https://www.taxtmi.com/caselaws?id=429819 The Tribunal upheld the Commissioner of Income Tax (Appeals)-2, Rajkot's decision to delete the addition of Rs. 35 crores made by the Assessing Officer on account of notional interest. The Tribunal emphasized that only real income, not hypothetical income, can be taxed, citing judicial precedents. The Department's appeal was dismissed, affirming that no actual income accrued to the assessee, and therefore, the notional interest could not be taxed. en-us Mon, 31 Oct 2022 00:00:00 +0530 Sat, 05 Nov 2022 08:30:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429819 The Tribunal upheld the Commissioner of Income Tax (Appeals)-2, Rajkot's decision to delete the addition of Rs. 35 crores made by the Assessing Officer on account of notional interest. The Tribunal emphasized that only real income, not hypothetical income, can be taxed, citing judicial precedents. The Department's appeal was dismissed, affirming that no actual income accrued to the assessee, and therefore, the notional interest could not be taxed. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429819