https://www.taxtmi.com/caselaws?id=290535 The Tribunal upheld the decisions of the Ld. CIT(A) in a case involving a partnership firm in real estate development for the Assessment Year 2009-10. The additions made by the Assessing Officer under section 68 were deleted as the AO did not properly verify the opening balances of sundry creditors. Additionally, the Tribunal ruled that notional interest on interest-free advances cannot be taxed, following precedents and emphasizing adherence to legal provisions. Consequently, the revenue's appeal was dismissed in its entirety. en-us Wed, 29 Oct 2014 00:00:00 +0530 Sun, 04 Oct 2020 16:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290535 The Tribunal upheld the decisions of the Ld. CIT(A) in a case involving a partnership firm in real estate development for the Assessment Year 2009-10. The additions made by the Assessing Officer under section 68 were deleted as the AO did not properly verify the opening balances of sundry creditors. Additionally, the Tribunal ruled that notional interest on interest-free advances cannot be taxed, following precedents and emphasizing adherence to legal provisions. Consequently, the revenue's appeal was dismissed in its entirety. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290535