https://www.taxtmi.com/caselaws?id=446039 Advances received against redevelopment-related flats could not be taxed as income before the Charity Commissioner's sanction for sale was obtained, because the sale had not crystallised in the relevant year and the receipts remained advances; the addition was deleted. Notional interest on a loan to a related concern could also not be assessed where no interest was actually charged, received, accrued, or recorded, and section 13 did not permit taxation of hypothetical income; the deemed-interest addition was deleted. The Revenue's appeal failed, while the issue of exemption under section 11 was left open. en-us Mon, 18 Sep 2023 00:00:00 +0530 Fri, 24 Nov 2023 07:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446039 Advances received against redevelopment-related flats could not be taxed as income before the Charity Commissioner's sanction for sale was obtained, because the sale had not crystallised in the relevant year and the receipts remained advances; the addition was deleted. Notional interest on a loan to a related concern could also not be assessed where no interest was actually charged, received, accrued, or recorded, and section 13 did not permit taxation of hypothetical income; the deemed-interest addition was deleted. The Revenue's appeal failed, while the issue of exemption under section 11 was left open. Case-Laws Income Tax Mon, 18 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446039