https://www.taxtmi.com/caselaws?id=24145 Interest arising only from book transfer entries, and not from any cash loan or actual payment, could not be treated as taxable income where the underlying property transfer was itself disregarded. The assessee could not at the same time be treated as the owner of the building for notional rental income and as the recipient of the sale proceeds for interest accrual. Mere accounting adjustments with a sister concern did not create real accrual of interest income, so the amount could not be assessed as the assessee's income. en-us Tue, 14 Mar 1989 00:00:00 +0530 Mon, 18 Jan 2010 10:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24145 Interest arising only from book transfer entries, and not from any cash loan or actual payment, could not be treated as taxable income where the underlying property transfer was itself disregarded. The assessee could not at the same time be treated as the owner of the building for notional rental income and as the recipient of the sale proceeds for interest accrual. Mere accounting adjustments with a sister concern did not create real accrual of interest income, so the amount could not be assessed as the assessee's income. Case-Laws Income Tax Tue, 14 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24145