https://www.taxtmi.com/caselaws?id=195418 The Appellate Tribunal held that charging notional interest on the debit balance of partners was not justified under section 40(b) of the IT Act. The Tribunal emphasized that the partnership deed did not authorize such charges and noted that the partners had mutually decided not to charge interest on the debit balance for the relevant year. Consequently, the Tribunal ruled in favor of the assessee, overturning the addition made by the Assessing Officer and the confirmation by the CIT(A), citing relevant court decisions to support its decision. en-us Tue, 31 Aug 2010 00:00:00 +0530 Mon, 30 Oct 2017 14:51:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195418 The Appellate Tribunal held that charging notional interest on the debit balance of partners was not justified under section 40(b) of the IT Act. The Tribunal emphasized that the partnership deed did not authorize such charges and noted that the partners had mutually decided not to charge interest on the debit balance for the relevant year. Consequently, the Tribunal ruled in favor of the assessee, overturning the addition made by the Assessing Officer and the confirmation by the CIT(A), citing relevant court decisions to support its decision. Case-Laws Income Tax Tue, 31 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195418