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2013 (12) TMI 425 - HC - Income TaxWhether there is notional income on advances given to closely associated group - Held that:- Bonafide of the assessee's Company in not charging the interest has not been disputed by the Revenue - The matter of charing interest is a matter of contract between the parties - An income is chargeable to tax when it actually accrues to an assessee - Here no income actually accrued to the assessee - There is no statutory obligation on the assesse that the assessee must charge interest on the advance amounts - Decided against Revenue.
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