https://www.taxtmi.com/caselaws?id=430240 The Tribunal set aside the ex parte dismissal of the appeal by the CIT(A) due to non-compliance with notice, citing a violation of natural justice principles. The addition of notional interest on the credit balance in the capital account was deemed unjustified as the partnership firm did not pay or credit any interest, as per the partnership deed. The incorrect application of section 28(v) was highlighted, leading to the unsustainable taxation of notional interest. The Tribunal remanded the matter for fresh adjudication, granting the assessee another opportunity for a hearing, and allowed the appeal for statistical purposes. en-us Tue, 11 Oct 2022 00:00:00 +0530 Mon, 14 Nov 2022 22:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430240 The Tribunal set aside the ex parte dismissal of the appeal by the CIT(A) due to non-compliance with notice, citing a violation of natural justice principles. The addition of notional interest on the credit balance in the capital account was deemed unjustified as the partnership firm did not pay or credit any interest, as per the partnership deed. The incorrect application of section 28(v) was highlighted, leading to the unsustainable taxation of notional interest. The Tribunal remanded the matter for fresh adjudication, granting the assessee another opportunity for a hearing, and allowed the appeal for statistical purposes. Case-Laws Income Tax Tue, 11 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430240