https://www.taxtmi.com/caselaws?id=67663 The ITAT ruled in favor of the appellant, a cloth trading firm, in a case involving various issues. The incorrect treatment of freight amount in the Trading A/c was rectified, leading to the deletion of the addition. The firm's decision not to charge commission on certain sales was upheld, and the addition of estimated income was deleted. Additionally, the ITAT ruled against the addition of interest income, emphasizing that notional income cannot be presumed. The disallowance of interest paid to a partner under section 40(b) was deemed unjustified as it involved cross gifts between partners' children, not falling under the purview of the section. en-us Sat, 23 Apr 1977 00:00:00 +0530 Sat, 12 Mar 2011 12:36:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67663 The ITAT ruled in favor of the appellant, a cloth trading firm, in a case involving various issues. The incorrect treatment of freight amount in the Trading A/c was rectified, leading to the deletion of the addition. The firm's decision not to charge commission on certain sales was upheld, and the addition of estimated income was deleted. Additionally, the ITAT ruled against the addition of interest income, emphasizing that notional income cannot be presumed. The disallowance of interest paid to a partner under section 40(b) was deemed unjustified as it involved cross gifts between partners' children, not falling under the purview of the section. Case-Laws Income Tax Sat, 23 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67663