SAVLA AGENCIES,ALLAHABAD vs. JCIT, RANGE-I, , ALLAHABAD
In the result, the appeal of the assessee is partly allowed
ITA 28/ALLD/2022[2011-12]Status: DisposedITAT Allahabad06 Jan 2023AY 2011-12
Bench: Shri.Vijay Pal Raoassessment Year: 2011-12 Savla Agencies, V. Joint Commissioner Of Income Tax, 26, M.G. Marg, Civil Lines, Range-I, Allahabad Allahabad-211001 Pan-Aawfs0816J (Appellant) (Respondent) Appellant By: Mr. Tanmay Sadh, Adv Respondent By: Mr. A.K. Singh, Sr. Dr Date Of Hearing: 05.01.2023 Date Of Pronouncement: 06.01.2023 O R D E R
For Appellant: Mr. Tanmay Sadh, AdvFor Respondent: Mr. A.K. Singh, Sr. DR
Section 40
section 250 and 251 of the Income Tax Act. Further, the AO has made the disallowance by considering the entries made on 31st March, 2011 without considering the fact that after the death of the partner of the firm this amount ceases to be the credit in the capital account of the partner and consequently takes the character of loan
