https://www.taxtmi.com/caselaws?id=181514 The HC of Calcutta condoned the delay under s. 5 of the Limitation Act. The CIT(A) ruled that taxing notional interest on a loan was impermissible as it constituted hypothetical income, thus deleting the addition. The Commissioner allowed the assessee to choose the most beneficial mode of set off for short-term capital gains. The HC upheld the Tribunal's decision, finding no substantial question of law, and dismissed the appeal. All parties were instructed to act on a xerox signed copy of the order. en-us Fri, 19 Dec 2008 00:00:00 +0530 Tue, 25 Jun 2024 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181514 The HC of Calcutta condoned the delay under s. 5 of the Limitation Act. The CIT(A) ruled that taxing notional interest on a loan was impermissible as it constituted hypothetical income, thus deleting the addition. The Commissioner allowed the assessee to choose the most beneficial mode of set off for short-term capital gains. The HC upheld the Tribunal's decision, finding no substantial question of law, and dismissed the appeal. All parties were instructed to act on a xerox signed copy of the order. Case-Laws Income Tax Fri, 19 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181514