https://www.taxtmi.com/caselaws?id=235064 The appeals were allowed by the ITAT Mumbai, with the impugned additions of notional interest on debentures for the assessment years 2007-08 and 2009-10 being deleted. The ITAT relied on accounting principles and the circumstances of the waiver of interest, favoring the assessee due to the financial crisis of the debenture issuing company. The decision emphasized accounting prudence and revenue recognition, leading to the deletion of the additions. en-us Tue, 30 Apr 2013 00:00:00 +0530 Wed, 10 Jul 2013 08:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235064 The appeals were allowed by the ITAT Mumbai, with the impugned additions of notional interest on debentures for the assessment years 2007-08 and 2009-10 being deleted. The ITAT relied on accounting principles and the circumstances of the waiver of interest, favoring the assessee due to the financial crisis of the debenture issuing company. The decision emphasized accounting prudence and revenue recognition, leading to the deletion of the additions. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235064