1983 (1) TMI 133

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....ssment year under appeal namely 1978-79 and 1979-80. The issue involved in these appeals is however common and that is whether the AAC erred in upholding the addition on account of disallowance of Rs. 13,500 out of interest paid by the assessee. 2. After hearing both the sides. I find that the addition is without justification for the reasons assigned below. The assessee is a registered firm wo....

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....er the head Parkash Agriculture Farm which is owned by the father of Kailash Chander and Vajinder kumar. Since kailash Chander and Vajinder Kumar are partners of M/s Haryana Rice Mills even if Rs. 75,000 may be stated to have been given without interest the sum of Rs. 1,10,000 so taken has not been given interest upon. Similarly, it was pointed out that in the next year as against the sum of Rs. 7....

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....mitted that the issue in that appeal was as recorded by the Tribunal in its order para 1. This issue was regarding the applicability of the provisions of s 145(2) of the Act to the fact of the case for the case for the asst. yr. 1977-78 Therefore, no concession can be attributed to the assessee with regard to the issue now projected in the appeals. 4. After careful consideration of the submissi....