https://www.taxtmi.com/caselaws?id=2394 The Tribunal upheld the deletion of notional interest income added by the Assessing Officer, ruling in favor of the respondent-assessee, a private limited company. The Tribunal found the company's decision not to charge interest from another company, due to the latter's financial difficulties, as a prudent measure to safeguard the principal amount and ensure recovery. It was held that such actions do not constitute bringing notional income to charge. The appeal was dismissed, and no costs were awarded, emphasizing the importance of assessing an assessee's actions in safeguarding principal amounts for recovery purposes. en-us Thu, 16 Aug 2007 00:00:00 +0530 Thu, 31 Jul 2008 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2394 The Tribunal upheld the deletion of notional interest income added by the Assessing Officer, ruling in favor of the respondent-assessee, a private limited company. The Tribunal found the company's decision not to charge interest from another company, due to the latter's financial difficulties, as a prudent measure to safeguard the principal amount and ensure recovery. It was held that such actions do not constitute bringing notional income to charge. The appeal was dismissed, and no costs were awarded, emphasizing the importance of assessing an assessee's actions in safeguarding principal amounts for recovery purposes. Case-Laws Income Tax Thu, 16 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2394