Revision u/s 263 - addition on account of notional interest @10% ...

Case Laws Income Tax

January 30, 2024

Revision u/s 263 - addition on account of notional interest @10% on deposit - The High court upheld the concurrent findings of the ITAT and the CIT(A) that no notional interest income accrued to the assessee, after its amalgamation, as per the loan agreement clause. - This decision was based on the principle that income cannot be taxed on a purely notional basis; it must either accrue as per agreement terms or be received by the assessee.

View Source

← Previous Next →

Revision u/s 263 - addition on account of notional interest @10% ...

Case Laws Income Tax

January 30, 2024

You may also like:

Accrual of income - Addition of notional interest @ 10 % on deposit made - interest having neither been accrued to the assessee (as per specific terms of the Agreement...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

Annual Letting Value (ALV) - rented property - no addition to the ALV can be made on account of notional interest on interest free deposit with the landlord u/s.23(1)(a) - AT

Revision u/s 263 by CIT - Addition of unexplained cash credit u/s 68 - AO has deemed it fit and proper to treat the cash deposits as the business receipts of the...

Transfer Pricing Adjustment - Adjustment on account of notional interest on the receivables - when the assessee is having their own funds and not paying interest on any...

Revision u/s 263 by CIT - We find that the assessment order qua the deduction under section 80(9)(2)(d) of the Act on account of interest earned from Surat Co-operative...

Revision u/s 263 - Deduction u/s.80-IB(10) to land owners - in response to SCN by CIT assessee placed tribunal decision where deduction u/s.80-IB(10) allowed to land...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

Revision u/s 263 - unexplained cash deposits - AO has taken a possible view that the deposits/credits in the bank account was on account of sale of banana and has...

Revision u/s 263 - addition on account of interest paid to loan creditors - On one hand,AO is treating the alleged loan deposits as non-genuine and adding the same to...

Revision u/s 263 - availing exemption u/s. 10(37) on account of compulsory acquisition of agricultural land - The case involved an appeal by the assessee against the...

The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

Validity of revision u/s 263 - subsequent revision orders - first order set aside by PCIT - ITAT quashing revisionary proceedings - adoption of accrual basis of...

Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

Revision u/s 263 - AO has completed the assessment without making enquires or verification which should have been made in respect of deposit of cash in the savings bank...

Quick Updates: