https://www.taxtmi.com/caselaws?id=410075 The High Court ruled in favor of the assessee, dismissing the appeal by the Revenue. The Court concluded that the interest-free loans provided by the assessee to its subsidiaries were advanced for commercial expediency, as evidenced by the absence of interest income earned by the subsidiaries and substantial reserves held by the assessee. The Court emphasized that notional interest could not be taxed without actual collection and distinguished the case from previous instances of sham transactions. The appeal was dismissed, with the Court citing relevant case law to support its decision. en-us Mon, 19 Jul 2021 00:00:00 +0530 Thu, 22 Jul 2021 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410075 The High Court ruled in favor of the assessee, dismissing the appeal by the Revenue. The Court concluded that the interest-free loans provided by the assessee to its subsidiaries were advanced for commercial expediency, as evidenced by the absence of interest income earned by the subsidiaries and substantial reserves held by the assessee. The Court emphasized that notional interest could not be taxed without actual collection and distinguished the case from previous instances of sham transactions. The appeal was dismissed, with the Court citing relevant case law to support its decision. Case-Laws Income Tax Mon, 19 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410075