https://www.taxtmi.com/caselaws?id=23443 The court held that the notional interest on the loan advanced to a sister concern was rightly included in the petitioner's income for the assessment year 1979-80. The court emphasized that the interest accrued annually due to the absence of evidence supporting a modification in the contract or the loan becoming irrecoverable. The petitioner's failure to credit the interest in the profit and loss account did not absolve it from the liability arising from the accrued interest. The court dismissed the petitioner's appeal, upholding the addition of Rs. 30,000 as interest on the loan by the Income-tax Officer. en-us Wed, 18 Oct 1989 00:00:00 +0530 Sat, 19 Dec 2009 13:10:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23443 The court held that the notional interest on the loan advanced to a sister concern was rightly included in the petitioner's income for the assessment year 1979-80. The court emphasized that the interest accrued annually due to the absence of evidence supporting a modification in the contract or the loan becoming irrecoverable. The petitioner's failure to credit the interest in the profit and loss account did not absolve it from the liability arising from the accrued interest. The court dismissed the petitioner's appeal, upholding the addition of Rs. 30,000 as interest on the loan by the Income-tax Officer. Case-Laws Income Tax Wed, 18 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23443