https://www.taxtmi.com/caselaws?id=375983 The Tribunal ruled in favor of the assessee, setting aside the addition of notional interest on share application money without allotment of shares. It emphasized the availability of own funds for making deposits and concluded that no disallowance of interest expenses should be made, as the investments were made from interest-free funds necessary for the business. The Tribunal applied its decision to both appeals, allowing them and rejecting the taxation of notional interest as real income. en-us Mon, 31 Dec 2018 00:00:00 +0530 Fri, 01 Mar 2019 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375983 The Tribunal ruled in favor of the assessee, setting aside the addition of notional interest on share application money without allotment of shares. It emphasized the availability of own funds for making deposits and concluded that no disallowance of interest expenses should be made, as the investments were made from interest-free funds necessary for the business. The Tribunal applied its decision to both appeals, allowing them and rejecting the taxation of notional interest as real income. Case-Laws Income Tax Mon, 31 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375983