https://www.taxtmi.com/caselaws?id=21433 HC held that on facts the ITO and Tribunal were justified in treating certain borrowings as not for business and upholding disallowance of interest for the assessment years, answering that issue against the assessee and for the Revenue. However, HC ruled that tax authorities have no power under the Income-tax Act to assess notional interest that was neither due nor collected; accordingly the inclusion of hypothetical interest on interest-free advances could not be sustained, answering that issue in favour of the assessee. en-us Fri, 13 Nov 1992 00:00:00 +0530 Fri, 24 Oct 2025 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21433 HC held that on facts the ITO and Tribunal were justified in treating certain borrowings as not for business and upholding disallowance of interest for the assessment years, answering that issue against the assessee and for the Revenue. However, HC ruled that tax authorities have no power under the Income-tax Act to assess notional interest that was neither due nor collected; accordingly the inclusion of hypothetical interest on interest-free advances could not be sustained, answering that issue in favour of the assessee. Case-Laws Income Tax Fri, 13 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21433