https://www.taxtmi.com/caselaws?id=252080 The Tribunal allowed the Revenue's appeal for statistical purposes, remitting the matter back to the AO for reconsideration. The Tribunal held that notional interest income on advances could not be taxed without a contractual obligation, emphasizing that interest had not accrued to the assessee as the matter was pending in the City Civil Court. The decision was based on legal principles and previous rulings, concluding that interest income could only be recognized when liability and interest rates were determined by the Court. en-us Thu, 28 Aug 2014 00:00:00 +0530 Fri, 10 Oct 2014 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252080 The Tribunal allowed the Revenue's appeal for statistical purposes, remitting the matter back to the AO for reconsideration. The Tribunal held that notional interest income on advances could not be taxed without a contractual obligation, emphasizing that interest had not accrued to the assessee as the matter was pending in the City Civil Court. The decision was based on legal principles and previous rulings, concluding that interest income could only be recognized when liability and interest rates were determined by the Court. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252080