https://www.taxtmi.com/caselaws?id=427927 The ITAT allowed the appeals for statistical purposes, directing the Assessing Officer to re-examine the claim regarding exemption u/s.11 with evidence. It clarified that tax could only be levied on income in violation of section 13(1)(d). The ITAT ruled that notional interest did not apply due to the absence of a contractual obligation for interest on loans & advances, instructing the Assessing Officer to delete the additions of notional interest for both assessment years. en-us Wed, 14 Sep 2022 00:00:00 +0530 Mon, 19 Sep 2022 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427927 The ITAT allowed the appeals for statistical purposes, directing the Assessing Officer to re-examine the claim regarding exemption u/s.11 with evidence. It clarified that tax could only be levied on income in violation of section 13(1)(d). The ITAT ruled that notional interest did not apply due to the absence of a contractual obligation for interest on loans & advances, instructing the Assessing Officer to delete the additions of notional interest for both assessment years. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427927