https://www.taxtmi.com/caselaws?id=290498 Section 68 addition was held unsustainable where the creditor balances formed part of running accounts and the credited sums related to earlier years, with no fresh credit arising in the relevant year. The Tribunal's factual findings on that point were treated as sufficient to deny the addition. On the second issue, notional interest on interest-free loans and advances was held not taxable because income cannot be brought to tax without a charging provision. Both issues were decided in favour of the assessee, and the appeal failed. en-us Tue, 11 Aug 2015 00:00:00 +0530 Thu, 14 Nov 2024 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290498 Section 68 addition was held unsustainable where the creditor balances formed part of running accounts and the credited sums related to earlier years, with no fresh credit arising in the relevant year. The Tribunal's factual findings on that point were treated as sufficient to deny the addition. On the second issue, notional interest on interest-free loans and advances was held not taxable because income cannot be brought to tax without a charging provision. Both issues were decided in favour of the assessee, and the appeal failed. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290498