Amount outstanding from the trade debtors - non-charging of ...

Tax Authorities Can't Impose Notional Interest on Uncollected Trade Debts Due to Lack of Legal Provision.

September 13, 2021

Case Laws     Income Tax     AT

Amount outstanding from the trade debtors - non-charging of interest on the debtors - Assessee had not received any interest then we fail to understand as to how the Income tax authorities can fix a notional interest as due, or collected by the assessee. Our attention has not been invited to any of the provisions of the Act empowering the Income tax authorities to include in the income, interest which has not been due or collected/received at any stage by the assessee. - AT

View Source