No notional interest was added on interest-free advances as ...

Notional Interest Cannot Be Added on Interest-Free Business Funds When Real Income Is Known.

January 6, 2025

Case Laws Income Tax AT

No notional interest was added on interest-free advances as assessee had ample interest-free funds for business purposes. Real income earned can be assessed, not presumptive income without evidence. No interest income could be established on short-term loans and advances from debtors' replies or assessee's accounts. ITAT decided in assessee's favor, disallowing the addition of notional interest.

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No notional interest was added on interest-free advances as ...

Notional Interest Cannot Be Added on Interest-Free Business Funds When Real Income Is Known.

January 6, 2025

Case Laws Income Tax AT

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