https://www.taxtmi.com/caselaws?id=370139 The Tribunal allowed the appeal, directing the Assessing Officer to delete the addition of deemed interest on an advance to a company. The decision was based on the non-accrual of income, doubtful recovery of the principal amount, and absence of a business purpose in the loan transaction. The Tribunal emphasized the importance of considering specific circumstances in determining the taxability of interest income on loans, relying on legal precedents and distinguishing between actual income accrual and doubtful recovery situations. en-us Fri, 02 Nov 2018 00:00:00 +0530 Sat, 10 Nov 2018 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370139 The Tribunal allowed the appeal, directing the Assessing Officer to delete the addition of deemed interest on an advance to a company. The decision was based on the non-accrual of income, doubtful recovery of the principal amount, and absence of a business purpose in the loan transaction. The Tribunal emphasized the importance of considering specific circumstances in determining the taxability of interest income on loans, relying on legal precedents and distinguishing between actual income accrual and doubtful recovery situations. Case-Laws Income Tax Fri, 02 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370139