Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Accrual of income - Taxability of notional interest income credited by the assessee in his profit and loss account as per the requirement of Indian Accounting Standards - The assessee, a public limited company, had credited interest-free loans to its subsidiary and accounted for "notional interest" in its books. The Revenue challenged this, arguing for its inclusion in taxable income. However, the Appellate Tribunal, after considering submissions from both sides and referring to relevant precedent, ruled in favor of the assessee. It held that since there was no contractual obligation for the debtor to pay interest, the notional interest income did not accrue and should not be taxed.
Accrual of income - Taxability of notional interest income credited by the assessee in his profit and loss account as per the requirement of Indian Accounting Standards - The assessee, a public limited company, had credited interest-free loans to its subsidiary and accounted for "notional interest" in its books. The Revenue challenged this, arguing for its inclusion in taxable income. However, the Appellate Tribunal, after considering submissions from both sides and referring to relevant precedent, ruled in favor of the assessee. It held that since there was no contractual obligation for the debtor to pay interest, the notional interest income did not accrue and should not be taxed.
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