https://www.taxtmi.com/caselaws?id=349775 Notional interest on an old business advance to a group company was not taxable because the advance arose from commercial business purposes, no interest had been charged in earlier years, and no real income had accrued. Loss from compulsory acquisition of land was deductible in the year the compensation was received and the land cost was written off, because the claim crystallised only on completion of the legal formalities and the compensation had been offered to tax in that year. The Revenue's challenge therefore failed on both issues and the relief granted to the assessee was sustained. en-us Tue, 17 Oct 2017 00:00:00 +0530 Wed, 25 Oct 2017 08:19:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349775 Notional interest on an old business advance to a group company was not taxable because the advance arose from commercial business purposes, no interest had been charged in earlier years, and no real income had accrued. Loss from compulsory acquisition of land was deductible in the year the compensation was received and the land cost was written off, because the claim crystallised only on completion of the legal formalities and the compensation had been offered to tax in that year. The Revenue's challenge therefore failed on both issues and the relief granted to the assessee was sustained. Case-Laws Income Tax Tue, 17 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349775