the learned representatives of both sides and have also gone through the orders passed by the authorities below. The CIT (A) has upheld the addition made on account of national interest on the debit balances in the accounts of two partners at the rate of 12 per cent instead of 18 per cent made by the ITO. It has been held by the Tri....