https://www.taxtmi.com/caselaws?id=64082 The Tribunal allowed the appeal in favor of the assessee, setting aside the CIT(A)'s order and deleting the addition of Rs. 30 lakhs. It concluded that no real income had accrued to the assessee from the interest on the loan given to M/s. Ganga Automobiles Ltd. The Tribunal emphasized that despite entries in the books of account, if income does not materialize, it cannot be taxed. The decision was based on the theory of real income, considering the ongoing liquidation proceedings and the failure to recover any amount. en-us Thu, 03 Apr 2003 00:00:00 +0530 Thu, 03 Feb 2011 16:36:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64082 The Tribunal allowed the appeal in favor of the assessee, setting aside the CIT(A)'s order and deleting the addition of Rs. 30 lakhs. It concluded that no real income had accrued to the assessee from the interest on the loan given to M/s. Ganga Automobiles Ltd. The Tribunal emphasized that despite entries in the books of account, if income does not materialize, it cannot be taxed. The decision was based on the theory of real income, considering the ongoing liquidation proceedings and the failure to recover any amount. Case-Laws Income Tax Thu, 03 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64082