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2014 (10) TMI 790 - HC - Income TaxDisallowance on interest expenses in interest free advances given to sister concern deleted Held that:- The Tribunal rightly relied upon B & A Plantations Industries Ltd. vs. CIT [1999 (12) TMI 43 - GAUHATI High Court] for the principle that where no interest was charged on the interest free loans to sister concerns, there is no income to be charged as notional income on accrual basis also in CIT vs. Surji Vallabhdas & Co. [1962 (3) TMI 6 - SUPREME Court] it has been held that where income has, in fact, been received and is subsequently given up in circumstances that it remains the income of the recipient, even though given up, the tax may be payable - where the income can be said not to have resulted at all, there is obviously neither accrual nor receipt of income, even though an entry to that effect might have been made in the books of account thus, the order of the Tribunal is upheld Decided against revenue.
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