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2014 (10) TMI 666 - HC - Income TaxAccrued interest - Mercantile System of Accounting maintained - Whether the Tribunal is right in deleting the accrued interest added by the AO when amounts were advanced by the Assessee to Shri Budh Holdings & Trading Co. (P) Ltd and Shri Bahi & Co. (P) Ltd. and when the Assessee was maintaining Mercantile System of Accounting – Held that:- The Tribunal was right in accepting the contention of the assessee – following the decision in SHRI APARA TEXTILE TRADERS LTD. Versus INCOME TAX OFFICER [1988 (10) TMI 57 - ITAT AHMEDABAD-C ] - the addition of notional interest income made by the AO and confirmed by the CIT(A) was deleted by the Tribunal – thus, the addition of notional interest income made in the case of the assessee for both the years deserves to be deleted – Decided against revenue.
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