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2011 (2) TMI 149 - HC - Income TaxDeleting the addition - Notional interest - it has been found by the Tribunal that neither the assessee received any interest nor there was any agreement to receive interest. It was not the case of the revenue that there was any obligation on the assessee to charge interest nor there is anything to show that interest was actually charged. In absence thereof, there could be no question of deemed income on the basis of notional interest comparing with the deposit with the advances made to other market committees. The other market committees do not stand on the same footing as Marketing Board which was the apex body of the assessee - decided in favor of assessee.
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