1985 (1) TMI 130 - AT - Income Tax

Summary

The ITAT Delhi-D allowed the appeal of the assessee regarding the addition of Rs. 15,000 as income receivable from debtors for the assessment year 1980-81. The Tribunal held that no deemed income can be assessed as interest chargeable from trade debts where there is no provision for charging interest. The appeal was allowed, and the addition made by the ITO was deleted.