https://www.taxtmi.com/caselaws?id=117170 Interest waived on a non-business advance under a commercial arrangement was not taxable where no material showed the arrangement was sham and the interest had neither accrued nor been received. The principle applied was that tax cannot be levied on income that has not materialised. On those facts, the addition for notional interest was not sustainable and was deleted in favour of the assessee. en-us Wed, 01 Jan 2003 00:00:00 +0530 Wed, 20 Jun 2012 17:41:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117170 Interest waived on a non-business advance under a commercial arrangement was not taxable where no material showed the arrangement was sham and the interest had neither accrued nor been received. The principle applied was that tax cannot be levied on income that has not materialised. On those facts, the addition for notional interest was not sustainable and was deleted in favour of the assessee. Case-Laws Income Tax Wed, 01 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117170